Being in “Good Standing” means more than filing an Annual Renewal with the State and paying a fee. Most entrepreneurs do not realize the extent of what is required for their business start-up to remain protected under the “corporate veil.” Corporate Minutes, Inc. helps ensure business owners are aware of the proper action needed to fulfill crucial ongoing duties and responsibilities. One requirement for your company to retain its legal integrity and provide continued protection to its owners and members is to properly maintain Corporate Minutes.
The purpose of maintaining corporate minutes is to protect shareholders from liability and inform external users of corporate decisions and approvals. They are required during the Business Start-Up Process along with obtaining and renewing Business licenses and certifications. Keeping your corporate minutes up-to-date and in compliance creates a paper trail allowing Shareholders, Directors, Officers and professional providers to review and confirm corporate transactions, activities and decisions. Furthermore, all corporations must keep corporate minutes to legally operate as and be considered a corporation – separate from its owners – and not an empty shell. If you fail to keep proper corporate minutes, the corporation’s shareholders may lose their liability protection and tax benefits.
In most jurisdictions, corporate minutes serve as the official legal record of what took place at a corporate meeting including the decisions of its Owners and Board of Directors. Corporate Minutes often take precedence over the individual notes of other Shareholders and can be invaluable in an audit, shareholder dispute or litigation situation.
Your business will need to provide accurate and up-to-date corporate minutes when...
• Attempting to obtain Financing / Business Loan
• Pursuing Women-Owned / Minority-Owned Certification
• Applying for Contractor’s License / Renewal
• Notified of a Tax Audit
• Facing or attempting to prevent a Legal Dispute
• Considering another Business Start-Up
Let our expertise help eliminate the worry and frustration of keeping up with ever-changing requirements.