New Rules - Partnerships Now Require Minutes and Resolutions by Law
Partnerships require more than just a handshake these days.
Is your Partnership safe? The Secretary of State is requiring any Partnership with the word Liability in it (or LP) to file an Annual Report. The cost is minimal, unless you do not file the report on time. You will be penalized each month you do not file the report. After a certain time of non-compliance your partnership will be dissolved without any further notice. Along with the Annual Report that must be filed you must hold an Annual Meeting and prepare the minutes for that meeting. As a business owner you are required to be responsible for your entity and the structuring.
Tuesday, March 31, 2009
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