Minimum Document Checklist for New LLC’s and Corporations

seanmorrison | April 14 / 2016 | Startup

Disclaimer: Obviously, this blog does not provide legal advice. How do you know? This is free. Legal advice you have to pay for.

It's not easy to know which business documents you need for your new LLC or corporation.
It’s not easy to know which business documents you need for your new LLC or corporation.

One of the largest problems we see when new clients come in is that they are lacking even the most basic legal documents for their business. Considering how many free or low cost legal templates are online, there is no excuse for not having the minimum to keep your business legal. It is difficult for us to help after something goes wrong when there has been no foundation laid.

Here’s a great example, a business comes in after being sued. The business is small and doesn’t have a lot of money, so the plaintiff wants to go after the business owner. Typically the corporation or LLC is supposed to protect the owner in this case. However, often courts will look at the documents and see that they are incomplete, or not kept up. In that case, they will say that the corporation or LLC is void and the owner is the defendant. They call this piercing the corporate veil.

So here is a list of the absolute minimum documents you need to have in order to keep your business legal. Without these, your company is not providing you with sufficient protection:

[ezcol_1half]Corporation

  • Articles of Incorporation
  • Bylaws
  • Initial shareholder meeting minutes
  • Initial directors meeting minutes
  • Stock Purchase Agreement
  • Company receipt for contributions
  • Owner receipt for shares
  • Annual report

[/ezcol_1half]

[ezcol_1half_end]LLC

  • Articles of Organization
  • Operating Agreement
  • Initial member meeting minutes
  • Member interest purchase agreement
  • Company receipt for contributions
  • Owner receipt for interest
  • Annual report

[/ezcol_1half_end]

 

Recommended:

  • Indemnification Agreement
  • Buy Sell Agreement
  • Non-disclosure Agreement (NDA)
  • Executive Employment Agreement
  • Employment Agreement
  • Independent Contractor Agreement
  • Business Plan
  • Online Terms and Conditions
  • Privacy Policy
  • Intellectual Property Transfer Agreement

 

Of course, our LLC and corporation packages include all of your minimum documents and even a few from the recommended list to make sure your business is off to a strong start.

 

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