Minute books do not need to be maintained physically in paper form. Instead, they can be scanned and stored digitally or even signed electronically and stored. Businesses can choose either option when transitioning to electronic storage.

Storing a minute book electronically gives business owners instant access to their corporation’s legal details. For example, if your bank requests your company’s corporation number, an electronic minute book makes it easy to retrieve without calling your lawyer or locating the physical minute book. Over time, this convenience saves both money and time.

Advantages of maintaining an electronic minute book

• Easy to update, search and share with key stakeholders.
• Accessible anytime, anywhere.
• Instantly provide access to directors and senior officers, accountants, investors, parties to a transaction for review and due diligence purposes.
• Eliminates the need for a bulky physical binder, reducing clutter.

 

Momentum Law LLP recommends that clients opt upon incorporation or migrate to a minute book in a virtual format only.  Our secure digital platform provides 24/7 access to such electronic corporate records. While there is an annual administration fee, this option is more cost-effective than maintaining a physical minute book. Clients also save on legal fees by eliminating the need to contacts us for corporate documents.

To learn more about setting up an electronic minute book for your business, please reach out to Momentum Law LLP at +1 (416) 594-0791 or email at info@momentumlaw.ca.