Corporate Minute Book Advantage with Greens Secretarial Services
By: Nizam Shajani, CPA, CA, MBA, Partner
Accountants appreciate the importance of good record keeping. After all, accounting is the recording of transactions in a generally accepted presentation based on those records. Well maintained records are the foundation of a well organized entity. And at the centre of that foundation is the corporate minute book. Shajani makes it easy to maintain your minute book by partnering with Greens Secretarial Services.
A corporate minute book is a record of the legal documents required by law and includes documentation of the rules and decisions of the company as directed under the provincial and federal business corporations act. Usually in the form of a binder, the documentation includes the certificate of incorporation that notes the name and date the company was registered with the province and articles of incorporation that detail shareholder rights along with other specifics. The corporate minute book will also include the company by-laws as well as pertinent corporate agreements such as unanimous shareholder agreements and notices such as address changes. Tax accountants are well positioned to advise on the structure of a corporation and should be the primary advisor when you consider incorporating.
Ongoing documentation is also important. The minute book should document director and shareholder resolutions. This may include the appointment of accountants, lawyers, banks as well as the approval of dividends and remuneration of officers and directors. CRA may request this documentation from time to time – and therefore should be actively maintained and agree to the corporate accounting and tax filings. Your accountant can verify this.
The records should also keep up to date the director register and list of shareholders (documenting any share transfers) and share certificates. Reorganizations and tax planning, along with tax filings should accurately reflect these documents. Annual returns and copies of the financial statements are also maintained in the corporate minute book binder.
The integration of the minute book along with the company accounting records and tax filings emphasises the advantage of the strategic relationship between Shajani and Greens Secretarial Services. Let us know if you would like us to arrange for your corporate minute books to be professionally maintained.
This information is for discussion purposes only and should not be considered professional advice. There is no guarantee or warrant of information on this site and it should be noted that rules and laws change regularly. You should consult a professional before considering implementing or taking any action based on information on this site. Call our team for a consultation before taking any action.