What you should do now
Dec 19, 2025
8 min read
Switching to a centralized entity management system can be a lifesaver for law firms and legal teams struggling with data inaccuracies and non-compliance.
The truth is that complex corporate structures require advanced tools that outdated systems simply cannot support. To save time, minimize risks and improve efficiency, switching is the only option.
In this article, we elaborate on the reasons why you should consider switching to entity management software and how to choose the right platform.
What Is Entity Management Software?
Entity management software provides legal professionals with a secure, centralized platform to organize, track and maintain corporate records.
For example, you can use it to store minute books or formation documents, create ownership structures and stay on top of rigid compliance requirements.
The key advantage of using this software is that it replaces outdated or legacy systems that can no longer keep up with modern requirements.
Using spreadsheets or disconnected software is not only inconvenient and labor-intensive, but it’s also not suitable for teams managing dozens or hundreds of entities. These outdated tools increase the risk of errors, inconsistencies and security vulnerabilities, especially when multiple people are involved in maintaining records.
Entity management software solves this by bringing all critical information into one unified platform and automating routine tasks. Legal teams can, therefore, collaborate more effectively while maintaining security and compliance standards.
Why Law Firms and Legal Teams Need Entity Management Software
Multiple teams within a firm, including clerks, paralegals, legal operations, finance and tax departments, need frequent access to accurate records. Support staff, like those handling mail or logistics, also require occasional data insights to complete their tasks.
When information is spread across disjointed systems or stored in spreadsheets, it forms data silos that disrupt collaboration. On top of that, updates in one platform may not sync with others, resulting in inconsistent data and poor tracking of changes.
For instance, preparing for an audit becomes a time-consuming ordeal when records are hard to locate or incomplete, stalling critical workflows.
Then we have the ever-changing compliance and regulation requirements. Without automated tools, teams risk missing deadlines or failing to meet new standards. And with manual processes, such as updating records by hand, being not only slow but also prone to errors, it can lead to costly penalties.
A centralized entity management system eliminates these hurdles by bringing all data into one secure platform.
Automation streamlines compliance tracking, reduces errors and ensures real-time updates across teams. By integrating advanced reporting tools, firms gain clear visibility into their entities, which allows for faster decision-making.
This unified approach saves time, strengthens collaboration and keeps firms compliant, allowing legal teams to focus on their work rather than administrative chaos.
See how Minutebox can help you with Entity Management Software
Key Features to Look for in the Best Entity Management Software
Below are seven essential features to prioritize, each designed to address the specific challenges of legal teams.
Centralized Data
A centralized platform acts as a single source of truth for all entity records, ensuring everyone works from the same accurate data.
Look for a platform that supports advanced search and filtering options to quickly find the right information.
Ownership Tracking
Complex ownership structures, involving shareholders and beneficial owners, can be difficult to manage. The right software simplifies this by offering clear tools to track these relationships.
Choose a platform that automatically creates visual charts, making it easy to understand entity connections and monitor changes over time.
Compliance Alerts
Regulatory requirements and deadlines are non-negotiable.
Your chosen entity management software should provide automated alerts and reminders for upcoming compliance requirements as well as a way to track compliance progress in real-time.
Additionally, the software should always reflect the latest changes in compliance and provide guidance and resources to ensure you stay on top of requirements.
Role-Based Access
Just because the data is centralized, it doesn’t mean everyone should have access.
Administrators should be able to assign user permissions to specific data sets based on role or responsibility.
Choose a software with rose-based access and advanced security protocols, like multi-factor authentication, to protect sensitive information while still enabling collaboration across teams.
Audit Trails
Audit trails are essential for supporting regulatory compliance and maintaining transparency when the time for an audit arrives.
Your software must track all changes and user actions within its platform and log them within the audit trail.
Document Automation
Modern software takes the manual effort out of document preparation and assembly.
A modern entity management software should have automatic document creation templates and easy, no-code customization and personalization features.
