The various types of business entities authorized by State laws provide business owners with various benefits and protections that are derived from the notion that the business is a “person” in the eyes of the law– separate and distinct from its owners. In order to ensure these benefits and protections are available if and when needed, business owners are required to act like the business is a separate person. Toward that end, we assist our clients by:
- Establishing procedures for, and overseeing and documenting, the mandatory regular meetings of owners and design appropriate management structures
- Properly documenting business decisions in accordance with the requirements set forth at law and by the business
These simple, but important, functions protect business owners, not only by preserving the “corporate shield” and other benefits granted by statute, but also by ensuring that the decision makers do not become liable to their co-owners for acting on behalf of the business outside the scope of their authority.