Every business entity must comply with some level of organizational formalities, whether it is filing annual reports or maintaining annual meetings and minutes, and Van Osdol & Magruder’s Client Advantage Program is designed to help our clients satisfy these formalities. For a flat rate of $350 per year we provide three services: (1) An annual attorney/client meeting; (2) Preparation of routine annual minutes/consents and filing of Annual Registration Reports; and (3) Registered Agent services.
1. Annual Attorney/Client Meeting. A lawyer schedules an annual meeting with business clients at their office to discuss recent activities and future plans of the business. This meeting allows us to keep the client up-to-date with accurate and timely annual basic maintenance documents and to exchange ideas about what developments the client foresees and what changes have happened from our end. Many of our clients feel this is the most important element of the CAP Program. Such meetings strengthen our relationship and help guide the business in the right direction to minimize legal trouble which may become costly if not handled at the appropriate time. 2. Annual Minutes and Reports. Many states require business entities to hold annual meetings, maintain annual minutes and file annual reports. Even when not required, it is an advisable practice to evidence the actions of the business entity. These records help to ensure that the business entity continues in existence as a separate legal entity and lower the chances of a third party piercing the corporate veil and holding business owners liable for the actions of the company. In addition, the records become a resource for information many lenders require when they make loans. We prepare and file these documents as necessary and retain a record for future audits, litigation or other reference. 3. Registered Agent Services. Every business entity must have a registered agent in each state in which it operates. Our firm provides an agent in Kansas or Missouri as part of the CAP program, and can assist with establishing registered agents in other states. Having us serve as registered agent is advisable because the registered agent receives communication from the Secretary of State regarding organizational formalities and from various courts regarding garnishments, lawsuits and other formalities. We accept service of these communications and ensure that they are communicated to our clients with appropriate advice where necessary.
