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Corporation Minute Book Index

SKU: SF118vd

A minute book is used to store all important corporate documents such as the articles of incorporation, the minutes of shareholders and directors meetings, stock certificates, tax filings, by-laws and other legal documents.

Why do you need a minute book?

1. It’s the law.  Canadian Customs and Revenue Agency (CCRA) does impose legal obligations to maintain minute books in the manner described above.  Although rare, statutory penalties may be assessed for failure to attend to these matters.

The Internal Revenue Service (IRS) also has been known to deny corporate tax benefits to companies that, although incorporated, did not act like a corporation. 

2. Various third parties may want or need to examine your corporate minute books from time to time including your accountants, bankers or  (CCRA) (IRS) or other federal/provincial/state taxation authorities.

3.  if you ever sell your business, the purchaser may want legal opinions relating to various corporate matters so having up-to-date minute books will make the entire selling process easier (and likely less expensive).

Corporate minutes provide a written record of decisions that were made and how they were made.   Other types of decisions that can lead to future disputes include setting salaries and bonuses or awarding special privileges or benefits to an employee. If the employee is also a shareholder, documenting these decisions in minutes is especially important in case another shareholder later challenges them.

Need to create and start a minute book? This index will give you subjects for each section, giving you a starting point of the topics needed in a minute book to keep  the history of a corporation. Newly incorporated business will find this index great to give them direction of where to start with the creation of a minute book.

Another product Articles A Shares SF117  will be an asset to the creation of your minute book. The product describes shares, type and their effects of ownership.

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