{"id":6919,"date":"2013-01-01T00:00:00","date_gmt":"2013-01-01T00:00:00","guid":{"rendered":"https:\/\/insulation.org\/io\/articles\/legally-speaking-are-your-year-end-legal-matters-finalized\/"},"modified":"2013-01-01T00:00:00","modified_gmt":"2013-01-01T00:00:00","slug":"legally-speaking-are-your-year-end-legal-matters-finalized","status":"publish","type":"articles","link":"https:\/\/insulation.org\/io\/articles\/legally-speaking-are-your-year-end-legal-matters-finalized\/","title":{"rendered":"Legally Speaking: Are Your Year-End Legal Matters Finalized?"},"content":{"rendered":"<p><span style='-size:10.0pt;line-height:120%;\n-family:\"Calibri\",\"sans-serif\";color:windowtext'>2012 has ended, and for<br \/>\nmost of you that means the end of your fiscal year as well. Don&#8217;t start the new<br \/>\nyear without successfully wrapping up your 2012 business affairs. Here is a<br \/>\nhandy checklist of some things you need to consider.<\/span><\/p>\n<p class=NoParagraphStyle><span style='-size:10.0pt;line-height:120%;\n-family:\"Calibri\",\"sans-serif\";color:windowtext'><\/span><\/p>\n<p><UL><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>If not already conducted, schedule your annual corporate<br \/>\nmeetings for shareholders and directors. Give notice in accordance with your<br \/>\nbylaws\/code of regulations, and set the agenda for the meeting<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Review your corporate minute book to make sure it is up to<br \/>\ndate: Are last year&#8217;s minutes in there, and are they<br \/>\nsigned? Did the minutes call for certain actions to be taken during the year,<br \/>\nand have these items been accomplished? Do the minutes ratify corporate<br \/>\nactions, such as contributions to benefit plans, borrowing, auto leasing, and<br \/>\nmonetary distributions?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Have there been any changes in the officers, directors, or<br \/>\nshareholders? Do the corporate records reflect those changes? Do others need to<br \/>\nbe elected? <\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Are there shares of stock needing to be transferred or<br \/>\ncanceled? Is your share ledger in the back of the minute book up to date?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Is the statutory agent designated to receive important papers<br \/>\ncurrent and on file with the Secretary of State? Check the state&#8217;s website. <\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Is your corporation in good standing with the state? Check<br \/>\nthe state&#8217;s website.<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Is the corporation doing business in any other states? Is it<br \/>\nappropriately registered and meeting the requirements to do business in those<br \/>\nstates?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Has the annual financial report?including a balance sheet,<br \/>\nstatement of profit and loss and surplus, and an opinion of the financial<br \/>\nposition of the corporation?been prepared?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Do the corporate records verify payments of salaries versus<br \/>\nbonuses and dividends? The Internal Revenue Service can contend that payments<br \/>\nto corporate officers, employees, or shareholders are not deductible dividends;<br \/>\nand that payments to officers who are not shareholders are not deductible.<br \/>\nAssure the proper classification of such payments by identifying the payments<br \/>\nas deductible compensation and consider identifying the justification.<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>If no, or nominal, dividends are to be paid and your<br \/>\ncorporation has a large amount of accumulated earnings, do the minutes include<br \/>\na statement of the reasons why the earnings are being retained?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Have you changed financial institutions during the year and<br \/>\nnot noted it within the corporate records? Are those who are authorized to sign<br \/>\nchecks still the appropriate names, and are the appropriate corporate<br \/>\nresolutions contained within the minute book?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext;:-.15pt'>Have there been loans to officers or<br \/>\nshareholders that need to be documented by minutes and promissory notes?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Do you have a buy\/sell agreement that regulates and restricts<br \/>\nthe transfer of shares so you don&#8217;t end up with an unwanted &#8220;business partner?&#8221;<br \/>\nHave you updated the valuation information that sets the price for which shares<br \/>\nare repurchased? Has the buy\/sell agreement been amended to include new<br \/>\nshareholders?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Are your benefit plans?such as retirement, profit sharing,<br \/>\nmedical reimbursement, Section 125 or 401(k) plan?appropriately documented<br \/>\nwithin the corporate records and in full compliance with the law? Are the<br \/>\nsummary plan descriptions you give to employees up to date? Are you<br \/>\nstrategizing about the impact of the Patient Protection and Affordable Care<br \/>\nAct?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Have you consulted with your Certified Public Accountant<br \/>\nregarding year-end matters and anticipated 2013 financial matters? <\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Have you evaluated the cost of your Workers&#8217; Compensation<br \/>\nProgram? Have you shopped for enrolment in a workers&#8217; compensation group that<br \/>\nprovides good savings (discounts) and effective third-party administration?<br \/>\nHave you gone online and looked at your claims history to identify your major<br \/>\nclaims? Have you met with your workers&#8217; compensation attorney to devise a plan<br \/>\nto eliminate costly claims from your experience and reduce your premiums? <\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>For those key employees hired in 2012, do you have employment<br \/>\nagreements in place addressing such things as non-disclosure of confidential<br \/>\ninformation and non-competition? It&#8217;s not too late.<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Have you reviewed your general liability insurance and other<br \/>\nbusiness coverages with your agent to ensure proper, cost-effective coverage?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext;:-.15pt'>Are your licenses to do business in<br \/>\nvarious locales current?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Have you reviewed the exempt and non-exempt wage-hour status<br \/>\nof your employees to ensure wages and applicable overtime are being paid<br \/>\nproperly and records maintained appropriately?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Your personnel policies and practices may require<br \/>\nmodification due to recent National Labor Relations Board decisions applicable<br \/>\nto non-union employers. Is your employee handbook up to date?<\/span><\/p>\n<p class=Bullets style=':44.1pt;:-.25in'><span\nstyle='-size:10.0pt;line-height:120%;-family:Symbol;color:windowtext'><LI><\/span><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Remember to run the numbers on your Occupational Safety and<br \/>\nHealth Administration (OSHA) Form 300 logs and prepare Form 300A for posting.<\/span><\/p>\n<p><\/UL><\/p>\n<p class=Bullets><span style='-size:10.0pt;line-height:120%;-family:\n\"Calibri\",\"sans-serif\";color:windowtext'><\/span><\/p>\n<p><span style='-size:10.0pt;line-height:120%;-family:\"Calibri\",\"sans-serif\";\ncolor:windowtext'>Dust off those corporate records and make sure that<br \/>\neverything is ready for the new year.\u00a0 <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2012 has ended, and for most of you that means the end of your fiscal year as well. Don&#8217;t start the new year without successfully wrapping up your 2012 business affairs. Here is a handy checklist of some things you need to consider. If not already conducted, schedule your annual corporate meetings for shareholders and<\/p>\n","protected":false},"author":[303],"featured_media":0,"template":"","categories":[24,21,288],"class_list":["post-6919","articles","type-articles","status-publish","hentry","category-contracting","category-business-managment","category-fabrication","author-bob-dunlevey"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.0 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Legally Speaking: Are Your Year-End Legal Matters Finalized? - Insulation Outlook Magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insulation.org\/io\/articles\/legally-speaking-are-your-year-end-legal-matters-finalized\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legally Speaking: Are Your Year-End Legal Matters Finalized?\" \/>\n<meta property=\"og:description\" content=\"2012 has ended, and for most of you that means the end of your fiscal year as well. 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