Small companies and startup businesses might view keeping corporate records as a low priority. Public companies and other large companies can usually have their attorneys keep their minute book up to date, but that can be expensive for small companies who may not have an attorney or law firm that they engage on a regular basis. This post describes what items should be kept in your minute book and why it is important to keep up to date with corporate records.
What to keep records for
In general, your company’s minute book should have records for all formal board and shareholder actions as well as a complete record of stock ownership. In addition, your company’s minute book should include a copy of the articles of incorporation and bylaws as well as any amendments to these documents.
Why to keep records
You might be wondering why you should keep current with your minute book or even have one at all. Below are a few of the important reasons to keep a minute book for your company.
If you can’t remember the last time you updated your minutes, now is a good time to give your attorney a call. Or, if you are just starting a company, you should contact an attorney to help you set up a minute book.