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Rocket Lawyer's Help videos provide a nice overview on a variety of legal topics from Harvard Law professor and TV Commentator Arthur Miller.

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Is it necessary for small corporations to keep formal minutes?

Owners of small corporations often manage the affairs of the company without giving much thought as to whether they are doing so as officers, directors or shareholders of the corporation. They take whatever actions seem to be appropriate to get the job done.

However, some actions should be documented for tax or legal reasons. For example, decisions to elect officers or directors, borrow money, pay dividends, and establish employee benefit programs should be documented in writing. This can be done by holding a formal meeting and using written minutes to record the decisions. Or, it can be accomplished by having ALL of the directors or shareholders sign a written document that states the action being taken.

Arthur Miller Legal Help Videos

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