Haske & Haske, P.C.

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The parental duty of support is driven by public policy. The reasoning goes something like this: Parents have a duty to provide financial support to their children because if parents fail to provide for their children, the State will be forced to use their resources to provide the support. By recognizing this duty, the State is able to enact child support statutes and enforcement procedures.

Corporate minutes are a record of your company’s compliance with its bylaws. Certain decisions can only be made by shareholders. Others can only be made by directors. All decisions requiring approval by the shareholders or directors must be recorded. Without these records, your company looks less like a corporation and more like you doing whatever you want. If you can do whatever you want with the company, without following the company’s rules, courts will be less inclined to view your corporation as a separate entity. Instead, the court may decide that your company is just your alter-ego, allowing your creditors to “pierce the corporate veil” and reach into your pockets to pay the company’s debts.

Mrs. Haske was an associate attorney in the commercial litigation department of a respected law firm in the Twin Cities. Her close relationship with her family and a desire to help a broader range of clients brought her home to Elgin. She enjoys working with individuals and small businesses in a variety of legal practice areas. Mrs. Haske is deeply commited to her community and volunteers occasionally at Administer Justice , a Christian legal aid clinic, where she assists low-income individuals, mainly in the area of family law.

Tomorrow is the official one year anniversary of Haske & Haske, P.C! This milestone influenced my blog topic. Before we opened our doors, we incorporated our business as a professional corporation. The legal structure of our business is almost identical to an S-Corporation, except that we cannot limit our professional liability. S-Corporations are treated like partnerships for tax purposes, with the company’s income or losses recognized by the individual partners according to his or her proportionate share (and taxed at individual tax rates rather than at the corporate rate). But for all other purposes, the company is a corporation.

Avoiding any type of co-mingling of personal and corporate funds is essential. Why should a court treat your company as a separate entity, if you do not treat the corporation’s money as the corporation’s rather than your own? Keeping separate documentation of corporate financial transactions goes hand in hand with this concept. Once small business owners understand the importance of financial separateness and good record keeping, they are usually equipped to perform these tasks on their own, or with the help of an accountant.

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