Today, we’re going to touch on what you need to know when it comes to setting up your business’s Board of Directors.
We are continuing our conversation with Ken Turnipseed who has been in a couple of previous episodes. He has a background in accounting and tax and is now an attorney at Whelchel & Carlton LLP, located in Moultrie, Southern Georgia.
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Setting Up Your Business’s Board of Directors – Key Points
- Do you need a board of directors?
- Defining board resolutions and why you might need them
- Regulatory requirements regarding board meetings
- What are minutes?
- What details must be in the minutes
- Some “best practice” advice about keeping and filing minutes
- Maintaining all corporate formalities for liability purposes
- Getting a Tax ID for your business
- How you could lose your business over payroll tax and other obligations
- When you make a deal with the IRS, better stick to your end of the bargain
- There’s no one-size-fits-all approach in choosing the right structure for your entity. Get sound advice from a professional.
- Talk to someone who is licensed in your jurisdiction.
Make the most of this episode and enjoy.
Links to Ken Turnipseed’s information can be found at GetGoinginBusiness.com/105
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