The corporate structure provides protection for many businesses. Aside from certain tax advantages, which will not be discussed here, the corporate structure contains liability within the corporation and, in turn, protects individual assets. However, simply paying the filing fee and setting up a corporation is not enough. If the corporate formalities are not followed it is possible to “pierce the corporate veil” and get personal assets. The corporate formalities to be followed are: creating and following bylaws for the running of the business which includes the election of officers and directors and conducting regular shareholder and director meetings which are memorialized in corporate minutes.
We have extensive experience in creating and maintaining corporations from those that are very small to those worth millions. Please contact us if you have questions.