Corporate minutes are legal records of the matters that have been acted upon by the corporation and/or limited liability company. Properly recorded minutes give a summarized detail of the transactions and corporate actions of the year to the shareholders and/or members. These are not filed with any government authority but are kept in your corporate record book. However, regulations regarding corporate minutes do vary from state to state, but all require the adequate recording of corporate actions, even if there is only one member. These minutes should be documented annually.
Failure to properly support and document tax decisions and corporate actions could result in several problems, such as loss of crucial tax benefits, risk of personal liability for corporate debts or lawsuits, and shareholder / member controversy. Therefore, documenting your corporate minutes provides a paper trail to show that the corporation and/or limited liability company acted appropriately and are in compliance with all applicable laws, regulations, and other legal requirements. Each state where the corporation and/or limited liability company is registered has several rules and regulations about what should be recorded in the minutes and how to present them properly.
Woodley Hilderbrand & Sanders LLP has the expertise to properly record corporate minutes for all corporations and/or limited liability companies registered in the state of Colorado, as well as other states. There is a lot of information available about corporate minutes and why they are important to your corporation and/or limited liability company; however, we have listed a few below:
Please let us know if you have any questions or would like us to provide this service to you by contacting Carlina Smith. She can be reached at (719) 634-2815 or via email at Carlina.Smith@auerwoodley.com.