Corporate Kit

What is a Corporate Kit? A Corporate Kit is a compilation of a business’ most important records. Corporate Kits typically come as binders, making it easy for a business to stay organized by storing all essential company records in one place. Local, state, and federal authorities, among attorneys and accountants, may need to see your Corporate Kit in the event of any proceedings or transactions. Corporate Kits aren’t expensive and can serve the purpose of helping you avoid fines, penalties, legal action against you, and losses such as that of your business license.

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What’s inside a Corporate Kit?

The contents of the Corporate Kit are documents that meet the legal requirements for your business. Corporate kits also comprise records that are critical when dealing with matters like court proceedings, raising capital, contracts, taxes, and accounting, transferring ownership, as well as the rules and policies of your business. The corporate kit includes:

Articles of Incorporation

The articles of incorporation in are a legal document in the Corporate Kit that solidifies the existence of a business entity within a state. Along with corporate bylaws, the articles of incorporation outline the jurisdiction of a corporation, as granted by the state government. The Articles of Incorporation typically include the name of your corporation, its purpose, the type of business it is, the address for the physical location and the address for where the mail will go (registered agent), the number of shares or members, and the bylaws of the business.

Corporate Seal and Book

The Corporate Seal is the signature of your business as a separate legal entity. The seal in a Corporate Kit is used to produce an imprint on official paperwork like legal documents and contracts; leases and agreements, employment and vendor contracts, loan documents, minutes, operating agreements, and other company records. The Corporate Seal may also be used to authorize and legitimize stock or membership certificates. Having one makes your business stand out as more professional to any possible investors.

Company Minutes

Corporate Minutes is the term used for the notes that a secretary records in and of the meetings held by the board of directors, owners, members, officers, or shareholders. A secretary or assigned person will write a record of every decision, outcome, or resolution discussed in that meeting as “minutes” and collect them in the Corporate Kit. The corporate minutes may be required in significant business matters such as IRS audits, raising capital or borrowing money, by an accountant to prepare taxes, or by an attorney in court proceedings—among many other matters.

Corporate Bylaws

Corporate Bylaws in a Corporate Kit dictate the set rules of a corporation. Every business requires rules and guidelines in which to operate, regardless of type; LLC, Corporations, Non-profits, Partnerships. Business entities have coinciding titles for Bylaws; Partnerships have what is called a partnership agreement, LLC’s write an operating agreement, but the constituents are similar to that of corporate Bylaws. Bylaws are a complicated legal document and not something you should try to do yourself if you aren’t well-versed in its many legal complexities and implications.

Membership or Stock Certificate

A stock certificate is a legal document declaring that you own shares of stock within a corporation. A stock certificate certifies that you are the registered owner of a certain number of shares or a percentage of the company, transferable only by you, and organized under the laws of the state. Corporate Kit stock certificates are usually created with complex art designs to keep them from counterfeit reproduction. It includes your name, business name, identification number, the number of shares or percentage of ownership, the corporate seal, and signatures from authorities such as the president or treasurer.

Preliminary Name Search – LLC or Corporation

The name of a business must abide by all state requirements and be uniquely distinguishable from other business names. If you use a name that is too similar to a name used by your competition, that business may accuse you of a trademark violation; you might be forced to choose a different name and may even have to pay monetary damages. Part of our complete Corporate Kit includes, at no additional cost, our attorneys performing a preliminary name search and helping you find and choose a name that avoids any possible legal penalties.

Corporate Kits for LLC’s, Corporations, and Non-Profits

There are different Corporate Kits to choose from for each type of business entity, such as LLC’s, Corporations, and Non-Profit Corporations.

For-Profit Corporation Records Book & Seal Kit includes:

• Completed Corporate Records Book and Seal
• Slip Case Cover
• Corporate Organizational Minutes and Resolutions
• Corporate By-Laws
• Corporate Ownership Register
• Banking Resolution
• Stock Certificates

Limited Liability Company Records Book & Seal Kit includes:

• Completed Company Records Book and Seal
• Slip Case Cover
• Company Organizational Resolutions and Minutes
• Company Regulations
• Company Ownership Register
• Company Banking Resolution
• Company Membership Certificate

Non-Profit Corporation Records Book & Seal Kit includes:

• Completed Corporate Records Book and Seal
• Slip Case Cover
• Corporate Organizational Minutes and Resolutions
• Corporate By Laws
• Stock Certificate

The Importance of a Corporate Kit

The Kit holds great importance for a variety of business and legal matters, including:

Licenses

Since many licensing authorities require company documents over time, the Corporate Kit is essential to substantiate the information.

IRS Audits

The Corporate Kit is the most complete business record-keeping tool one can have. Should an audit occur, its contents will likely be required. There are situations where the IRS and state taxing authorities may want to review your Corporate Kit.

Borrowing Money

Banks and creditors perform strict due diligence to qualify a business before lending money. They may ask to review components of your Corporate Kit to satisfy their requirements.

Investors

Many investors might want to view documents within your Corporate Kit before they invest in your company. If you cannot provide this, they may be less willing. Having a professional and organized corporate kit with book and seal, stock certificates, minutes, and other material will give investors the transparency they want to make them feel good about the deal.