High-powered lawyer Jeffrey A. Unger is offering free legal advice for 500 startups. Why? Because simple legal mistakes can ruin your company before you know it. Unger met with the folks at Open Forum and gave six pieces of advice for all entrepreneurs to follow. For example:
Incomplete filing
?There?s umpteen websites that offer a boilerplate approach to preparing and filing the Articles of Incorporation for a new business,? states Jeff. ?But there?s a lot more to properly forming a company than just filing your Articles. If you don?t do it right, the corporation won?t protect the business owner from liability. And it won?t be respected by the IRS, and that?s not good. In addition to the Articles, you need to prepare bylaws, execute organizational minutes, issue shares of stock, execute key agreements, file IRS elections (e.g., S-Election), etc. So be careful..the boilerplate, fill-in-the-blank documents won?t hold up in court.?
Full story at Open Forum.
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Source: http://holykaw.alltop.com/6-huge-legal-mistakes-that-could-ruin-your-sm
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