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.
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.
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