Minute books are an often overlooked business tool

Minute books are an often overlooked business tool

A golf bag: known to golf aficionados for its ability to carry clubs, cozies, towels, tees, and other gear to get you through the back nine.A tool belt: a leather bound itemizer used by labourers to hold hammers, pliers, pencils business golf balls, tape measures and others tools of their trade.A corporate minute book: a term many business owners do not really know, but should. In the fast-paced business world, every second counts. Yet for some reason, many business owners are unsure what a minute book is.If you are a shareholder in a private corporation, you should. Unbeknownst to many shareholders, keeping an updated, accurate legal record, a “minute book,” of the business you are involved in, is one of the tools of the trade for private corporations, but is often overlooked. A minute book is the legal record, often in a simple binder, of all of the important documents relating to a corporation. Typically it contains the articles of incorporation, bylaws, resolutions, share certificates; minutes of all meetings of directors and shareholders; a directors’ register; securities’ register; and officers’ register. Depending on the laws of the jurisdiction your corporation is incorporated under, your corporation may be required to keep some of the above-listed documents at its registered head office or other designated office. A corporate minute book should consolidate and catalogue the corporation’s documents into one binder to be stored at such a location. When the board of directors makes a decision, it should be articulated on paper and that document should be retained in your minute book. For instance, if your corporation wishes to enter into an agreement with a third party, a corresponding resolution authorizing the transaction should be dated and signed by all the duly authorized directors and filed in the minute book. A minute book is a record of the corporation’s voice. If a minute book is opened, it should evidence a trail of corporate activity Will Rory McIlroy Enjoying US Riches.