When you form a business entity, you will create important records that you will need for the lifetime of your organization. In the past, those documents were organized and stored in a corporate kit. A corporate kit is a record book that keeps a physical copy of all of your business’s documents in one location so that you can access them when they’re needed or requested.
While corporate kits were once a popular record-keeping option, they are often insufficient for modern businesses. All types of businesses deal with remote staff, inaccessible filing cabinets, and disorganized records. Fortunately, today’s technology affords you a more manageable way of ensuring we comply with regulatory requirements. Keep reading to learn more.
What are Corporate Kits?
All entities must maintain detailed records—some of which may need to be readily available. While formal corporate kits are not a legal requirement, they were previously used to maintain records compliance.
A corporate kit contains the documents that control the formation, organization, and management of your company. Common documents include:
- Articles of incorporation or organization
- Bylaws or operating agreement
- Policies and resolutions
- Stock or membership certificates
A formal corporate kit typically comes in a professional binder with the business’s name on the front. Tabs separate and identify documents. Corporate kits can also contain a corporate seal. While not used as often today, corporate seals emboss essential documents. A corporate seal can hold the same power as official signatures.
However, corporate kits are outdated. The modern way of doing business doesn't support only having a binder in a single location that only a limited number of people can access. There’s also the issue that documents can get lost or destroyed in hardcopy form.
Maintain Corporate Records with Records Manager
Thanks to the Records Manager software from Harbor Compliance, you now have the option of digitally storing your company’s records in one, easily accessible place.
With Records Manager, your business can securely store organization records, track ownership and leadership, and customize notifications for meetings. Not only will the software reduce the time you spend searching for corporate records, but you will be able to simplify the reporting process and maintain compliance during board and staff transitions.
Harbor Compliance offers robust records management solutions to empower the modern business. If you’re in the process of forming a business for the first time, or you’d like to streamline the records management process for your current organization, Harbor Compliance can help. Contact us today to learn more.