Hani Khatib
Attorney at Law, Certified Public Accountant, LL.M Taxation
Preparing and Administering Corporate Records
For most entrepreneurs, corporate record-keeping is the least fun part of the job. When you’re running a growing business, it’s tempting to overlook some of the record-keeping formalities to stay focused on clients, revenues, quality control, and customer satisfaction. However, staying on top of your corporate record-keeping is essential for legal, tax, and strategic reasons.
Corporate books and records are essentially legal documentation of your business. This includes financial documentation, but also meeting minutes, membership within the company, etc. It helps enforce protection of your personal assets by solidifying the corporate veil. Incorporating to form a legal business is one form of documentation that, if the details are completed accurately, can protect your liability.
Corporate records aren’t just documentation that is good to have. In Illinois, there are laws and regulations around how corporations are formed and what documentation they need to remain legal.