COVID-19 Update: Beaird Harris has shifted a significant number of our team members to work remotely.
We continue to serve and care for our clients, just as we always have, and are available by phone, video or email.

Beaird Harris is closed on Thursday, February 24th due to inclement weather. 
During this time our team will be fully available via phone or email should you need assistance. 

Beaird Harris will be closed Wednesday, November 23rd (at noon) through Friday, November 25th in observance of the Thanksgiving holiday. 
We’ll reopen on Monday, November 28th at 8:30am. 

Beaird Harris will be closed Friday, December 2nd for our annual Christmas celebration. We will reopen on Monday, December 5th at 8:30am. 

Blog

Protect Your Company with Meeting Minutes

Denise Johnston

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.

Background

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:

  • Take minutes! If you’ve been lax about taking minutes, now is the time to get back on track. Record minutes for any meeting that involves big decision-making and company actions. These minutes are key for fiduciary and liability purposes.
  • Use a template. Get in the habit of using the same format for meeting minutes. Using a standardized template will make it easier for the minute-taker and provide clarity and organization if needed as legal evidence in the future.
  • Include information that matters. Meeting attendees, absentees, location, and date and time of the meeting are necessary, but your minutes should also include the results of decisions and details about important activity in the company, not just who said what.
  • Sign and approve the minutes. Make your minutes official by having the appropriate people sign off. This is typically done by the board secretary, and in some cases, the president. The president also usually approves the minutes.
  • Keep minutes in a safe place. Store meeting minutes in a safe and accessible place. Confirm that only designated people have access to the minutes.

No Professional Advice, Client Relationship, or Reliance on Information

Please note that any information or content on our Website, or any forms or tools on our Website which allow you to submit information or make calculations, and your use thereof, are not intended to provide any kind of professional advice, consultation or service, including but not limited to, legal, accounting, tax, or business advice. Nor does any such information, content, forms, or tools, or your use thereof or reliance thereon, create or constitute an attorney/client, accountant/client, or consultant/client relationship. You should therefore not use our Website or reliance on any information, content, forms, or tools on our Website as a substitute for any kind of professional advice. Rather, you should consult with a licensed professional, including one employed by our Company, for any accounting or tax questions you may have. You agree that we will not be liable to you or to any third party to the extent you treat or consider any information, content, forms, or tools on our Website as constituting any kind of professional advice. The information and content, including but not limited to forms and tools, presented on or made available through our Website are made available solely for general information purposes. We, therefore, do not warrant the accuracy, completeness or usefulness of any such information, content, forms, or tools, and any reliance you place on the same is strictly at your own risk.  We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to our Website, or by anyone who may be informed of any of its content.

Our Website provides illustrative lists of services that we provide. Nothing contained on our Website shall be construed as an offer or guarantee to provide any particular services to you, nor shall anything on our Website be construed as a direct solicitation for employment by any persons, companies, or organizations. Prior results we have obtained for others do not guarantee a similar outcome.

Share This
schedule call

Schedule a complimentary call today.

We’ll help you get started and learn more about Beaird Harris.