Wait a Minute, What is a Minute Book?

Unlike the name suggests, a minute book is by no means minute. As a business grows, a well-kept minute book becomes an essential record of all important company meetings and allows for the information to be easily accessed when required. With an up-to-date minute book, it makes it easier for companies to keep track of resolutions that affect financial transactions. If the company is ever audited, the minute book provides all the necessary information and references to documents in one place. Let’s break down what exactly you should find in a proper minute book.

A minute book should have the company’s certificate of incorporation that serves as proof of the company’s registration. This includes information such as the business’s address, company directors, voting rights, and the company’s purpose. The minute book should also have the company’s bylaws or the rules and regulations that the company and its officers must adhere to. Maintaining a record of bylaws ensures that the company is following the rules they have set to operate by.

The minute book typically contains the criteria by which the company’s Board of Directors and officers are chosen. For the Board of Directors, this may include how many are on the board and how long they are to serve. For officers, it may include which ones are required for the company. In this section of the record, documents can also maintain a record of those who have previously served as a director or officer for the company. Additionally, the minute book should keep track of any meetings or communication with board members.

Maintained in the minute book is a record of shares and shareholders. Stock options granted to employees are kept track of, along with the number of shares the company is authorized to sell. Ensuring the company knows the limit to the shares they are legally allowed to sell is very important and is outlined in the certificate of incorporation. Additionally , companies usually maintain a record of any documents they’ve filed in their minute book. Having all documents filed in a common location makes them easier to track and refer back to when needed. Kept in this collection of documents are also various reports, whether they’re annual or special, so that they are easily accessed by authorized parties.

While keeping track of all of this information may seem like a daunting task, it is made easier by companies such as KoreConX. Integrated into its all-in-one platform, the KoreConX Minute Book ensures that all company documents are easily located and kept up-to-date. With all documents in a central location, both legal and board members can edit the material directly, without worrying about various versions that might exist offline. This consistency provides companies the ability to better manage their documents, ensuring that everything is accurate and easily accessed when needed.

An understanding of what goes into a proper minute book can help your company achieve success and transparency in business. In any situation where essential company documents are necessary, having them readily available cuts down on delays and frustration, making it a smoother process for everyone involved.

Originally published at https://www.koreconx.com on December 16, 2020.

--

--

--

KoreConX a fully complaint Global Digital Securities protocol #digitalsecurities #IRPrivate @koreconx #shareholders #koreprotocol #CapTable www.koreconx.io

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Why are ethics and social responsibility important in business ?

Should Uber and Lyft Drivers Be Gig Workers or Employees?

How the Supply Chain has evolved over the last 100 years

Is It Worth It To Sell On Etsy, And What Can I Sell?

Strategic Philanthropy for Organizations

What You Need to Know Before Starting a C2C Marketplace

MeaTech 3D’s Bull Case

Get It Together, Airbnb

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
KoreProtocol

KoreProtocol

KoreConX a fully complaint Global Digital Securities protocol #digitalsecurities #IRPrivate @koreconx #shareholders #koreprotocol #CapTable www.koreconx.io

More from Medium

Cause & Effect: Penny Wilson

Penny Wilson

Creative ways to do self-care: 3 resources for refueling

The Future of the Travel Agency Industry

Gestures you should know before you travel to Africa