Guide: Exercising Corporate Due Diligence

audit

Written by Randy Juedes

August 9, 2017

corporate due diligenceProper due diligence ensures the benefits of the business structure will be upheld if challenged from a legal or tax standpoint.

Electing to be taxed under a corporate structure requires certain formalities. As the old adage goes, if you are going to call it a duck, it had better, look, walk, and quack like a duck. The same goes for your business. Organizing and maintaining your business under a corporate structure requires the owners to exercise proper due diligence in order to ensure that the benefits of the structure will be realized and upheld if challenged from a legal or tax standpoint. In addition to filing the proper corporate documents at the onset to establish a legal structure, there are several ongoing responsibilities that must be done on a recurring basis.

This download summarizes some of the important areas where corporate due diligence must be maintained. In particular, this discussion focuses on S Corporations, although some of the items are also relevant to C Corporations and Partnerships.

Click here to download.

Share This Article
Randy Juedes
I joined Hawkins Ash CPAs in 2001 and am currently partner-in-charge of the Medford, WI, office. My experience includes audits of commercial entities and employee benefit plans and individual and corporate taxation.

GET connected. STAY connected.

Read More Like This

Podcast: Business Nexus

Podcast: Business Nexus

Last week we talked about how individuals need to report income no matter where it is earned. This week I want to talk about requirements that businesses have to report income when they do business...