Statistics show 60% of corporations do not properly maintain their corporate records. The IRS scrutinizes corporate minute books during an audit looking for discrepancies between the actions of the corporation and the resolutions adopted by its Shareholders and Board of Directors.
This applies to ALL Corporations regardless of the number of Shareholders.
You can lose tax deductions and benefits if you do not conduct meetings that adopt resolutions supporting the actions taken by the corporation. Furthermore, the separate legal entity status of your corporation can be discredited. Without maintaining accurate corporate minutes, the IRS, in addition to other taxing authorities may allow plaintiffs, creditors and other entities to file suit against you personally for payment of debts and actions of the corporation.
After incorporating in Illinois or any other state, contact us to maintain your corporate minutes from the start. Only then, will your business start-up provide the protection you want and need.