Tax ID number.
“There are additions to this list, but as a general rule these are the bricks for protecting the corporate veil,” Berenson says. A different entity, such as a corporation, has other requirements.
If you purchase these documents online, customize them for your business, Berenson advises. “If they’re not customized, they may not fit your situation as well as you want them to. For example, many of our clients want specific confidentiality provisions; non-competition provisions; an understanding as to how profits, losses, and voting rights are going to be allocated; and buy-sell provisions.”
Most people with these do-it-yourself forms haven’t signed, dated, or customized them, Berenson says. “And if push comes to shove, they may not offer the protection the person thinks they have.”