Maintaining corporate records may be the last thing on a business owner's mind. Business owners are focused on the day to day running of their business and making sure their venture stays profitable, they don’t have the time generally to worry about the updating of the corporation’s minute book. This task usually falls on the director’s shoulders at the most inappropriate time when they realize how much work has to be done. The physical minute book has to be acquired from the corporate lawyer or accountant and then any changes and activities need to be updated accurately.
Officers and directors of the corporation can change, all financial statements need to be recorded, a corporation may change or expand its office location or branches, and shareholders and loan agreements with individuals may change over time. According to both Ontario and federal corporate legislation, each of these events need to be recorded in the corporation's minute book and be reported to either the Ontario or federal government, depending on which statute governs the corporation.
When the time comes for the corporation to be sold or merge with another company, or for the corporation to obtain a loan from the bank or investment firm, if the corporation's minute book is not up to date, the transaction may be delayed until all records are up to date.
At Copetti we have integrated technology that allows accountants, lawyers and all officers and directors in the corporation to access the corporate minute book online in a secure environment with a complete audit trail of all activities in the digital minute book. This technology makes corporate governance a seamless part of your corporation’s daily activities and ensures your business runs smoothly.
Copetti and Company is a premier full-service accounting firm which has been serving the Durham region for over 20 years. We are committed to the success of our clients, our people and our community. The firm provides accounting and assurance services, personal and corporate tax compliance and business advisory services. We serve a variety of clients ranging from individuals and families to owner-managed businesses and not-for-profit organizations.