The corporate record book holds the combined records of a company’s organization, formation, and compliance with tax and corporate law including annual reports, minutes from BOD and shareholder meetings, and all corporate resolutions.
Corporate records show that a company is operating under IRS rules and the laws of the state where the company is located.
In the unfortunate event of an audit, a company will need to pull out their handy dandy corporate records book to show the IRS that they’ve been playing nice. If you don’t have a corporate records book to show, things are already not looking good for you.
Corporate records are held by your board of directors and should include the following:
Your Articles of Incorporation
Your company’s bylaws
Minutes from all the BOD meetings
A stock register
Corporate business and tax resolutions
Hiring and appointment resolutions
Director Conflict of Interest resolutions
Resolutions for loans to and by the corporation
Resolutions regarding employee benefits and retirement plans
Stock dividend resolutions
Our corporate records book is too big to fit in a filing cabinet, so I think that means we’re doing it right.