October 27, 2014
We have another new service that is offered at Compton Accounting. Recently we have started doing corporate meeting minutes for businesses. You may ask, "Why does my company need these?" Well the answer to that is simple. Minutes protect the corporation by legally documenting all the decisions made by the corporation and the shareholders that it is made up of. If the corporation were to ever get audited by the IRS, you have every major decision made in the corporation in writing with signautres of each shareholder stating that it was done. You may be wondering when you should do your corporate minutes. Corporate minutes need to be done at the year/end of the corporation. If the minutes are done at the year/end, no major decisions get missed or overlooked and will be included in the document. Here are some general requirements for all corporations:
- Meetings need to be held at least annually.
- Give notice of date, time, place of meeting (or retain signed waiver of notice) to all shareholders.
- Prepare minutes of the meeting including the following:
- The name of the corporation
- The date, time, and place where the meeting was held
- That notice of the meeting had been properly given or waived in the accordance with the bylaws.
- Any importatnt changes to the business that happened during the year
- Election of officers (by action of the board of directors) and directions (by vote of the shareholders) according to the corporation's bylaws and articles of incorporation, if specified that elections should occur annually.
- Any Other Basic information covered and decisions made.
We here at Compton Accounting are always researching and trying to find new ways to make your life just a little easier. If you are interested in having us do your corporate meeting minutes, please feel free to contact us. Or if you have any questions about corporate meeting minutes, please give us a call and we will be happy to help you in any way that we can.