It should be simple to maintain a professional and consistent look across all your documents without having to customize each of them individually.
Cloud Security
For law firms, data security is of the utmost priority. Therefore, choose a platform that offers industry-standard security for managing entity data.
Look for SOC 2 Type II, ISO 27001, 27017 and 27018 audited and compliant software with end-to-end encryption to protect sensitive data when it is in transit or at rest. It should also have a robust information security policy, advanced testing protocols and multi-jurisdiction support.
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How MinuteBox Supports Law Firms in Managing Entity Data
MinuteBox is a leading cloud-based entity management platform centered around legal professionals and law firms. And it checks all the boxes for firms looking to modernize their corporate record keeping and centralize all data.
MinuteBox addresses all the needs mentioned, including:
- Secure cloud architecture: MinuteBox is SOC 2 Type II, ISO 27001, 27017 and 27018 audited and compliant software, protecting data with end-to-end encryption.
- Granular access control: Administrators can precisely manage permissions, determining who can view, edit or share each entity’s data.
- Intuitive digital organization: A drag-and-drop interface replicates physical minute book structures. This allows teams to organize and access records instantly from any device, anywhere, without VPNs or physical binders.
- Automated compliance alerts: Customizable notifications tailored to jurisdictional requirements keep teams ahead of filing deadlines, reducing the risk of oversights.
- Visually intuitive ownership charts: Automatically generated visual diagrams display complex entity relationships and update in real time to support clear and informed decision-making.
- Comprehensive collaboration tools: Built-in client-sharing with expiring links allows safe data access for external counsel or clients.
- Automatic document generation: Create resolutions, registers and legal documents using pre-built templates.
Still not convinced? Here are a couple of examples of how MinuteBox makes entity management efficient.
Imagine needing to share an entity’s register of directors with external counsel. With MinuteBox, you can generate the document instantly and grant temporary read-only access without the need to print or email the information (which would compromise data security).
Or suppose your team is preparing for an audit. All entity records, minute books and filings are centralized and accessible in a few clicks, helping you deliver on tight deadlines with full accuracy.
Choosing the Best Entity Management Software for Your Law Firm
We understand that choosing the right platform is not a lighthearted decision and many factors should contribute toward making the final cut.
Here’s a short checklist to use when evaluating suitable software for your law firm or legal team:
- Security: Look for SOC 2, ISO 27001, 27017 and 27018 certifications and end-to-end encryption.
- Ease of use: Find a user-friendly platform that comes with comprehensive team onboarding.
- Feature set: Do they align with your needs and address your firm’s pain points?
- Customer support: Can you easily access a support agent when you need one?
- Vendor transparency: Are platform updates and changes, along with data handling practices and policies clearly communicated?
- Data portability: If, for any reason, you decide to leave, can you easily transfer your data or are you locked in?
For a platform that offers all of the above and more, get in touch with MinuteBox for a demo tailored to your law firm’s specific needs.
FAQ – How To Choose The Best Entity Management Software
What is the best entity management software for law firms?
The best entity management software for law firms is one that provides a centralized place to store, manage and maintain corporate records.
It should provide automatic compliance maintenance, industry-standard security, access controls as well as ownership tracking and audit trails.
MinuteBox is a platform that provides all of these features and more and consistently stands out for its legal-first approach and powerful automation tools.
What are the cost benefits of using entity management software for law firms?
Entity management software reduces costs by minimizing errors that lead to compliance penalties and simplifying time-intensive tasks like audit preparation or document drafting.
On top of that, its automation and centralized data reduce the need for additional staff or resources, offering long-term savings while improving accuracy and operational efficiency.
How do I choose the right entity management software?
To choose the right entity management software, you can start by assessing your current pain points. Use the answers to these questions to prioritize which features you require. Then, compare platforms based on security, ease-of-use, pricing and support.
When you have narrowed down the choice, request a demo or free trial to evaluate its real-world performance and whether it’s the right fit.
What features are essential in legal entity management tools?
