Updating the corporate minutes

06-Jun-2017 21:15

You may take a picture on your son or daughter’s first day of school, but I doubt you take a picture as they leave for school each and every day of the school year, year after year.

The same philosophy holds true for the corporate minute book.

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Actions outside those normal day to day activities, however, typically require approval by the Board of Directors, either at a meeting or in a consent.This is the safety valve – if an action was taken without the appropriate approval, the approval is given after the fact, an action the law also permits.Share ledgers are also an important historical reference in the corporate minute book that must be regularly maintained.For a business, the corporate minute book is sometimes treated as a book-end on the bookshelf, collecting dust, or perhaps even MIA. The corporate minute book may be the best evidence a shareholder can produce to assert his or her right to be personally protected from liability for corporate debts and obligations.

Oct 19, 2008. I have failed to keep my minute book updated for several years. How do I go back now and update the minutes? I know that corporate records.… continue reading »

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Although your corporation may have been properly formed initially, if you aren't updating your minute book, a claim can be made that your corporation isn't.… continue reading »

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Keeping accurate corporate minutes prevents the loss of your corporate status, the loss of tax benefits and serious sentencing consequences in cases of.… continue reading »

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