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Protection of personal assets

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In recent times many people think about this important question and ask what to do. Do I have to change something? Financial crises become more and more threatening and people are now unsettled. Are my personal assets protected? Every different type of business, whether the enterprise is a limited liability company, corporation,  or partnership should be keeping business records at a secure place to protect the personal assets of the owner of the enterprise. There is a low chance that the corporate veil will be pierced when there are documented enterprise actions and meetings. And why is there this behavior of the owners of the company? Because this behavior shows that you are serious about running your enterprise as a business which is legitimate.

It is very often in that way, that owners of a business sued and are scrambling to clean up their own corporate mess at the last minute. By this reason, if the owner is not paying attention there is a big change that it happen, that the entity of the enterprise could be administratively dissolved. If the owner is not in good standing with your enterprise’s state of domicile there is no corporate veil.

It do not help to wait until something happens to get urgently organized! This information should help for the first start of changes within your company. It helps a lot to write down a minute book. Such a minute book normally consists of the key documents related to the organization of the enterprise. Such a minute book includes the following important things:

1. The Affidavit of Publication if this is applicable

2. The information from the tax office confirming the issuance of a tax identification number

3. The enterprise articles of incorporation or organization and also any amendments must be written down

4. Annual minutes / organizational and resolutions

5. The enterprise’s operating bylaws or agreement

6 Needed are also all other important  information, such as licenses of the business or other information required for your recent company

7. Annual reports that have been rirtten down 

It is also a good idea to keep backup copies of these information in another secure place in case your minute book is destroyed or something else happens with these information.

13.08.2012



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Information: Does my personal assets are protected? What can I do to enhance the security? Save money and time by being informed. 
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