Tutorials

Titles & Responsibilities

The ‘Titles and Responsibilities’ form links roles and responsibilities for each person in each company. The names of individuals are inserted into documents based on roles and responsibilities they have in the company. For example, the name of the secretary is inserted into a signature block at the bottom of resolutions.



 

Opening the Titles and Responsibilities form

The ‘Titles and Responsibilities’ form can be opened from the ‘Navigation’ bar on the left side of the webpage.


 

Company and People Navigation

The ‘View Companies’ and ‘View People’ navigation bars are to the right of the form. Companies from the ‘Company Profile’ are listed in the ‘View Companies’ list. Only people marked as associated with the selected company on the ‘People Profile’ appear in the ‘View People’ list. Selecting a different company will change the list of people to the names of those associated with the newly selected company. Selecting the name of a person in the ‘View People’ list will display the titles and responsibilities that the person has in the company selected in the ‘View Companies’ list.


 

Save, and Navigation

The ‘Save’ button and navigation buttons are located near the top of the form. There are no ‘New’ or ‘Delete’ buttons because company and people records are created and deleted on the ‘Company Profile’ and ‘People Profile’. The ‘Titles and Responsibilities’ form shows the rolls and responsibilities for people in each company. The navigation buttons skip to the first, prior, next, and last record for the people of the company selected in the ‘View Companies’ list.


 

Type of Entity

Each company record is assigned an entity type on the ‘Company Profile’. When a company record is selected in the ‘View Companies’ list of the ‘Titles and Responsibilities’ form, the titles in the labels on the the form change to the titles normally associated with the entity type of the selected company. For example, when a corporation is selected, a title could be ‘shareholder’ but when an LLC is selected, the title will change to ‘member’.

Titles for each type of entity can be changed using options in the ‘Tools’ menu (described below).

Titles for a Corporation: When the company record of a ‘C-Corporation’ is selected in the ‘View Companies’ list, the titles on the left side of the form change to those normally associated with a C-Corporation (see below).

Select the name of a person associated with the corporation from the ‘View People’ list. Check mark each title held by the person in the corporation. The ‘Salary’ and ‘Date of Office/Hire’ textboxes become enabled when a title is checked. Enter the person’s salary and date of office for the corresponding title. Enter data for each title that each person holds in each company.

The 83(b) selection is an IRS rule that can impact owners of an entity that ‘goes public’ but it must be initiated early on. It is important that initial owners of an entity that could go public be aware of this rule and apply within the time restriction set by the IRS.

Titles for an LLC: When a limited liability company (LLC) is selected in the ‘View Companies’ list, the titles on the left side of the form change to those normally associated with an LLC (see below). The process of marking titles and entering salaries and dates is the same for all types of entities.

Responsibilities: Check mark the responsibilities for each person in the right side of the ‘View People’ list (see below).

The ‘Owner’ options (see above) are shown for display purposes only and the Owner Data forms must be used to change whether or not a person is an Owner. The ‘Officer’ options (see above) are shown for display purposes only and the person must be marked with an officer title in the left side of the ‘View People’ list.

Titles change for the type of entity of the selected company.


 

Report Menu


Three reports are accessible from the ‘Reports’ menu of the ‘Titles and Responsibilities’ form.

Reports – Titles

Reports – Officers, etc. by Name

Reports – Owners