RECORDS REQUIREMENTS

Every corporation, limited liability company and limited partnership is required by applicable state law to maintain a de-tailed list of certain books and records.

Some of these requirements are often honored more in the breach than in regular; orderly compliance. Many times the deficiencies come to light when the entity is involved in a lawsuit or in a tax audit. Correct and regular compliance with these requirements can often eliminate extraordinary expense as well as potential liabilities arising from any failure to comply. It is only prudent for all corporations, limited liability companies and limited partnerships to have a periodic review of their compliance with these requirements. If you have any questions about any of these requirements or would like assistance in assuring your compliance with them, please contact your Ruden McClosky lawyer and ask for a copy of How's Your Business Report Card?