Essential features in legal entity management tools include the following:
- Centralized data storage
- Industry-standard, cloud-based security
- Compliance tracking and alerts
- Role-based access controls
- Ownership tracking
- Document automation
- Audit trails and version history
Dec 17, 2025
7 min read
For legal teams, corporate secretaries and compliance officers, managing corporate records is more than a routine task. It’s the foundation of compliance, audits, successful mergers, acquisitions and business combinations.
Missing or inaccurate documents can result in serious consequences, so it’s crucial to have an efficient system in place. For example, by missing a deadline on a patent maintenance fee, Novo Nordisk lost its patent on Ozempic, leading to potential revenue losses in the billions.
In this article, we break down why corporate record management is so important and the tools you can use to help make it easy.
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What Are Corporate Records — and Why They’re Crucial for Compliance and Audits
Corporate records are official documentation that proves a company exists and is operating legally. They also demonstrate compliance with internal and external regulations.
For instance, one of the first corporate records a company will create is the articles of incorporation or certificate of incorporation. Other types of records include minute books, shareholder registers, business ledgers, tax returns and a whole lot more.
Besides being a legal requirement, corporate records are essential for audits and all annual compliance reporting.
In addition, they help maintain a clear division between the business and personal assets. Without proper documentation, that protection can fail, putting personal assets at risk during audits or lawsuits.
Well-organized records also boost a company’s value during mergers and acquisitions by providing clear evidence of its worth.
How Long Do You Need to Keep Corporate Records? (And Why Centralization Matters)
Record retention timelines vary by jurisdiction, however, a general rule of thumb is to maintain the corporate records for at least six to seven years after dissolution.
In certain jurisdictions, certain documents, such as the articles of incorporation, must be permanently retained. Other types of documents, like I-9 forms, timesheets and marketing materials, tend to have a shorter retention period.
The main challenge for businesses isn’t retention but consistent organization.
A centralized platform like MinuteBox can be a valuable asset in this case.
Instead of relying on spreadsheets, filing cabinets and shared drives, MinuteBox stores all documents in a secure, cloud-based hub tailored to jurisdictional and retention schedules.
This drastically reduces the risk of human error and regulatory non-compliance while also preventing document loss and inconsistent file formats and naming conventions.
Who Owns Corporate Records Management Responsibility in Your Organization?
Corporate records typically fall under the responsibility of:
- Corporate clerks and secretaries
- Paralegals
- General Counsel
However, these roles don’t operate in a vacuum. Many other stakeholders rely on and need to access corporate records regularly. For example:
- Corporate lawyers working on M&A deals
- Real estate lawyers working on conveyancing deals
- Accounting departments that rely on corporate data for billing purposes
- IP lawyers who reference corporate information when filing or renewing patents and trademarks
- Municipal and regulatory lawyers during licensing applications
- Estate lawyers working on estate planning matters that involve the ownership of corporations
- Even the mailroom staff may require access for mail forwarding
And when we look in-house, many departments, such as finance and tax teams, as well as corporate development, also need access.
Without a centralized system, tracking who has access to what and when becomes very hard. This is where information can get scattered and the risks of duplicated records, errors and documentation gaps increase.
Examples of Corporate Records You Should Always Keep Organized
The stored records extend well beyond corporate incorporation and organizational documents. Examples of what you should be keeping include:
- Ownership and capital records, including shareholder ledgers and share certificates
- Meeting minutes and corporate resolutions
- Director registers, company by-laws and resolutions
- Financial and tax records, including annual statements, bank statements and payment records
- All contracts and agreements, including employee contracts and NDAs
- Intellectual property and asset records
- Compliance and regulatory documents
- Payroll and personnel records
The importance of keeping all corporate legal records in a centralized entity management system cannot be underestimated.
Need to confirm the current director or officer for a business license renewal, or the registered address for a vendor contract?
MinuteBox cross-links these records for better visibility and context. Instead of searching through folders or asking multiple departments for the information, everything is accessible and logically connected in one place.
