Category: Business Law

Shareholders of closely held corporations often view corporate minutes as a needless formality. But for legal, historical, and tax reasons, keeping good corporate minutes is important and worthwhile. By law, corporations must keep minutes of meetings of shareholders and directors. Failure to do so may be damaging. For example, if

One of the main benefits of doing business in the corporate form is the limited liability enjoyed by shareholders. Since a corporation is an entity separate from its shareholders, a person making a claim against a corporation can look only to the entity to satisfy the claim. A major exception