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O'Leary Bonus - Business Exposure Assessment 

Instructions:

The API Law Business Exposure Assessment (BEA), has been developed to allow you to manage your risks many business owners don't see coming.

Our unique 6 point assessment is a powerful tool to start to analyze and identify potential liabilities to your company. It will help you start to visualize a risk management strategy with our firm.

Email: filings@API.law
Office: 888-521-0322
**Please note that we cannot complete your paralegal consultation without this form being completed**
Thank you for your understanding
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Owner Information

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I. Business Structure

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Having an actual business structure is the formal process of setting up a business entity like a Corporation or Limited Liability Company (LLC), with your Secretary of State.
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If you have chosen to have your "legal person", you, to be the the owner of the company, there may be many liabilities you have not considered with this structure.
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II. Registered Agent

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A Registered Agent is an individual or firm selected by a business to receive tax and legal related communications from the state of incorporation. Both LLCs and corporations are required to designate a Registered Agent.
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III. Operating Agreement

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Even with an established business, keeping your Operating Agreement updated and compliant with state statute is critical.

Here are some important items we consider when we are crafting your customized Operating Agreement:
  • Voting Powers
  • "Buyout" Provisions
  • Limited Personal Liability
  • Percentages of Ownership
  • Partner Dispute Avoidance
  • Member rules and violations of conduct
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IV. Comingling

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There are several factors that courts look at when deciding whether to pierce your company’s veil and hold you personally liable for company debts and lawsuits. One important factor is the presence of commingled funds. If you treat your business’s money the same as your own, then you risk the exposure of your personal assets.

This means that you didn’t keep up the necessary formalities to preserve your LLC or corporation as a separate legal entity. API Law can give you detailed guidance in this critical area.
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V. Record Keeping

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Annual reports and minutes are required in most states to maintain the LLC's legal existence and good standing. Failing to to maintain accurate record keeping can result in penalties, fines, and potentially the dissolution of the LLC. If the LLC is deemed invalid, you have no legal protection from litigation.
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VI. Probate Avoidance

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Typically, probate involves a great deal of paperwork and costly court appearances by lawyers. The lawyers and court fees are paid from estate property, which would otherwise go to the people who inherit the deceased person's property.

A Will does not stop the estate from passing through probate court. Avoid Probate at all costs.
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Additional Concerns

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In the box above, feel free to list any areas of concern you may have regarding asset protection, liability exposure, and legacy wealth protection.
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Confirmation and Submission

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SUBMIT
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The information contained on this page is intended to help small entities comply with the beneficial ownership information reporting rule promulgated by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). * This page is explanatory only and does not supplement or modify any obligations imposed by statute or regulation. Additionally, this page does not supersede more recent guidance documents issued by FinCEN. For additional information, consult The Reporting Rule, which implements Section 6403 of the Corporate Transparency Act. The rule describes who must file a BOI report, what information they must provide, and when they must file the reports. The Reporting Rule is found at 1010.380 in title 31 of the Code of Federal Regulations (CFR).
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