Corporation Kit

Organize your mandatory company documents, with a Corporation Kit from Getting Incorporated™. Maintaing proper company records may be a mandatory legal requirement, and a Corporation Kit comes with examples of documents that meet basic statutory requirements. A Corporation Kit allows you to organize your mandatory legal documents in a professional and presentable fashion. Getting Incorporated™ can customize a Corporation Kit with your business name and date of incorporation printed upon it.

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Business Law Update:

Virginia

HB 1451

Limited partnerships; distributions of assets. Provides that, except as provided in the partnership agreement, upon the winding up of a limited partnership, its assets, after payment to creditors and to partners and former partners in satisfaction of certain liabilities, shall be distributed, when the winding up is due to an order of the State Corporation Commission, to partners respecting their partnership interests. If the winding up is due to another reason, the assets shall be distributed to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions. Currently, the distribution of such net assets is made to partners first for the return of their contributions and secondly respecting their partnership interests, without regard to what caused the winding up of the limited partnership. Current Bill Status: February 12, 2008 in Commerce and Labor Committee

Start Up Tip:

Reasonable Compensation in an S Corp

S-Corporation's which file their 1120S with $0.00 showing on Line 7 "Compensation of Officers" are increasing their risk of IRS audit. The IRS takes the position that no one works for free, and has said repeatedly that officers must be paid reasonable wages for the work they perform. Owner-employees of S-Corporation must receive a reasonable payroll taxable salary for their duties, even if the business is losing money. The upside is that in loss years S-Corps can deduct their officer pay to maximize the loss, and in profitable years gains are maximized as money Owner/Employees make above and beyond the reasonable salary can be taken out without a payroll tax liability, while the salary itself is a deductible expense.

[Corporation Kit]

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