Please send your feedback to info@ocsadvisoryboard.org It`s an easy process if you didn`t create the “board” when you started your business. On the date of your annual renewal, you may appoint the Board of Directors in accordance with the usual procedure for drawing up your minutes. You can also create a board of directors or advisors AT ANY TIME by taking out a piece of paper, holding a meeting, documenting it as “minutes,” naming the names of board members, asking members to sign the “minutes,” and agreeing to serve on the board. There is NO liability for board members as long as they simply perform an advisory function and make no actual decisions regarding the company`s business activities. Setting up a board can be one of the biggest keys to success for an entrepreneur. Be honest, being an entrepreneur can be a lonely business. A board of directors or consultant will be a “support team” in many ways; Encouragement, advice and advice regarding your vision and goals. Don`t think your business is too small to implement this strategy. I like to discuss the “board of directors” and the importance of plays in the life and success of an entrepreneur at every stage of the business. This concept of “board of directors” is an important tax strategy, a legal strategy and a business strategy. I also LIKE to involve family members in the process.
This is a great opportunity for the tax deduction strategy I mentioned above. Travel at the same time as you enjoy legitimate family meals and entertainment. During this time, you will hold an organized board meeting, weekend retreat, and/or training. It`s a great opportunity to involve the family in the mix of business decisions, pass on a legacy of entrepreneurship, and teach them what`s really going on in business. These documents are resources compiled by OCSAB and are made available to the public for use as background documents. Always seek the advice of a lawyer to make sure the agreement is correct for all parties. The process of setting up a board is simple and straightforward. NO submission to the state or IRS.
You can appoint the members of your board of directors when you form your company, LLC, or simply create an “advisory board” if you are in start-up mode with a sole proprietorship. If you need help writing your company minutes, catching up on your records, or setting up your board of directors, we have a team of paralegals at KKOS who can do it easily and cost-effectively. Please check out the company`s maintenance program here where you can take steps to get started if you need assistance. The sample forms may not contain all the provisions required of parties operating at sea. In addition, the standard forms contain many provisions that must be supplemented by the insertion of appropriate time limits, dollar amounts, number of parties, etc., and each party must determine the appropriate attachments to its particular situation or request. Kohler is a CPA, lawyer, radio host and author of the new book “The Tax and Legal Playbook – Game Changing Solutions For Your Small Business Questions” and “What Your CPA Is Not Tell You – Life Changing Tax Strategies.” He is also a partner at the law firm Kyler Kohler Ostermiller & Sorensen, LLP and the audit firm K&E CPAs, LLP. For more information, visit www.markjkohler.com. . Download the documents from the recent NTL Workshop on Financial Assurance of the SCO Advisory Council.
These are quick-access downloads on most pages of the public website. In the case of a corporation, whether it is S-Corp or C-Corp, it is obviously a board of directors and the provisions relating to their functions are set out in the articles of association of the company. If it is a limited liability company (LLC), I use the term “advisory board” and create a provision to that effect in the LLC`s operating agreement. If you are a partnership or just a sole proprietorship, I use the term “advisory board” again. These documents are made available to the public for download by the Advisory Council on the Outer Continental Shelf. .
