Today we are going to continue our conversation with Ken Turnipseed of Whelchel & Carlton, LLP. In episode 105, Ken talked about determining the right corporate structure for your business and today we will dive into the nuts and bolts of your business structure. If you are unsure if terms like articles of organization and operating agreements apply to your business, you’ll find this episode especially helpful.
Ken provides representation to both business and individual clients, doing a lot of work in the areas of healthcare and small businesses, so we are happy to tap into his expertise and experience.
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Your Business Structure – In this episode
- A new business has to meet the requirements of the State’s filing agency
- What are the Articles of Incorporation and how is it structured?
- What about articles of organization?
- Why your company needs bylaws
- The information that goes into company bylaws
- What is an operating agreement?
- Election of officials, meetings, and other essentials
- When starting out, business partners often neglect to prepare for a worst-case scenario
- Filing documents for a single-owner business
- Always get help from someone competent to handle the requirements of your jurisdiction
Tune in to find out more.
Links
- Whelchel & Carlton, LLC
- Kenneth Turnipseed on LinkedIn
If you have not checked out all of our free resources available to you. Click here for our site.
Here are some of our featured free resources.
- How Can I Organize My Financials?
- Should I Have A Business Plan?
- What Steps Should I Take Towards Branding?
- How Can Marketing Bring In More Clients?
- The Start-Up Checklist
- What Type Of Corporation Should I Be?
- Things To Consider When Scaling A Business
Key Formation Documents Every Business Owner Should Understand
When you formally establish a business entity, the state issues what essentially functions as your company’s birth certificate — whether that’s Articles of Incorporation for a corporation or Articles of Organization for an LLC. These documents officially register your business with the state, establish its legal existence, and create the foundation upon which all other governance documents are built. Without them, your business has no legal standing as a separate entity.
Bylaws and operating agreements serve as the internal rulebook for your company. Bylaws govern corporations and outline how decisions are made, how officers are elected, and how meetings are conducted. Operating agreements perform a similar function for LLCs, defining member roles, profit distribution, voting rights, and procedures for adding or removing members. Many business owners skip these documents, which can create serious disputes and legal vulnerabilities down the road.
One often-overlooked benefit of proper formation documents is personal liability protection. A correctly structured and documented business entity creates a legal separation between your personal assets and business obligations — but only if the paperwork is done right and the business is operated consistently with those governing documents.