Solicitations To Prepare Your Corporate Minutes
Below is a MRR and PLR article in category Business -> subcategory Small Business.
Understanding Corporate Minutes and Avoiding Preparation Solicitations
Overview
Every corporation is required to hold board meetings and maintain corporate minutes. However, you don’t need to get swayed by solicitations offering to prepare these minutes for you.
What Are Corporate Minutes?
Corporate minutes are official records summarizing the discussions and decisions made during a board meeting. Ideally, corporations should conduct board meetings quarterly to assess the company's progress and future plans. Nevertheless, most states only require a single annual meeting, with the minutes safely stored in the corporate book.
These minutes are internal documents and are not filed with any government agency. They typically become relevant only during shareholder disputes or if there's an allegation that the corporation is merely a facade. The Secretary of the corporation usually records these minutes and files them appropriately.
Be Wary of Solicitations
The entrepreneurial spirit in America has given rise to businesses that offer services to prepare corporate minutes, often for a fee. These solicitations often arrive in envelopes resembling official government correspondence, although not closely enough to breach regulations.
Usually, the solicitation prominently emphasizes the requirement for corporate minutes and offers to handle it for around $100. Buried in small print is a disclaimer clarifying that the company is not a governmental entity.
Why You Should Handle Minutes Internally
While there is nothing illegal about these services, it is not advisable to use them. The operations of a corporation and its board should remain confidential. Board meetings often involve sensitive discussions about business strategies, product plans, competitive tactics, and financial matters. This information should never be disclosed to third parties.
In summary, while it may seem convenient to outsource the preparation of your corporate minutes, keeping these records confidential and internal is a smarter choice. Prioritize the security of your corporate information and manage it in-house.
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