Annual Corporate Maintenance: Vail, Denver, CO: Bailey & Peterson, PC, Attorneys at Law

Annual Corporate Maintenance | Serving Vail & Denver, CO Area

All businesses, whether new or well established, need regular periodic attention to the details required by the laws that permit their formation and operation. If you have had prior experience in operating a business, you are probably familiar with many of these requirements. The firm can assist you in identifying and fulfilling these requirements. In addition, we can teach you how to perform many of these functions for your business. One important requirement for corporations and limited liability companies is conducting annual meetings of shareholders or members and meetings of directors or managers (which meetings may include elections of managers, board members or officers depending on the form of organization you have selected). There is also the need to prepare accurate minutes of these meetings. The minutes must include the determinations or decisions the owners or management made at the meeting. The organization's legal documents and state law may require the consent of the shareholders, members, managers, board members, or officers, as appropriate, in order for the organization to take certain actions. It is particularly important that the organization's records reflect these decisions. Accurate record-keeping is essential in order to establish that the organization's activities from its inception were duly authorized and are enforceable. These records can become critical when the entity seeks financing, either in public markets or from a lending institution. In addition, detailed records may be indispensable when the owners decide to sell all or part of the business or its assets. Record-keeping also becomes important in the event that the organization's activities are subjected to legal action or to inquiry from governmental authorities. Most states require that corporations and limited liability companies file annual or biennial reports to remain in good standing and continue to do business. It is not legal for such entities to do business in a state in which they are not duly authorized and in good standing.

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