Saturday, December 9, 2023

Spring Cleaning — Company Style

Despite the recent ice and snow, spring is on the way. While we typically think of spring as a great time to deep clean the house, it’s also a great time to clean up and organize your records. Not only is spring a good time to stop, reflect and organize, but it’s also a great time to digitize and formalize your record keeping.

A great place to start is your company record book. Create a folder for “company records” and upload the following: (i) your company’s Certificate of Formation, (ii) the operating agreement or bylaws, (iii) the list of your members or shareholders (ensure to include full names and addresses), (iv) a list of the contributions made by your members or shareholders.

Your company is the sum of its contracts. It is vitally important to have great record keeping for your contracts, they govern all aspects of your operations. As such, focus on digitizing and saving your contracts. Use a clear organizational methodology such as folders for vendors, customers, and employees. You will want them ready at hand to answer all the daily questions that arise.

Do not forget to save your bank account statements, and especially your tax files and other IRS records. As spring is also the time for filing taxes, it’s good to have all those records handy. Speaking of handy, the member/shareholder information you saved in your company records folder will be of great use when filling out the required Public Information Report each year.

As your company grows you may want to develop a records retention policy. Such a policy creates an ongoing process that captures new documents, but also complies with the law and regulations applicable to your company. Your Hammerle Finely attorney can help you create a compliant policy.

Brad Hogan is a seasoned business law attorney with Hammerle Finley Law Firm. He served as a Lieutenant in the United States Navy’s Submarine Service and was the Military Attaché in Yemen overseeing bi-lateral U.S.-Yemen security planning and training of counter-terrorist special forces in support of Operation Enduring Freedom.

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CTG Staff
CTG Staff
The Cross Timbers Gazette News Department

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