What is required in terms of recordkeeping?
I am a Canadian lawyer researching California corporations. What I am never able to feel comfortable in is a big picture of what is required in terns of corporate recordkeeping? A colleague tells me that a Minute Book is no longer required in California. Is that correct? I am not talking here about large or publicly traded corporations. I am talking about very closely held, holding corporations. Eventually, even a holding corporation may be sold, so we don't want to miss anything that would detract from the business's value. Any help offered would be appreciated.
Re: What is required in terms of recordkeeping?
Your starting point is California Corporations Code Section 1500, which requires the maintenance of adequate and correct books and records of account, minutes of proceedings of directors and shareholders, and maintenance of stock registers and transfers. Your colleague probably is referring loosely to a recent change in California which dispenses with the necessity for a 'paper' set of records/minutes if such are kept in a form capable of being converted into legible tangible records/minutes. This all applies to large or small or public or closely held corporations. I'd be happy to work with you to ensure that your client's needs are met.
Re: What is required in terms of recordkeeping?
Your starting point is California Corporations Code Section 1500, which requires the maintenance of adequate and correct books and records of account, minutes of proceedings of directors and shareholders, and maintenance of stock registers and transfers. Your colleague probably is referring loosely to a recent change in California which dispenses with the necessity for a 'paper' set of records/minutes if such are kept in a form capable of being converted into legible tangible records/minutes. This all applies to large or small or public or closely held corporations. I'd be happy to work with you to ensure that your client's needs are met.
Re: What is required in terms of recordkeeping?
Your starting point is California Corporations Code Section 1500, which requires the maintenance of adequate and correct books and records of account, minutes of proceedings of directors and shareholders, and maintenance of stock registers and transfers. Your colleague probably is referring loosely to a recent change in California which dispenses with the necessity for a 'paper' set of records/minutes if such are kept in a form capable of being converted into legible tangible records/minutes. This all applies to large or small or public or closely held corporations. I'd be happy to work with you to ensure that your client's needs are met.
