Entity Formation and Maintenance of Records
For Business Planning with Corporations we prepare the following:
- Articles of Incorporation – This lists the name of the Corporation, the purpose of the Corporation, the number and class of shares to be issued, the name of the resident agent and address of the registered office, and the name(s) and address(es) of the incorporator(s).
- By Laws – These describe the internal management of the Corporation.
- Shareholder Minutes – These appoint members of the Board of Directors.
- Board of Directors Minutes – These appoint the President, Vice President, Secretary, and Treasurer who actually run the day to day operations of the Corporation.
- Shareholder Certificates – These documents identify the respective ownership of the business entity.
Michigan law requires each Corporation to have an annual meeting of the shareholders. The shareholders appoint the Board of Directors who in turn appoint the officers to run the Corporation.
For Business Planning with Limited Liability Companies (LLC’s) we prepare the following:
- Articles of Organization – This lists the name of the LLC, the purpose of the LLC, and the name of the resident agent and address of the registered office.
- Operating_Agreement – This outlines the internal management of the LLC.
- Member Minutes – These identify the owners of the business who in turn appoint the managers to run the business.
- Manager Minutes – These summarize and approve the activity of the business as conducted by the managers.
- Unit Certificates – These documents are the equivalent of Shareholder Certificates and identify ownership of the business entity.
Business planning requires detailed Corporate and Limited Liability records which are important for Internal Revenue Service audits, Michigan Department of Treasury audits, and other various government examination of the books and records of a business.