Most states require corporations to: (i) maintain a complete and accurate records book; (ii) hold annual shareholder and directors meetings; (iii) file annual reports; and (iv) pay annual state fees or franchise taxes. Failure to comply with these obligations jeopardizes a corporation's good standing and impacts its limited liability protection. This, in turn, can result in delayed transactions and can put the owners' personal assets at risk.
Although state statutes do not impose the same formalities on LLCs, those entities may be subject to “veil piercing” if they fail to maintain proper books and records. Consequently, members of LLCs could be subject to the same personal liability risks as corporate shareholders. In addition, both corporations and LLCs may be subject to involuntary dissolution if they fail to file their Annual Reports on a regular basis.
For these reasons, Indigo Venture Law Offices (“IVLO”) developed Records Review service, a packaged legal solution designed to help corporation and LLC owners easily and efficiently uphold their statutory and state law obligations. In addition, the “Extranet” option provides an electronic copy of the corporate records that makes them more accessible, easier to maintain and reduces expenses.
Prior Year Annual Report
Current Annual Report Preparation
Annual Meeting Consents
Setup Extranet Website
Scan & Upload Records
Notice for Annual Financial Statements
Periodic Shareholder/Director Approvals