Area of Law: Business Law
Answer # 227
Corporate minute booksRegion: Ontario Answer # 227
Every business has several legal requirements they must follow. After your business has been incorporated and you receive your certified Articles of Incorporation, there are several things that you should do.
First, you must prepare a minute book. A minute book is a chronicle of resolutions and a resource of important corporate documents. Examples of documents that must be kept in the minute book are the Articles of Incorporation, the rules and by-laws of the corporation, registers of the directors, shareholders, number of shares issued, and the minutes of director and shareholder meetings.
Share certificates may also be kept in the minute book. Share certificates are the actual pieces of paper that show who owns shares in the corporation.
Shareholders and directors register
You must create a shareholders and a directors register. A shareholders register is a list that records each class of shares issued, who holds the shares, and how many shares each person owns. A directors register is a list that records the name and address of each director, the date each director was elected, and, if applicable, the date on which his or her term as director ended.
Finally, you may want to buy a seal with the name of your corporation imprinted on it. A seal is stamped on documents and may be required for some business and banking procedures.
Incorporating a business and formulating the proper corporate records are complex and detailed legal matters. Consult a lawyer for assistance.
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