Why keeping good, accurate and legally proper corporate books and records, is virtually always a good business management practice?

 

John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

 

Kiritsis Law Group  

212 922 0005

 

Corporate books and records refer to the documents and records that are kept by a corporation in order to document its operations, financial transactions, and legal obligations. These records are important for a variety of reasons, including tax compliance, financial reporting, and legal compliance.

 

The types of corporate books and records that a corporation is required to maintain will vary depending on the jurisdiction in which the corporation is incorporated and the nature of its business. However, there are certain types of corporate books and records that are generally required for all corporations, including:

 

• Minutes of meetings: Corporations are required to keep minutes of meetings of their board of directors, shareholders, and committees. These minutes should include a record of who was present at the meeting, what was discussed, and any decisions that were made.

• Financial records: Corporations are required to keep accurate financial records, including records of their income, expenses, and assets. These records may include bank statements, invoices, receipts, and other financial documents.

• Legal documents: Corporations are required to keep copies of their articles of incorporation, bylaws, and any other legal documents that relate to the corporation's operations.

• Employment records: Corporations are required to keep records of their employees, including their job titles, salaries, and benefits.

• Tax records: Corporations are required to keep records of their tax filings, including any returns or documents related to their tax liability.

 

Corporate books and records are typically kept in a secure location, such as a corporate office or a storage facility. They may be maintained electronically or in hard copy form. In some cases, corporations may be required to retain certain records for a specified period of time, such as seven years or ten years.

 

Overall, corporate books and records are an important part of the corporate governance process. They provide a record of the corporation's operations, financial transactions, and legal obligations, and they are crucial for tax compliance, financial reporting, and legal compliance.

 

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The views expressed by this author are not legally binding or reflective of the author, the author’s firm, the author’s employers, the author’s employees, or any individual and/or organization.