A corporate minute book is essentially a collection of all important corporate records, including the articles of incorporation, which the corporation’s shareholders and creditors can access. A minute book may be a physical binder containing all of the required documents, or your corporation may choose to keep their corporate minute book online for easy sharing.
A corporation is required to maintain records to be viewed by shareholders and creditors upon request. The required documents include:
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Keeping an up to date corporate minute book will allow you to keep track of all your important corporate documents in one location. This will also make it easy for you to provide your records to shareholders, creditors, or potential buyers should you choose to sell your corporation.
How to keep your minute book up to date
Not only are corporations required provincially and federally to maintain certain records, but they are also required by law to keep them up to date. When a business is incorporated, no matter how large or small it is, an annual shareholder meeting must be held and documented in the corporate minute book. Failure to hold an annual meeting or to comply with laws on corporate record-keeping can result in consequences including government penalties, tax issues and disruption to the corporation’s daily business.
Many corporations choose to have a lawyer look after their corporate minute book, ensuring all of the documents are updated and in accordance with the law. However, if you want to keep your own minute book, there are some simple organizing tips that might help you. In order to organize your corporation’s minute book and keep it up to date, you can separate your minute book into four different sections. These are:
You may also choose to include a list of officers and directors, tax information and other relevant company records.