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Commercial Governance

Many business owners and entrepreneurs appreciate the importance of conducting business through an entity – whether a Corporation, Limited Liability Company, Limited Partnership or otherwise – in order to limit the personal liability of the business owner.  However, it is a common misconception among business owners (and the public generally) that this objective is satisfied once the formation process is complete.  In truth, there are additional steps that must be taken periodically by the business owner to preserve the liability insulation afforded by an entity.  This process and the actions required are referred to as corporate governance.  At the outset, every business must have Bylaws (if a Corporation) or an Operating Agreement (if an LLC) which governs the affairs of the business, such as: voting, election of officers or managers, tax status, annual meeting requirements, and similar operational matters.  Once these governing documents are in place, the business owners must adhere to the requirements established in the governing documents in order to preserve the liability protection.  Riney Law Firm works with businesses and their owners to understand what is required to comply with these requirements, including holding annual shareholder or member meetings, annual director or manager meetings, and the subsequent documentation related to each.  This not only assures the liability protection, but also results in a more sound and fundamental business.