What You Should Know About an Active Corporation’s Responsibilities in New York

After you have appropriately formed a business corporation with the help of an experienced Syracuse lawyer, an organizational meeting of the incorporators needs to be held for the purpose of transacting business and adopting bylaws.

The corporation must have accurate and comprehensive books and records of the accounting as well as keeping minutes of the board of directors, shareholders and executive committee. The corporation is responsible for keeping a record containing the contact information for all shareholders, the number and class of shares held by each of these individuals and the dates when they became owners of record thereof. A meeting of shareholders must be held on an annual basis for the purpose of electing directors and transacting any other business on a date fixed under the bylaws.

The corporate books and records and bylaws are not filed with any state agency like the Department of State. Rather these are internal documents that must be maintained and appropriately sought by the corporation. In order to get all of the necessary benefits to comply with New York state laws regarding your business, it is imperative to ensure that your business is in good standing with the division of corporations and the Department of State. All local, state and federal requirements must be maintained properly in order to avoid legal issues.

Running a company requires careful review of all the processes, paperwork, and functions in order to ensure you’ve mitigated all risks and remained compliant with state and federal laws. You likely have enough to worry about without managing this entirely on your own, but outside counsel is helpful for determining the right processes and means to achieve your goals without hampering your schedule any further. Don’t expose yourself to mistakes.

Consulting with an experienced business attorney in New York is one of the best ways you can avoid significant challenges faced by many companies that do not do their due diligence or understand their reporting and recordkeeping requirements. Having a lawyer to advise you about these general business issues can help you avoid some of the most common problems associated with compliance.