. Corporate Minutes | LAW Professor.com - Your Self Help Guide For Legal Advice - Hostgator Coupons 2015: Hostgator offers 2015 :- Now hostagtor hosting offers and get plans 2015 Hostgator Coupon 2015 . Now Hostgator Plan to provide coupons on 2015.

LawProfessor.com Exclusive Article

Corporate Minutes

More Options:

Print This Article Print This Article
Email This Article Email This Article


Post this Article to facebook Add this Article to del.icio.us! Digg this Article furl this Article Add this Article to Reddit Add this Article to Technorati Add this Article to Newsvine Add this Article to Windows Live Add this Article to Yahoo Add this Article to StumbleUpon Add this Article to BlinkLists Add this Article to Spurl Add this Article to Google Add this Article to Ask Add this Article to Squidoo
LawProfessor.com Exclusive

While keeping accurate and formal minutes may not seem like that big of a deal, if your corporation should ever run into trouble, your minutes can constitute important evidence of what went on during shareholder meetings and meetings of the board of directors that can often clear important people of wrongdoing. Minutes are considered to be an official record of what went on and are as vitally important to proper record keeping as having accurate books. Let’s take a look at some of the finer points of keeping proper corporate minutes.

Although rules and regulations vary from place to place, some jurisdictions consider minutes to be a required part of being a corporation. Some jurisdictions actually require that minutes be filed every month or at least once per year with the proper regulatory agency in the name of transparency and corporate good will. Of course, altering or doctoring minutes is incredibly simple and is often done to protect trade secrets, but this can lead to widespread accusations of impropriety should those minutes ever be needed to be read in court or by anyone outside of the corporation.

The penalty in these jurisdictions for altering, doctoring or simply not filing minutes can be quite strict. With the recent spate of corporate scandals like Enron, Adelphia and Worldcom, regulatory agencies from coast to coast are expressing a new interest in corporations filing accurate and unadulterated minutes.

Most people are familiar with the idea of keeping minutes during a meeting of the board of directors for a major corporation, but it is also required in many areas to keep minutes for shareholders meetings, as well, especially during the one annual meeting that all corporations have with shareholders, although some corporations have more than one. The minutes from one of these shareholder meetings usually reflect changes to the corporation such as electing new officers to the corporation, adopting or changing any policies that affect the whole corporation, creating committees within the corporation and assigning them responsibilities, the selling and issuing of stock to the public or for use inside of the corporation itself, the sale of company assets or the change of company assets in any way, shape or form, looking at, approving or turning down mergers of any kind, changing employee benefits or pension plans, approving or denying any types of loans for the corporation and starting or ending joint ventures. These are just a handful of the issues that corporate minutes can cover if they are brought up at a shareholders meeting, so you can see why regulatory agencies would be interested in reading them if something goes wrong.

Writing minutes also has its own particular format, much like writing shorthand. First, the minutes should show where the meeting took place and how long it was, who was there, who spoke and about what. Each company can have their own minutes format as long as all of the necessary information is included. Often the minutes will be typed up and distributed to everyone who needs a copy, including the government.

More Special offers:
Student Loans | Legal Forms | Student Credit Cards | Low Interest Credit Cards
Most Recent Article Additions to LawProfessor.com:

Legal Disclaimer: The information contained in this Web site LawProfessor.com is provided as a service, and does not constitute legal advice or establish an attorney client relationship. LawProfessor.com makes no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this web site feature and its associated sites. Nothing provided herein should be used as a substitute for the advice of your own counsel.
Privacy Policy | Impulse Tickets.com | LetsGetCredit.com
Copyright © 2007-2011 Lawprofessor.com a subsidiary of Boxing Inisder LLC. All rights Reserved