According to the law, corporate records are the regulatory body’s documents to show that a company is functioning correctly.
Companies must maintain corporate records on:
– information about incorporations or mergers
– minutes of meetings of board members, as well as resolutions
– register of debt obligations
– registration of directors and members with personal information such as address and telephone.
Besides, the company must also maintain accounting records for at least six months after the end of the financial year.
In the past, corporate records were files only physically. Nowadays, it is common for them to be archived in some more technological mediums such as local network or cloud servers.
Failure to comply legally with record keeping can result in severe legal penalties. Do not wait for a legal problem to look for a lawyer. We can advise you now on compliance with the legislation on maintaining corporate records. Call us for a free consultation – 416-221-2221