Keep me logged in until I sign out. Your corporate minutes should be reviewed on a regular basis by the corporate directors, officers, and advisers. Accurate, well-maintained corporate minutes can provide insulation from personal liability and can document executive compensation. If your corporation is being sued, the minutes will protect the corporation's employees and officers from personal liability. Also, employees and officers may be entitled to reimbursement by the corporation for legal fees incurred in their defense.
Corporate minutes can also protect executive compensation.
The deduction may be denied if the IRS determines that the compensation was unreasonable or a disguised dividend. Specified the salaries of all officers and the procedures for salary adjustments and bonuses. Established dividend and return on capital investment policies. Prepared job descriptions for each officer. Specified any additional responsibilities for officers over and above their usual duties.