One of the main advantages to incorporating a business is that it prevents the business owner(s) from being forced to assume personal liability for the debts of the business. However, incorporation is not a panacea for unlimited personal liability; the small business owner must observe various corporate duties to maintain the limited liability shield. One of these formalities is maintenance of company records. In this article, Imke Ratschko explains how to properly maintain corporate records. She details the items which needs to go in these records, and explains why each item is important.
Ms. Ratschko focuses on New York law in this article, but her ideas are applicable in any state.
- Summary by FizzLaw Team
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Corporate Record Keeping - Company Records Explained