More and more companies are switching to digital corporate record keeping, and it is becoming more common for corporations to go digital right from the get-go. Going digital provides more flexibility and accessibility to those that need access to your corporate records. Digital record keeping is also much more efficient, as no documents need to be physically mailed or scanned to those that need them—it’s easier to share digital records.
If you already have a paper Minute Book (or just documents piling up somewhere) and are ready for a change, read this article to learn how to transfer everything to digital.
The first step to transferring everything to digital format is to gather all of the corporate records that you have on hand (this may take more time if you don’t already have a paper Minute Book). Once you have gathered all of these documents, they can be digitized.
If you’re going to do this yourself, then a typical workflow looks something like this: Manually scan all of your paper records. Manually name each file so that you remember what the document is. You then decide how you want to save them and where you want to save them. Some people create digital file folders that organize the files and then save them on one person’s computer or via a shared cloud drive. In our experience, these options can still make it challenging to share and keep records up-to-date and secure. Tobuso offers a secure platform that allows you to easily organize, store, and share your digital records with those you trust (such as other directors or accountants). Whichever option you choose, the important thing is that you continue to keep the records up-to-date going forward. Either way, you’ll find it more convenient than the paper version!
Below is a list of common documents that should be stored in a Corporation’s Minute Book:
- Certificate of Incorporation
- Articles of Incorporation
- By-Law(s)
- Shareholder Resolutions or Meeting Minutes
- Shareholder Agreements
- Director Resolutions or Meeting Minutes
- Consent to Act as Director forms
- Directors Register
- Officers Register
- Shareholder Ledger(s)
- Securities Register
- Transfer Register
- Register of Individuals with Significant Control
- Register of Ownership Interests in Land
- Annual Return filings
- Any Notices that have been filed (change of directors, address, etc.)
- Other important agreements
- And more…
Suppose you don’t have very many corporate records or notice that documents are missing. In that case, you may want to consider updating your records accordingly to start your new digital path off right and ensure that your corporation remains compliant. We call this a “clean up”; contact us to learn more.
Once your Minute Book is in digital format and completely up-to-date, you’re off to the races! You may still want to keep the historical paper records in a safe place, but you don’t technically need to—and going forward, the only Minute Book you need to update is the new digital one.
We hope this article gives you a better understanding of what can be done with a paper Minute Book. If you have any questions or need assistance making your Minute Book go digital, please don’t hesitate to contact us. We offer a robust platform for managing and sharing your corporate records—digital, secure and reserved for those you trust. Sign up today!
