Though it’s easy to get caught up in daily operations, it’s important for every corporation to stay in compliance with state law. Otherwise, corporations could be in for some very expensive lawsuits. Here are three laws every any corporate law firm in Mercer Island would remind clients to follow.
Record Minutes of Every Meeting
Though there are some exceptions, such as manager and employee conversations, the vast majority of corporate meetings must have minutes recorded. This means that corporations must have a designated person type up notes on what’s discussed and make them available to the appropriate people. In the event of an audit or lawsuit, these will be invaluable.
An Employee Handbook Must Be Readily Accessible
All corporations in Washington State must provide employees with a handbook. There are many sections required by law. For example, the handbook must explain how to file a grievance, what is expected of employees, and other critical information. It must also be somewhere employees can easily get it, such as the company server.
Proof of Personal and Business Funds Separation Must Be Kept
One of the most common allegations against a corporation or its members is embezzlement. That’s why the law requires corporations to keep proof on file that personal and business funds never intermingle. For example, this could involve using a separate bank for personal funds and transactions that never has contact with the bank that has corporate funds. If you need a corporate law firm in Mercer Island to advise you on compliance measures or to help prove in court that you did follow them, visit Peterson Law, PLLC,