Gauvreau Blog | Empowering Business Owners & Entrepreneurs

Who Should Have Access to Your Minute Book and Why It's Important

Written by Gauvreau Accounting Tax Law Advisory | Nov 26, 2024

 

A company’s minute book is a crucial document, often overlooked until it becomes necessary. Whether kept digitally or physically, it records key corporate details and resolutions. But who should have access to it, and when is it typically required? Let’s explore.

Key Individuals Who Should Access a Minute Book

Primarily, the shareholders of a business are the most common users of the minute book. Senior officers, such as the president, treasurer, secretary, or vice president, should also have access, especially if their roles are tied to corporate resolutions documented within. These individuals need to reference the minute book for governance and decision-making purposes.

External Parties That May Require Access

While the minute book generally remains in the background, there are occasions when external parties request access:

  • Banks and Lenders: Financial institutions often require specific minute book documents, such as resolutions and articles of incorporation, especially during borrowing processes.
  • Government Agencies: During audits for income tax, payroll, or workers’ compensation, agencies may request the minute book. Failure to produce an up-to-date minute book could result in penalties.
  • Regulatory Authorities: These bodies may require access to verify compliance with corporate regulations.
Why Keeping Your Minute Book Updated Is Essential

While it may seem like a low-priority task, an outdated or incomplete minute book can cause significant issues when it's finally needed. Whether for an audit, financing, or legal compliance, having an up-to-date minute book ensures you avoid unnecessary delays, penalties, and credibility concerns.

By maintaining a current minute book, your business demonstrates professionalism and readiness, ensuring smooth interactions with both internal and external parties.

Need help keeping your minute book organized and up to date? Contact us today to ensure compliance and avoid potential risks. Let our team of experts take care of the details so you can focus on running your business.