Corporate Records Management
What are corporate records?
Corporate records are the documents that show to the IRS and local governing agencies that your business is following required laws. Your corporate records may include: Articles of incorporation; Bylaws; Notes from annual shareholder and director meetings; A list of stock owners, stock dividend information, and stock transactions; Records of all types of resolutions (hiring, loans, employee benefits); Transactions including records of property sales and purchases; Information about large layoffs, market expansions, and new locations; Tax records; Documents required by your state and local government; etc.
Basically, you should save all business documents in case you need to prove your business is following the laws or if your business is audited by the IRS. Documents can be stored as paper copies, on a hard drive, or in the cloud. You should always backup your files in a secure location.
When to use a Corporate Records:
- You need to prepare a list of names and relevant information, for example, shareholders, directors, officers, employees, and other related parties of the corporation.
- You need a format for preparing custom reports.