Your Company's Autobiography

Most people who run their own business operate through a corporation or a company as it's commonly known. A company is a separate legal entity that acts independently. As an entity, it can do things like enter into contracts, own property and sue others.

A company's activities are tracked in its minute book. The minute book contains important information including the rules that govern the company, a register of the company's directors and shareholders and resolutions authorizing the company to take certain actions such as paying dividends or obtaining loans.

Other than it being legally required, it's important to have a minute book in order to provide updated records to people who regularly want to see them such as shareholders, buyers and lenders.