Keeping meeting minutes has traditionally been thought of as something that only corporations and big businesses need to worry about.
But even if your business isn’t required by law to keep meeting minutes, having them can provide valuable supporting evidence in the event of a lawsuit or tax audit.
Here’s what you need to know about keeping meeting minutes.
You should generally record minutes at meetings that involve significant company decisions or actions. This will likely include meetings with executives, directors, shareholders, and officers.
Creating a record of decisions, actions and responsibilities is especially important when any kind of related-party transactions occur (such as payments, loans or distributions between the company and its owners). For example, the IRS may challenge the amount of compensation paid to a business owner as unreasonable. Meeting minutes that document the factors considered by the board in approving the compensation can be a strong defense against such a challenge.
Tips for Keeping Minutes
Meeting minutes need not be lengthy, but they must provide a clear record of corporate actions and the business factors that are considered when those actions are taken. Here are some tips to help you take and keep effective minutes:
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