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Hub You - The Simple but Powerful Reasons for Corporate Minutes
Do you have clients that take 30, 50 or 60 days to pay their invoices? Although having slow paying clients is expected in today’s business environment, they make managing cash flow a very difficult task. Paying suppliers, salaries and rent becomes a challenge.However, there is a way to solve this problem. The solution involves factoring your invoices.Factoring is a financing tool that allows you to get your invoices paid in as little as 2 days. It provides your company with the necessary capital to operate the business, pay suppliers and grow. However, factoring is not a business loan. Rather, factoring involves selling your invoices at a discount for immediate cash. The factoring company waits to get paid, while you get immediate use of the funds.Factoring can easily be integrated to any busine
Whew! Sounds like a lot, especially for a one-person corporation. At first, it seems a bit awkward and artificial. But it's not difficult. Think of keeping corporate records, having minutes of your "meetings" as merely the corporate form of "covering your @#%!" Minutes are also helpful when there is more than one owner of a company, so that there is a written summary of
The Sarbanes-Oxley Act of 2002, adopted as a reaction to corporate scandals, has a significant impact on European companies. The reason is simple: Hundreds of European-headquartered companies are dually listed on two stock exchanges, one in Europe and the other in the United States. 470 non-US companies are listed on the New York Stock Exchange, with a combined market capitalization of $3.8 trillion, 30 per cent of the total value of capitalization of companies quoted on the exchange.EU Data Protection DirectiveWhat is personal data (according to EU)? Personal data can be any information relating to an identified or identifiable natural person (directly or indirectly): Name, telephone number, photos. Data specific to his physical, physiological, mental, economic, cultural or social identity. What is processin
What entrepreneurs often don't focus on, though, is the fact that, by incorporating, they have brought a new entity into the world. Much like giving birth to a child. The company now has an independent existence that can, literally, outlive you. The company has needs separate and apart from yours (such as a need to be able to pay its own bills, in addition to paying you). And if you do not treat the corporation properly as an independent "being," the privilege of shielding yourself and limiting your personal liability can be taken away from you (as children, in certain extreme situations, can be taken away from their parents).
In order for a corporation - any corporation, no matter how large or small -- to preserve its special, limited liability status, it needs to observe certain formalities and take certain actions. These "formalities" include (among other things) issuing stock, electing officers and directors, keeping corporate records, adequately capitalizing the corporation, and clearly keeping personal and corporate funds separate. When a corporation doesn't do these things, its limited liability status is open and vulnerable to attack from creditors who may claim wrongdoing or fraud. In legalese, this is called "piercing the corporate veil."
Whew! Sounds like a lot, especially for a one-person corporation. At first, it seems a bit awkward and artificial. But it's not difficult. Think of keeping corporate records, having minutes of your "meetings" as merely the corporate form of "covering your @#%!" Minutes are also helpful when there is more than one owner of a company, so that there is a written summary of
Have you ever wondered how some flea market vendors seem to build strong businesses, with high profit margins, and strong sales?The answer to their success might surprise you.Instead of their success being based on an esoteric formula, the real truth is actually deceivingly simple.The reason successful flea market vendors make money is because they understand their customers.Understanding your customers is actually the answer to success in any type of business situation. Once you understand the needs and wants of your customers you will be able to better serve them.But the problem that arises is that most flea market vendors proceed to overlook the obvious and think too deeply when it comes to their customers.They forget that their customers are guided by a very simple set
What entrepreneurs often don't focus on, though, is the fact that, by incorporating, they have brought a new entity into the world. Much like giving birth to a child. The company now has an independent existence that can, literally, outlive you. The company has needs separate and apart from yours (such as a need to be able to pay its own bills, in addition to paying you). And if you do not treat the corporation properly as an independent "being," the privilege of shielding yourself and limiting your personal liability can be taken away from you (as children, in certain extreme situations, can be taken away from their parents).
In order for a corporation - any corporation, no matter how large or small -- to preserve its special, limited liability status, it needs to observe certain formalities and take certain actions. These "formalities" include (among other things) issuing stock, electing officers and directors, keeping corporate records, adequately capitalizing the corporation, and clearly keeping personal and corporate funds separate. When a corporation doesn't do these things, its limited liability status is open and vulnerable to attack from creditors who may claim wrongdoing or fraud. In legalese, this is called "piercing the corporate veil."
