Corporate & LLC Governance
Corporations, LLCs, Non-Profit organizations and other organized business entities require legal maintenance. This means documenting important acts and following the procedures required under the laws of the state of organization. In exchange for the personal liability shield granted to each owner of an organized entity, certain procedural requirements and formalities must be followed under each state statute. Each business entity must be familiar with the basic, routine regulatory requirements.
In terms of corporations, items such as conducting and providing notice of regular and special meetings, meeting minutes, resolutions documenting important corporate/LLC acts, annual report and other agency filings, etc. must be addressed. Another basic but very important legal requirement for corporations involves compliance with what are known as “corporate formalities”. As the name suggest, corporations must comply with certain formal legal requirements to maintain its shareholders’ personal liability shield. (Corporate formalities should be followed by LLC’s as well, albeit not formally required under Illinois law). Following the requirements and procedures set forth in the bylaws or other organizational documents of the business, drafting corporate resolutions and keeping detailed corporate minutes, holding annual elections and issuing stock are referred to collectively as “corporate formalities.” (LLC’s, unlike corporations, enjoy less stringent legal requirements under Illinois law).
We routinely assist numerous corporations, LLCs, non-profit organizations and other organized business entities follow Illinois corporate and LLC governance requirements. In addition, we help businesses maintain foreign jurisdiction filings in those states outside Illinois in which they may be doing business.