Estate Planning & Elder Law Blog
Many corporate clients ask why they should spend the time and money to maintain a corporate minute book. This is especially common in small or family-run operations. Other corporate clients don't even bother asking the question, they simply don't do it.
When (and if) I am asked why they should go through the time and expense of preparing minutes and maintaining a minute book, my short answer is that it is required under Michigan law. Section 485 of the Michigan Business Corporation Act states that "a corporation shall keep books and records of accounts and minutes of proceedings of its shareholders, board, and executive committee, if any".
In addition to it being a requirement under Michigan law, the following are some reasons why all corporations, big and small, solely-owned, family-owned or otherwise, should maintain a corporate minute book and update it annually: https://www.fosterswift.com/communications-Should-You-Keep-Corporate-Minute-Book.html
ShareholderAs an experienced estate planning, probate and trust administration, business, and real estate lawyer, Jonathan (Jay) David focuses on providing high quality legal representation to help his clients achieve their objectives. He ...
