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What corporate records must be kept?

What corporate records must be kept?

What Should My Corporate Records Contain?

  • Your articles of incorporation (and any amendments to them)
  • A copy of your corporate bylaws.
  • Minutes from board meetings and annual shareholder meetings.
  • Income tax returns (and proof documents for any deductions you make)
  • Employment tax records.

Are corporate records public?

The answer is yes. These documents, which are filed with the Secretary of State or similar agency to create a new business entity, are available for public viewing. If you’re starting a corporation, it’s important to be aware of this so that you don’t accidentally reveal personal information.

What are the corporate documents?

Corporate Documents means the Certificate of Incorporation, Memorandum of Association, Articles of Association, Bylaws and any other corporate document of an entity, including any shareholders, voting and/or any other agreement or document relating to the incorporation, ownership or management of an entity.

Why are corporate records important?

It is important for many reasons to keep the corporate records up to date. For instance, if records are not properly maintained, this can cause delays in responding to inquiries and requests from the Canada Revenue Agency (as part of a tax audit) resulting in possible penalties and interest.

What is considered a corporate record?

Corporate records include the articles of association, company bylaws and other incorporation documents. In addition, the corporate records also include the policies and resolutions made and agreed by the Board. Corporate resolutions can be made on many matters, including: Records of major transactions.

How do I find information on a business?

Here are a few resources and websites that may help you find the data on a particular business:

  1. Business and Company Resource Center. Access from Home – Use library barcode.
  2. Reference USA.
  3. Better Business Bureau.
  4. Chamber of Commerce.
  5. Hoovers Online.

What is considered a business record?

A business record is a document (hard copy or digital) that records an “act, condition, or event” related to business. Business records include meeting minutes, memoranda, employment contracts, and accounting source documents. Likewise, they may be discoverable if the business is sued.

What is a corporate resolution letter?

A corporate resolution is a written document created by the board of directors of a company detailing a binding corporate action. A corporate resolution is the legal document that provides the rules and framework as to how the board can act under various circumstances.

How long should I keep corporate records?

The IRS says you need to keep your records “as long as needed to prove the income or deductions on a tax return.” In general, this means you need to keep your tax records for three years from the date the return was filed, or from the due date of the tax return (whichever is later).

Do you need to keep hard copies of invoices?

The answer is YES! The good news is that for most types of sales and expenses, a scanned copy of the invoice or receipt is acceptable. You’re allowed to keep your records on paper, digitally or as part of a software package. The main thing is that records are accurate, complete and readable.

What is a corporate record?

Updated January 27, 2019. Corporate records are those records a U.S. corporation needs to keep in order to show that it is functioning in the manner required by the Internal Revenue Service and the laws of the state in which the business is incorporated (formed as a corporate business entity).

Where can I find public records for free?

You may be able to find free public records at the website of the clerk of the court, sheriff’s office, registrar of deeds, and department of vital records. Keep in mind that not all counties have made their records accessible on the Internet and even in locations where records are available…

How to check the status of a corporation?

All states have an online location where you can check the status of any corporation registered in that state. Information provided can include the name, date of incorporation, registered number or ID, and current standing. To check the status of a company, click the link next to the state in which it is incorporated.

What is a corporate record book?

A corporate records book is the place to keep important corporate papers all in one place, including Articles of Incorporation, Bylaws, meeting minutes, stock certificate ledger, stock certificates, stock certificate stubs, and stock transfer documents. The corporate records book should be maintained at the principal office of your corporation.