Boise Idaho Business Guide: C Corporation
Yes. Failure to properly document annual meetings, minutes and resolutions to support important decisions can result in a loss of your Idaho C-Corporations crucial tax benefits.
The formalities and law of these requirements are there to protect and limit the potential risk of investors and shareholders. Ignoring your own corporate existence could result in being disregarded by the courts and being held personally liable for corporate debts.
Preparing and maintaining adequate corporate records are your first and best line of defense against losing the protection of your corporate status and ensuring continued harmony among your directors and shareholders. In addition, if the corporation is involved in a lawsuit, these documents will likely be thoroughly reviewed by all parties.
Meetings, minutes and the resolutions are a simple task for closely held Idaho corporations. If you are the only owner/shareholder than you will attend, vote and sign for each position.
when, where, why and how.
The documentation of major issues, votes and resolutions.
The resolution (decision) in writing that will be executed going forward.Click for Boise Payroll Service Click to Form an Idaho Business