One of the things that seems to be a recurring issue is the need for Corporate minutes. Apparently this is something that even the IRS will be looking at/for this in certain types of audits. Basis audits being the main type.
How many of you have your corporate minutes in proper order? At a seminar I was at yesterday was interesting, because the presenter encourages his clients to meet with their corporate attorney to ensure that they are completed each year. One client of his wanted to save the money and do it themselves. He instructed then to pay the money to make sure that it was done. In the belief that it would never happen, if left exclusively to the client.
So, again how many of you actually have up to date corporate records? I know I encourage everyone to have a Board of Directors or at least a someone to bounce ideas off of. The times that you get together can be BOD meetings, you just need to summarize what was discussed and agreed upon. This my not be the best or approved method of recording. But , it is better than the current alternative, nothing.