Whew! Sounds like a lot, especially for a one-person corporation. At first, it seems a bit awkward and artificial. But it's not difficult. Think of keeping corporate records, having minutes of your "meetings" as merely the corporate form of "covering your @#%!" Minutes are also helpful when there is more than one owner of a company, so that there is a written summary of
Warehouses are business buildings that are used to store goods and materials. Many manufacturers, traders, importers, customs, exporters, and wholesalers use warehouses to store their items. Warehouses are generally plain large buildings, which are located in the industrial parts of the towns and have loading docks for loading and unloading vehicles. Sometimes loading is done directly from airports, railways, or the seaports. These warehouses generally use cranes and forklifts, which are based on the standardization of the ISO.Mattresses are products or a piece of bedding, which is used while sleeping. They are made from many materials like foam, natural and synthetic fibers, and spring. Mattresses are difficult to maintain, especially if they consist of different delicate materials such as latex foam and vis
In order for a corporation - any corporation, no matter how large or small -- to preserve its special, limited liability status, it needs to observe certain formalities and take certain actions. These "formalities" include (among other things) issuing stock, electing officers and directors, keeping corporate records, adequately capitalizing the corporation, and clearly keeping personal and corporate funds separate. When a corporation doesn't do these things, its limited liability status is open and vulnerable to attack from creditors who may claim wrongdoing or fraud. In legalese, this is called "piercing the corporate veil."
Whew! Sounds like a lot, especially for a one-person corporation. At first, it seems a bit awkward and artificial. But it's not difficult. Think of keeping corporate records, having minutes of your "meetings" as merely the corporate form of "covering your @#%!" Minutes are also helpful when there is more than one owner of a company, so that there is a written summary of
Many years ago I had a friend who was extremely intelligent, had a photographic memory, and finished university with top marks in business administration. He had all the credentials to get a great job.Sounds good for the most part, wouldn’t you say!! Maybe even a nice boy who you would want to marry your daughter!! Shortly after finishing school he landed a job working for the owner of this large company, whose business did millions a year in revenue.The person he worked for was old world, very little formal business education, and built a wonderful business from scratch. He was shrewd person with tons of business experience under his belt. After working there awhile my friend decides that he can really make a difference in this man’s business.Here is what he actually did:He goes into the
Whew! Sounds like a lot, especially for a one-person corporation. At first, it seems a bit awkward and artificial. But it's not difficult. Think of keeping corporate records, having minutes of your "meetings" as merely the corporate form of "covering your @#%!" Minutes are also helpful when there is more than one owner of a company, so that there is a written summary of
There are numerous industries which interact with clients that would be better off giving a real gift of appreciation at the close of a deal, or business sale, than gifting some cheap logo scribed trinket. For an executive gift or corporate gift you may consider a fine gourmet gift of class and distinction, Alaska smoked salmon.Real estate, mortgage, and corporate executives are constantly looking for the closing gift that will appear genuinely thoughtful, and be sincerely appreciated and remembered by their customer or client. A corporate gift, like a glass golf ball on the desk plaque, just doesn’t work for most people. You may say, 'but it is cheap, and you can purchase them by the case, and even have them engraved.' Sure you can, and you can certainly go with that, but
Whew! Sounds like a lot, especially for a one-person corporation. At first, it seems a bit awkward and artificial. But it's not difficult. Think of keeping corporate records, having minutes of your "meetings" as merely the corporate form of "covering your @#%!" Minutes are also helpful when there is more than one owner of a company, so that there is a written summary of the discussion, the actions taken, and how the owners voted. In order to maintain your limited liability shield, it must be clear that the corporation has officially authorized its officers and directors to take significant actions on its behalf. How do you know when a corporation has done so? Because there are written minutes of a meeting (or ratifications of these actions), kept in the corporation's books!
What's Major? What's Ordinary?
So written records of major decisions are vital. But what kinds of issues are considered major? Celine moaned, "Does this mean I have to make a written record every time I go to Staples for pencils? Or take a potential client out to lunch?" Certainly not! Here's a general rule: if the transaction is the kind of transaction that your business engages in over and over as its core business, then that transaction is "in the ordinary course of business" ("OCB", is the legalese acronym), and does not need to be documented. So Celine, who is a life coach, does not need to document each time she signs an agreement with a new client. Or Bob, a bookstore owner, does not need to write up minutes for each sale of a book off his shelves.
But there's a second part to the general rule. If the corporation's doing what it does is in the ordinary course of business, actions that enable the business to do what it does are not (in the ordinary course). These, by contrast, involve the major decisions that do need to be documented. They are often one-time (or only occasional) transactions. So Celine's paying $10,000 to create a website for her coaching business is not OCB. Yes, she may need to update the websit
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