Corporate records are required for several business activities, and companies are legally obligated to maintain records appropriately.
- Preparing internal documents, such as memoranda, notes, and lists.
- Creating a uniform and organized document management system.
Keeping your business organized helps it run efficiently and stay in compliance with applicable laws.
Several state and federal regulations require corporations to keep records and produce them immediately upon request. Depending upon the number of employees a company has, it may be required to keep detailed records on personnel, payroll, and workplace conditions. Additionally, federal privacy protection requires the shredding of certain records after they are no longer needed, so organization in recordkeeping is critical to the long-term stability of any company.
Many company activities, such as shareholder and board of director meetings, must be recorded in corporate minutes. These minutes must be kept on file as an official record in case a lawsuit arises where this sort of evidence would be relevant. Being unable to produce these documents in the face of a legal demand to do so exposes a company to a great deal of legal liability, even if the documents were lost accidentally.
Federal and state laws impose recordkeeping and document retention requirements on companies across all jurisdictions. As a result, proper record keeping is not just a good business practice, it is a legal duty. By using this interactive corporate record form, you can keep your business organized, efficient, and compliant with applicable laws.