Why Maintaining Company Minutes Is Critical To Keeping Your Business Strong

By David Gass

Corporate compliance and company minutes have become hot topics and are very critical to small business owners and entrepreneurs. It is utterly arcane how many companies do not take and record their simple company minutes!

State laws require that all Corporations and LLC’s maintain proper records and prepare annual bus iness minutes.

To make it simple to understand, let’s first make clear why EVERY company should keep accurate company minutes.

You incorporated in the first place for the following benefits:

• Asset Protection
• Personal Liability Protection
• Tax Savings
• Separate Personal and Business Credit
• Stronger Business Image

Every entrepreneur who incorporated to gain these benefits and protection can also lose or pierce thier corporate veil by not taking proper company minutes.

To help you stay in compliance, we’v e created a powerful software application to simplify and automate this process.

The Corporate Manager Software can easily maintain your company compliance and corporate records for the following:

• Annual meetings of directors and shareholders
• The issuance of stock to new or existing shareholders
• The purchase of real property
• The approval of a long-term lease
• The authorization of a significant loan amount or substantial line of credit
• The adoption of a stock option or retirement plan
• The making of important federal or state tax decisions, and
• Many other actions, such as buying a new company vehicle.

While you don't need to document routine business decisions and activities, you should ALWAYS prepare written minutes for events that require formal board of directors or shareholder approval and involvement.

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