Please see below for each of the Checklist points. Each is followed by a link to an associated article and YouTube video addressing how to accomplish the point.
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1. Have you read and do you fully understand your Articles of Organization?
Article: Articles of Organization
YouTube: Articles of Organization
2. Have you fully executed and filed your Articles of Organization?
Article: Articles of Organization
YouTube: Articles of Organization
3. Have you appointed the appropriate members and managers of your company and had them sign the appropriate documents?
Article: Sign Here, Madame President
YouTube: Executing Documents
4. Have you issued Membership Interest Certificates?
Article: Issuing Membership Certificates
YouTube: Membership Interest Certificates
5. Do you have a ledger of your Membership Interest Certificates?
Article: Issuing Membership Certificates
YouTube: Membership Interest Certificates
6. Are you holding your annual meetings?
Article: Hold Regular Meetings
YouTube: Holding Meetings
7. Have you given appropriate notice (and kept copies) of the Meeting of the Managers?
Article: Hold Regular Meetings
YouTube: Holding Meetings
8. Have you kept proper and adequate minutes for the annual Meeting of the Managers?
Article: Hold Regular Meetings
YouTube: Holding Meetings
9. Have you adopted the Operating Agreement for your LLC?
Article: Adopt Your Operating Agreement
YouTube: Operating Agreement
10. Do you understand what is covered by the Operating Agreement and what protection it gives you?
Article: Adopt Your Operating Agreement
YouTube: Operating Agreement
11. Has the LLC secured a Federal Tax ID number (EIN) from the Internal Revenue Service with proper address? (May not need one if taxed as a disregarded entity.)
Article: Tell the IRS How to Tax You
YouTube: EIN
12. Have you made the proper tax election (S corporation, Partnership, C corporation, or Sole Proprietorship)?
Article: Tell the IRS How to Tax You
YouTube: EIN
13. Is your LLC legally doing business in other states? If so, have you been sure to file all necessary filings in those states that your company is doing business in?
Article: Doing Business in Multiple States
YouTube: Registering in Multiple States
14. Have you made the appropriate resolutions of the Managers to authorize and document all major company acts?
Article: Give Managers Their Power
YouTube: Resolutions for Managers
15. Have you kept separate books and bank accounts for the company and yourself, making sure at all times never to commingle any funds?
Article: Commingling
YouTube: Commingling
16. Are you sure that your tax returns, books of account, and company records all say the same thing?
Article: Minimize IRS Audit Pain
YouTube: Books and Records Need to Agree
17. Are you sure that you have properly documented all transactions between you and the company, with resolutions, minutes, etc.?
Article: Should I Reimburse the Company or Take a Distribution?
YouTube: Properly Documenting Transactions
18. Have you executed every document that you have executed on behalf of the company as its manager/member, to guard against personal liability?
Article: Sign Here, Madame President
YouTube: Executing Documents
19. Was your LLC properly capitalized?
Article: Capitalization of a Company
YouTube: Capitalizing Your Company
20. Have you documented all major transactions of the company business with resolutions, notes, contracts, etc.?
Article: Documenting Transactions
YouTube: Document All Major Transactions
21. Do you have a resolution documenting the business purposes for any questionable deductions?
Article: Questionable Deductions
YouTube: Questionable Deductions
22. Are you current on the above formalities and paperwork? If you’re behind, do you know how to catch up?
Article: Catching Up on Paperwork
YouTube: Going Back
23. Has your LLC adopted an expense account form for official company use that meets IRS guidelines?
Article: Expense Reimbursement Forms
YouTube: Expense Account Form
24. Does your LLC have an actual physical address, and the cancelled checks to prove it?
Article: Your Business Needs Stuff
YouTube: Business Address and Phone
25. Does your LLC have a phone in its own name, and cancelled checks and statements to prove it?
Article: Your Business Needs Stuff
YouTube: Business Address and Phone
26. Does your LLC have its own business license?
Article: Your Business Needs Stuff
YouTube: Business Address and Phone
27. Does your LLC have its own bank account?
Article: Your Business Needs Stuff
YouTube: Business Address and Phone
