Importance of Maintaining Proper Corporate Documents

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Importance of Maintaining Proper Corporate Documents

It’s tedious. It’s mundane. But it’s necessary. It’s necessary to maintain proper corporate documents. What are those proper corporate documents? Business owners should maintain records of its annual corporate renewals. If you do not renew, your corporation could be dissolved involuntarily by the state. If your corporation is dissolved, business owners no longer have the liability protections of a corporation.

Other corporate documents that are important are shareholder minutes and board of director minutes. In Illinois, you will not get audited at least, but for the protection of the corporation – and the individuals who own the business – they are important to maintain nevertheless. This helps the owners keep track of all corporate decisions. If a business partners ever goes rogue (as is common), other business owners can use the minutes as protection.

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