Bylaws & Resolutions
Bylaws are the rules and guidelines for a corporation, and resolutions are supplemental documents to the bylaws.
What is this?
The rules and regulations of a corporation are determined in their bylaws. The bylaws also define the structure of the business, the purpose, how the corporation will run its affairs, and the duties and responsibilities of those involved. Resolutions can be used for many things, and are often required for certain tasks or decisions by the bylaws. For example, a resolution might be used by the corporation to decide they are opening a bank account, authorizing spending, or authorizing the reimbursement of purchases. Maintaining bylaws, using resolutions when required, and having annual shareholder and director meetings are important steps to keep your corporation in compliance.
Examples of resolutions
- Resolution to Open a Corporate Bank Account
- Resolution Authorizing the Reimbursement of Travel Expenses
- Resolution to Amend the Corporate Bylaws
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Take a look at these actual client stories to see how much of a difference an Anderson plan can make.
We set up a Nevada LLC for a client with significant savings. She was sued 3 years later for an environmental claim stemming from property she owned over 30 years before. Plaintiff wanted over $2 million in damages for the cleanup. After we disclosed that her assets were protected by a Nevada LLC and a HELOC on her residence Plaintiff accepted less than $100k in a settlement.
A bank wanted to pursue one of our clients for a deficiency judgement ($5.5 million) for commercial real estate he lost in foreclosure. Once the bank found out how we protected all of our clients remaining assets with LLCs and a Nevada holding LLC the bank’s attorney stated “we decline to seek a deficiency judgment given the complicated structure you have weaved for yourself”.
Our client purchased property in a LLC and it was later discovered the soil beneath the property was contaminated. The state sued the LLC to clean up the land. Client walked away from the property without any personal liability. Without the LLC he would have been on the hook for over $1 million.