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Wednesday, May 6, 2015

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.
Business Minutes

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.

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