Business Owners & Managing Partners—Keep those Minutes Updated

managing partners

There may have been a lightbulb moment when you—and perhaps with a partner or two also—came up with a breathtaking idea, an invention that you knew would be in great demand later if you could just turn it into reality and become business owners or managing partners. Along with the latitude to work on and build your own business model, being your own boss means setting your own hours, making your own decisions, and being in much greater control of your life and its direction. Hopefully, there is the potential for making a good living, as well as the possibility for helping other people in your community or maybe even around the world.

There are numerous downsides to owning a company too, from typical daily stressors like managing a team to figuring out how to keep cash flow running properly. There are a variety of different little headaches in between also, and many of them relate to corporate administrative tasks. While they may seem like the easiest to procrastinate on, they can multiply out of control before you realize it. If you do not have someone handling these tasks for you, or if they need to be delegated, do so as quickly as possible. Scheduling corporate meetings, keeping up with all the records, and tending to the minutes is a perfect example. Keeping of the minutes is required for tax purposes and by federal law, and in most cases if you are the head of a traditional corporation or are the managing partner of another type of formal business entity (depending on state law), notes must be taken during at least one meeting per year.

Keeping the minutes for your company may be as simple or as complicated as you deem necessary, with notes usually expected too from meetings between shareholders, activities such as hiring new employees and giving them raises, bringing in new officers, and financial events like taking out loans or opening new accounts.  All in attendance during such meetings or events should be noted, with the minutes kept in a secure location with the rest of your corporation’s important paperwork.

Do you have questions about a business issue, or do you need legal assistance regarding a business dispute? If so, contact the Bolender Law Firm.  Our attorneys are experienced in representing clients in state and federal courts, at both the trial and appellate level. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!

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