Keeping accurate records is an important part of running a business. You must file charter documents and annual reports with Georgia’s Secretary of State, as well as licenses and permits with Atlanta regulatory agencies. If you are a corporation, you need a record of stock purchases.
The records of your company’s transactions are crucial and should be kept in an organized manner. At Sparks Law, our skilled business lawyers are available to build your corporate kit in Atlanta, which houses those records in a safe, accessible place.
Corporate kits contain organizational documents that map how the business is managed, including the bylaws, operating agreements, shareholder agreements, partnership agreements, employee manuals, relevant contracts, shareholder records, accountant reports detailing finances, and private placement memoranda. When an owner initially charters a business, the corporate kit should include:
A corporate record book can be an actual book or a drawer containing files. Essentially, it serves as a repository for important company papers that management can refer to during audits, private placements, capital raising, or shareholder disputes.
Although corporate seals are not widely required in Georgia, some professions (such as architects) must use one, according to the Georgia Code Rule 50-2A-01. Seals serve as the unique, embossed signature of a company. An experienced attorney at our Atlanta office could build a corporate kit that includes all organizational and ongoing documents that are relevant to the business.
A business owner can elect to charter their business as a sole proprietorship, general partnership, limited liability company (LLC), or corporation. The documents included in the corporate kit depend on the business structure of the company. An Atlanta lawyer at Sparks Law could advise a company owner on choosing a business entity and including the necessary information in a corporate kit.
Georgia requires businesses to file Articles of Incorporation for corporations and Articles of Organization for LLCs, accompanied by a filing fee. Corporations begin as C corporations, which offer shareholders liability protection for corporate losses and taxes. However, owners can elect for an S corporation designation, which allows shareholders to report the company’s profits and losses on their personal tax returns.
Corporate bylaws (or LLC operating agreements) spell out how management will run the company. The Secretary of State does not require these documents to be filed, but they are a crucial aspect of any company’s corporate kit.
After chartering a company with the Secretary of State, businesses must file an annual report and pay a filing fee to alert the state that the business is still operating. Business owners must also notify the state about any changes concerning the registered agent, company address, or directors.
To ensure the success of your business, it is critical to maintain the books and records of your company. Not only does this help your company run more smoothly, but certain records are also required for financial and legal reasons.
If you are entering the business world, get started on the right foot by working with a skilled attorney on your corporate kit in Atlanta. Call Sparks Law today to schedule an initial appointment and discuss how we can help you.