If your corporate minutes are inaccurate or incomplete you can harm many things in your business. Corporate minutes are written records of your shareholder and board of directors meetings. These are crucial for your corporation. When kept properly, corporate minutes can help protect personal assets of the owners and officers. Inaccurate or incomplete corporate minutes can expose your corporation to damaging lawsuits and IRS audits.
The IRS can reclassify compensation; expenses and loans paid to shareholders as taxable income and include taxes and penalties if there are discrepancies within your Minutes. You can also become personally liable in the event of a lawsuit because corporate records can easily become discovery in the event of a lawsuit.
Nevada State Corporate Network specializes in keeping corporate records for you and your corporation.
Various benefits of such vital corporate meetings are as follows: -
- Legal business paperwork offers the authentic record of the business meetings, decisions taken and included proceedings.
- Many banks, financial institutions and escrow companies demand written documents from the small or medium corporations to assess decisions related to your corporation
- The corporate minutes’ records can convey your corporate decisions in a much better way to the shareholders.
- States more often than not require corporate records to be kept in order.
Nevada State Corporate Network, NSCN, can assist you in keeping your corporate records accurate and up-to-date to help you avoid unnecessary and messy turmoil.
For more information on any of these services please call toll free 1-800-324-5013 to speak with one of our knowledgeable consultants at Nevada State Corporate Network between the hours of 8-5 Monday through Friday.
