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Corporate record keeping – is it as daunting of a task as it is often rumored to be? Why is corporate record keeping important?

Background:
Many people form a corporation to provide personal liability protection. This desired protection is typically financial in nature, and can include desired protection from liability for company taxes, liability for company indebtedness, and especially liability for lawsuits against the company. While most people don’t want their company to be sued and suffer [ . . . ]

Many people form a corporation or an LLC to provide personal liability protection. This desired protection is typically financial in nature, and can include desired protection from liability for company taxes, liability for company indebtedness, and especially liability for lawsuits against the company. While most people don’t want their company to be sued and suffer loss, most people more importantly do not want to suffer loss of personal finances and assets.

A corporate veil is not [ . . . ]

It is recommended to consult an experienced business lawyer for formation of an LLC. LLC is an abbreviation for Limited Liability Company. Instead of shareholder owners as in a corporation, LLC owners are referred to as members. LLC’s may offer liability protection to members similar to corporate liability protection to shareholders in many situations. It should be noted however, that Pennsylvania courts may likely treat a single owner LLC as a sole proprietorship without liability [ . . . ]