Do I Need to Record My Business Minutes? Some Notes about Notes for Corporate Entities

In grade school when doing a group project, your teacher may have required a note-taker. In college, your professor may have required a carefully drafted outline of your meetings. Now, as a business owner of a corporation, the government may require you to keep a record of your corporate minutes. Wondering if your company needs to be keeping track? For corporations including both C-Corps and S-Corps, the answer in most states is yes. There is a common misconception that LLCs are not held to the same standards and documentation requirements as corporations. However, this is simply not true. For example, the state of Minnesota requires LLCs to have a board of governors, even if it is just a one person company. The board may consist of only one person, but it is still necessary for the board to meet and document the general business activities of the company. So, w
hile it may not thrill you to do so, keeping the minutes of your meetings can be quite beneficial for many reasons other than just following the law.

The Bottom Line about Keeping Business Minutes

Out of the 50 US states, there are only five that do not require a corporation to keep business meeting minutes. Not all states, however, require the minutes to be filed with them. Instead, keeping them with your corporate records will suffice. Keeping meeting minutes will help keep you in compliance, which is a crucial and ongoing process. In short, corporate business minutes are a written record documenting the goings-on of your business meetings. This may include financial decisions, employee matters, documenting expenses, approving loans or lease agreements, vendor changes, and other such information. The purpose is for investors, auditors, and the court system to have the ability to verify the details. With the details, it is also important to record any pertinent information about the meeting such as the date, those present, and other such information. Most importantly, the failure to keep proper business minutes can lead to consequences including fines, tax issues, and even loss of your corporate status.

How Business Minutes Help You

Often, the keeping of minutes is regarded as a necessary evil, especially if your corporation is a smaller local or regional entity. However, keeping business minutes can also be a great help for your internal operations as well. It provides solid documentation, so that should any disputes or questions about past decisions arise; the corporate minutes can be reviewed for answers and explanations. Minutes are also an excellent historical record of your organization that can serve many different purposes in the future. Finally, minutes will help keep your business well organized and operating smoothly.

It is important that if you do not understand how to manage and keep your business minutes or if you have questions about your responsibilities regarding them to get help. It is of fundamental importance to speak with a professional who can help you navigate this corporate necessity.

Safe Shield: Protecting Your Business, Protecting You

Safe Shield is dedicated to protecting new and existing small businesses by ensuring that they are adhering to corporate formalities and meeting all compliance requirements. They work hard to ensure you are not one of the more than 85% of U.S. businesses that fail to meet the most basic compliance standards. Visit our services page for more information, or contact us with any questions. Allow us to help you protect your business, and protect yourself.

Prosperity Within Your Grasp - 3 Tips On Starting A Business Online

We live in a marvelous age. The desire to start one’s own business is not a new phenomenon. However, in the past creating one involved a great deal more struggle. In this age of digital information and world-shrinking business, it is now possible for almost anyone to roll up their sleeves and make a real go of it. And though starting your own business may be easier in many ways than ever before, that does not mean it will be successful. Starting a business online is just as risky and can have as many pitfalls and stagnancies that a more traditional business will. It is critical that before you begin you do plenty of research on the kind of business you’d like to own to the plans you have for future expansion. There are thousands and thousands of tips from all different types of business owners that are available on the internet. Some are good, some are not. Here are our top three tips on starting a business online you can trust.

Tip Number One - Have a Niche

It is probable that if you are looking to start a business, you probably already know what you want to do. Furthermore, it is even more probable that it is something you enjoy, have an interest in, or are already doing for people on a regular basis. Many people are starting an online business with the desire to be the absolute one-stop provider of their product or service. Businesses that last online realize that for continued success, you need to find your niche. For example, you may want to start an online web design company. Do a test and type online web design into the search box and see how many come up. The point is that with great opportunity comes great competition. It is far better to be the best in one area than mediocre in many.

Tip Number Two - Market Like Mad

You may need to do more homework here, but you should have at minimum a basic understanding of marketing and how to do it. In order to succeed, you need to be noticed. Take every opportunity to get your business in front of other people’s eyes. Don’t be shy; be aggressive, be proactive, and be thinking of creative ways to market all the time.

Tip Number Three: Become Diverse

That doesn't mean that if you are an online web designer you should start offering a food delivery service as part of your package. However, it is important to start generating a variety of revenue streams from other related products and services. This can be risky, especially as a one-person enterprise because it could distract you from a guaranteed revenue source. In business, there are risks, and they can be calculated, but they still must be taken to survive.

Safe Shield: Protecting Your Business, Protecting You

Safe Shield is dedicated to protecting new and existing small businesses by ensuring that they  are adhering to corporate formalities and meeting all compliance requirements. They work hard to ensure you are not one of the more than 85% of U.S. businesses that fail to meet the most basic compliance standards. Visit our services page for more information, or contact us with any questions. Allow us to help you protect your business, and protect yourself.