It is important that your company’s records are easily accessible to anyone who needs to see them. It could be an officer of a corporation who needs to look over the documents or an attorney who needs to verify information. Whether you have physical copies of the documents in a book or if the records are electronically maintained, they should always be accurate.
Documents for LLC’s
Each type of business entity will have different information within their records. For the minute book, the documents of a Limited Liability Company will usually include their Certificate of Formation and any amendment regarding it that was filed with the Secretary of State where the LLC resides. It will also have:
1. Operating Agreement and a copy of any amendments
2. Minutes of members’ meetings or consents
3. Minutes of managers’ or directors’ meetings or consents
4. Qualification or registration filings
5. Filings made with the IRS
6. Record of the company’s members
7. Annual Reports
There will be other important LLC documents that a legal assistant or an assigned employee will need to maintain separately from the minute book.
Some of these documents may include the key contracts your company has signed with other businesses, tax documents, and employee documents.
It is very important to make sure any contracts your business has with a client or another business are kept accessible so those who need them can find them quickly and easily. While you may have a physical copy of the contracts, you can also scan them into your computer system so they can be referenced quickly. A sales person or a manager may need to pull up the contract and review it with the client who signed it and were able to pull it up quickly can help them resolve any issues faster.
A record of anything to do with the company’s taxes needs to be kept up-to-date so it is accurate and the company can find information that is needed should the Internal Revenue Service pick them for an audit. Some of the information that should be kept with the tax documentation is the application for the company’s Employee Identification Number, all of the company’s tax returns, any correspondence with the IRS or state tax authorities and any other important tax information.
Among the LLC documents you have on file, you should also have copies of all employee documents. This may include employment contracts, confidentiality agreements and employee benefit plans. Any information you have on your employees needs to be filed and accurate.
Electronic copies of your LLC documents will make it easy for those who need access to them to find any information they need quickly.