As a business owner or manager, you are already inundated with numerous tasks. One of the seemingly most menial tasks of them all is keeping corporate minutes.
Also commonly referred to as meeting minutes, on one level keeping track of what appears to be the minutest activity that happens in your company may seem non-essential. But failure to keep these minutes could jeopardize your tax advantages, your corporate liability protection, and numerous other corporate benefits which you may be eligible for. This is why seemingly mundane, keeping minutes is important. Our first tip for keeping great meeting minutes:
Take It Online
In the past, minutes were kept in a large book that did little more than collect dust. Now, using a vendor like After Incorporation, you can keep all of your minutes online so that they are organized and readily accessible to you and anyone else you choose to allow access.
Additionally the online tool helps business owners and managers to draft minutes. Your minutes and resolutions can be sent via email to those whose approval you need to move your business forward and into the future. All approvals are tracked online and easy to follow.
Record All Key Company Activities
Taking minutes does not mean having to record everything, just the important things. Some examples of key decisions and activities include:
1. Making note of any new employee hires or any wage increases
2. Keeping record of any changes in financial activities, such as taking out a loan or opening a new company bank account
3. Writing down items discussed at the annual director and shareholder meeting
Include the Pertinent Details
Apart from providing what was discussed, it is also a good idea to provide some other pertinent details which will describe where the meeting took place, who attended and who was absent. Include the date of the meeting, the time, and the name of the individual who headed the meeting.
Stick to the Facts
Your meeting minutes do not need to be overly detailed (in fact, your shareholders hate that!). We always recommend that our clients keep their minutes as simple as possible. Stick to the facts, use simple language, and be professional.
