Dear business owners:

It’s hard to believe that the first quarter of 2010 is over.  I hope this letter finds you in good spirits and very busy!  As the first quarter comes to a close there are a few house keeping items that all businesses need to do in order to stay compliant with the IRS and also keep their corporate shield in place.

Your first quarter estimated taxes are due on or before April 15th, 2010.  Please contact your accountant regarding the amount of estimated taxes that you and or your business should be paying.  If you choose not to pay quarterly taxes, and it is determined at tax time next year taxes were due, you will incur a penalty.

As a reminder, all businesses that wish to stay in good standing with the Minnesota Secretary of State’s office for 2010 must file their Annual Business Registration on or before December 31, 2010.  You still have three-fourths of a year left to file, so there is plenty of time.  However, it is easy to forget.  Without the filing your corporate shield may be pierced if you are sued and your personal assets may be at risk.

Many of your corporate documents require that you hold an annual meeting for the company.  Minutes of this meeting should be recorded, signed by the Secretary of the company and placed in your corporate book.  Recording the minutes of the annual meeting will help create a stronger corporate shield, thus creating more of a barrier between your personal assets and the company’s creditors. 

Remember, having a complete corporate book will help protect your personal assets, as well as potentially helping show the IRS that any deductions taken were legitimate ones.  The IRS may look at your corporate book for minutes of meetings and documentation that the deductions you have taken were taken on behalf of the company and approved.  Having accurate and compete corporate minutes may be a great benefit to you personally, and helpful if you are audited by the IRS.

Feel free to contact me with any questions regarding the filing of your annual business registration or for drafting your corporate minutes.  I can help you ensure these are done correctly and specifically for your business.  I wish you continued success in 2010 and look forward to assisting you with your legal needs in 2010 and the years to come.

Jennifer Heusinkveld       
Heusinkveld Law Firm, PLLC