There are a host of corporate legal matters for any closely held business to address. For example, if you have a closely held corporation, you should have a set of initial minutes adopting by laws, appointing officers and directors etc. The corporate legal matters you should address should also include a shareholders agreement, by laws, and perhaps other documentation as well. Failing to have the proper corporate legal documents could result in a lawsuit piercing through the corporation (called piercing the corporate veil) and reaching your personal assets (e.g. your home).
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