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What is a corporate minute book?

A corporate lawyer can assist in organizing the corporation and preparing the corporate minute book. While there is no requirement by law to compel corporations to keep minute books, the legislation does require certain corporate records to be prepared and stored.

 A minute book is a convenient vehicle for the organization and storage of all of your corporate documents. To properly set up your corporation, by-laws must be prepared and executed, shares must be formerly issued with the resulting share certificates, proper resolutions of the shareholders, directors must be approved and the officers and directors must be appointed and an initial filing must be done with the Ministry confirming the officers and directors. Moving forward, annual filings must be done with the Ministry and minutes of directors and shareholder meetings must be prepared annually.

A minute book will also regularly house a share register showing the names and addresses of all shareholders and details of the shares held. The proper establishment of corporate records and the corporate minute book will aid the ongoing business of the corporation and is imperative should you be audited by Revenue Canada, to obtain bank financing or to sell your corporation in the future. Once again, templates of by-laws and corporate resolutions can be found, but are not necessarily tailored for your individual business and you should therefore consult a corporate lawyer to ensure that your corporate documentation meets your needs.

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