An LLC or Legal Liability Company is an excellent way to protect your assets, but there are specific rules you must follow and paperwork that must be filed along with appropriate fees. Unfortunately, during turbulent times many small businesses get behind in these things and this is a mistake that could end up costing them everything. You must keep your minutes up to date and pay the fees to your state, and it is wise not to get behind.
In fact, if you do get behind and do not have your required meetings, then your LLC is not in compliance, and the corporate veil can be broken and all your assets are free game for any lawsuit. Most folks do not realize this, and then try to make up several years of minutes, and meetings all at once and in doing so mistakes are made. So, it is best to have an attorney prepare all this for you, and to write down on a calendar to have meetings..
You must have meetings even if you are the President, Secretary and treasurer of the LLC, meaning you are having meetings with your mirror basically, but you must still have them and if you don’t then you do not have an LLC anymore, because it is not in compliance and therefore you may as well not have on at all, as you are not protecting your assets. So please, remember; LLC Compliance is critical and Corporate Veils can be broken if you do not fulfill these obligations. Keep up your Minutes or Risk All Your Assets!