Record Keeping for Corporations and Trusts
If you have a corporation, you have to keep in your records the following information:
• Information on the corporation’s internet business activities
• The minutes of meeting of the directors
• The minutes of meetings of the shareholders
• Any information about ownership of the shares of the capital stock of the corporation
• The general ledger or other books of final entry with the summaries of the year to year transactions
• Any special contracts or agreements necessary to understand the entries in the general ledger or other books of final entry.
If you have a trust, you have to keep in your records the following:
• The testator’s will and codicil, if any
• The probated list of assets and liabilities, if any
• Any trust agreement
• Any letter stating the wishes of the settlor
• Any books of account for the income beneficiary and the capital beneficiary for trust purposes required by trust law
• Any record of year to year allocations or designations to the beneficiary
• Any record of transfer of trust income and capital interests.