Corporate minute entries

Keeping corporate minutes up-to-date is a very important maintaining a corporation. Here are just a few things that might be found in a typical small corporation's minutes:

- Sub S election. Recording that the corporation has chosen to be a Sub Chapter S, corporation, which affords certain tax advantages.

- The addition of new board members.

- Restrictions on stock transfers, to limit the transfer of shares in order to control ownership.

- Accountable plans. In the corporate minutes, note the adoption of an accountable plan.

- Retained earnings. In the corporate minutes, detail the reasons why your corporation is retaining earnings rather than paying out dividends.

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