Toronto and the Police

Failure to follow corporate formalities may expose corporate officers, directors and shareholders to personal liability. Maintaining good records, including corporate minutes, on a timely basis goes a long way toward maintaining the limited liability benefit of a corporation.

If incorporating was your first step to a new and safe way to do business, compliance with the law is the easiest way to keep you safe from any liability associated with they way you manage your company.

There are many reasons to pay attention to the formalities associated with running a corporation: Business corporation laws require articles of incorporation and bylaws and specify other things that must occur.

Articles of incorporation and bylaws form a contract between the corporation and its shareholders, obligating the corporation to act in accordance with the articles and bylaws.

Directors and officers owe the corporation and shareholders a fiduciary duty to use good faith, exercise due care, and act in the best interests of the corporation. Majority shareholders must act in good faith, in a manner not calculated to oppress the rights of minority shareholders.

Corporate formality must be respected and observed to preserve the integrity of the corporation and to shield officers, directors, and shareholders or related businesses from personal liability.

Don’t think that for the fact that you can be the only person holding all the positions of a corporation you are out of keeping your company in compliance. Small companies also have duties with State Agencies, providers and even customers.

Why Are Minutes So Important?

It’s the law. Nothing more clear than that. Minutes are legal records that document actions and support business decisions made by the principals of the business throughout the year. Minutes help you to separate your own affairs from the company’s actions. It is the way to protect you from liability.

During an IRS audit a privately held company may be required to produce the minutes of the company. If they do not, or can not give the minutes to the IRS agent, the problems stand as found. There is no negotiation with the IRS.

State law requires corporations to prepare annual minutes and in many cases; failure to do so has contributed to piercing of the company veil resulting in exposure to the principals.

As mentioned, without current and complete minutes, corporate players could be held personally liable for the actions of the corporation.

Protect Yourself

Your legal protection could be in jeopardy if a creditor successfully pierces the corporate veil due to the corporation’s failure to keep minutes.

Good recordkeeping habits and paying attention to detail are necessary for any successful business. Now you know it.

About The Author

Robert Neuberger is the President & CEO of Active Filings LLC, a national incorporation and corporate services company (www.activefilings.com)

Tags: attorney, citizens, corporate law, corporate officer, court, employment law, judge, laws, legal, policeattorney, citizens, corporate law, corporate officer, court, employment law, judge, laws, legal, police

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Have you ever seen a traffic cop standing in the center of the street when the power goes out directing traffic or after a big game directing traffic to keep the flow moving? Have you ever considered how dangerous this really is? Have you ever stopped to think that someone not paying attention or talking on their cell phone could at anytime mow over the traffic cop? Hey now be nice, as you probably deserved that last ticket, so don’t go there. You are evil I cannot believe you just thought that?

In any case my point is this, with the up and coming future advances in Holographic Technologies, which are getting closer to becoming reality we may soon be able to design a Holographic Police man to stand in the intersection so you can run him over all you want; no harm, no foul.

I propose we put holographic projectors in the police cars to display the 3D or 4D in Virtual Reality, just like what Microsoft is planning with the next generation of our 360 X-Box Video Games in our living rooms. The system will run off the police cars extra alternator for juice and will not need the power grid, so if the power is out after a severe thunderstorm, Hurricane or Earthquake, the police car can drive up point it, turn it on and restore the flow of traffic without risking his life. This will insure an end to the chaos and smooth traffic flows and prevent injuries. Because as a taxpayer the last thing we want it to pay for medical bills from a flattened policeman. Think on this.

Lance Winslow

Tags: 3D, emergencies, police, projection, ticket, traffic cop, traffic flow, virtual reality3D, emergencies, police, projection, ticket, traffic cop, traffic flow, virtual reality

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If you are aiming to buy second hand cars at very reasonable prices, you should consider getting into police seized car auctions.

Police seized car auctions are venues where cars that were legally seized from criminals and law offenders by the police are legally disposed to the public.

There are regular schedules for such car-selling transactions. If you are aiming to take part in one, it is time you ask the local police about it. Often, regular police seized car auctions are held every month, every quarter or every six months.

Some people are getting fond of shopping cars at such transactions because they get to acquire premium and branded cars at very discounted prices. The setback would only be that these cars are not brand new cars.

For people who value sentimentality and history of cars and car owners, and there are a few of them around, the transaction is definitely not for them. Because policed seized cars are usually possessed by the police from criminals and other law offenders.

Though the legality of ownership of these cars will never ever be questioned in the future, the fact that these cars were once used by criminals for criminal transactions never fail to hold back several second-hand car buyers.

Some, however, simply are practical and look at the better side of the transaction, and that is that these cars are significantly cheaper than other second hand car auctioned privately.

Tips when buying seized cars at police auctions

Buying police seized cars would never be a hassle if you would only bear in mind simple guidelines.

Above all, you should remember that the transaction is an auction, and therefore would solicit bids from many parties for a single car. Because criminals are usually luxurious in nature, expect that there would even be luxury cars to be auctioned.

People would surely have the eye for those cars so expect not to buy it unless you are willing to lodge competing tenders. You should watch out though, because your bid might be getting higher and higher. You might not want to acquire a second hand car at the price of a brand new, do you?

Second, bring along an expert or somebody very familiar with cars when you go the police seized car auction. You might not be able to tell if the engine is worth the price tag or if the overall packaging commensurate is worth the effort of bidding.

Before shopping at a police seized car auction, make sure to set up your mind so that you would not be confused when you see numerous car models being sold at the auction.

When the deal is closed

When you finally win a bidding process, you are expected to close the deal immediately. By doing that, the car would be drawn out of the auction and would be exclusively reserved for you.

Ask about the legal papers of the car so that no setbacks and problems would arise in the future.

Also arrange for the mode of payment. Auctioneers can prefer to have the payment in cash or in check. Installment arrangements could also be agreed at. However, such a deal would make the price tag bloat.

When you finally have the car, register it appropriately. Have the plates appropriately installed by authorities. It is now officially yours.

For listings of police seized cars, please visit http://www.auto-car-auctions.info/

Tags: cheap cars, Police auctions, seized carscheap cars, Police auctions, seized cars

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