Did you know that if your corporate minutes are inaccurate or incomplete it can do long term harm to your business? Minutes are a written record of transactions taken, or authorized by, the board of directors or shareholders. They should be kept in the corporate record book for your company because these are crucial for your corporation. It should also contain your stock records that are kept current because it is the one true ownership record of the stock of the corporation. When kept properly, corporate minutes can help protect personal assets of the owners and officers. The minute book is an important audit backup. With it, one can determine effective dates for tax purposes and establish justification for the accrual of expenses and fixed obligations. Inaccurate or incomplete corporate minutes can expose your corporation to damaging lawsuits and IRS audits.
To learn more, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.