The Hidden Risks of Poor Corporate Records Management
Besides creating operational inefficiencies, poor corporate record management can have more severe consequences.
Risks include missed filings and the subsequent penalties for skipping the deadlines. Any M&A deals could be drastically delayed if records are missing or incomplete, while the business could face regulatory fines for holding inaccurate and outdated information.
Corporate records are also fundamental for maintaining transparency around Ultimate Beneficial Ownership. If this doesn’t happen, there will be hefty fines, legal liabilities and significant reputational damage on the horizon.
For instance, in the U.S., the Corporate Transparency Act (CTA) imposes fines of up to $591 per day for failing to report UBO information, with criminal penalties up to $10,000 or two years in prison. In Canada, British Columbia’s Business Corporations Act (BCBCA) requires companies to disclose UBO data, with non-compliance fines of up to $50,000 for corporations.
Without an entity management system, it’s easy for these obligations to slip through the cracks, leading to serious consequences.
Why Centralized Digital Records Are Now Essential (Not Optional)
All businesses are tightly regulated and paper binders and scattered systems are no longer sufficient to support the complexity of the corporate structure.
A digital-first approach isn’t just “nice to have,” it’s essential for keeping up with modern requirements.
Plus, it will help you future-proof your records for expanding legal entities, when regulations evolve and your business scales.
MinuteBox’s cloud-based platform is a solution for real-time visibility and audit-readiness.
By storing corporate records in a centralized system, you can be assured that information is always accurate, up to date and accessible when needed.
What to Look for in a Corporate Records Management Solution
When evaluating a corporate records management solution, make sure it includes these must-have features:
- A centralized entity dashboard with real-time, custom views
- Automated compliance alerts
- Ownership and UBO tracking
- Granular access controls and user permissions
- Audit trail and change tracking
- Cross-linked entity views
- Dynamic reporting
- Cloud-based access
MinuteBox checks all these boxes, replacing manual or outdated methods with an efficient, automated solution that makes corporate record management effortless.
FAQ – Smarter Corporate Records Management for Compliance
What types of corporate records does MinuteBox help manage?
MinuteBox helps you manage a wide range of corporate records, including incorporation documents, director and shareholder registers, minute books, resolutions, share certificates, beneficial ownership data and more.
How does MinuteBox ensure corporate records stay compliant over time?
MinuteBox ensures corporate records stay compliant over time by using automated deadline reminders and keeping track of compliance requirements in one place. Compliance progress is monitored in real-time, keeping businesses better aligned with changing regulations.
Can MinuteBox help during audits or M&A due diligence?
Yes, MinuteBox can help during audits and M&A due diligence. It does this by offering a centralized place to store and maintain corporate records. All changes are tracked and added to the audit log for full transparency.
Additionally, MinuteBox offers integrated data rooms, enabling secure and efficient sharing of sensitive documents with third parties, which is critical for both audits and deal processes.
MinuteBox also makes it easy to respond to document requests quickly, minimizing disruption risk and delay.
What happens if corporate records are missing or inaccurate?
Missing or inaccurate corporate records can trigger regulatory penalties and even legal action if the issue is severe. Additionally, missing and inaccurate records will delay deals and damage the business’s reputation.
MinuteBox helps mitigate this risk by centralizing and validating corporate records, ensuring accuracy and accessibility when needed.
How secure is MinuteBox’s cloud platform for storing sensitive corporate data?
MinuteBox uses enterprise-grade encryption and access controls for end-to-end security to protect sensitive data. The platform is SOC 2 Type II, ISO 27001, 27017 and 27018 audited and compliant, which ensures all corporate documents are kept safe.
Oct 17, 2025
6 min read
Some industries are ripe for modern technology, while others are slow to adapt to innovative solutions. Broadly speaking, the healthcare sector, hospitality sector, construction industry, and agriculture industry are some of the largest sectors of the economy with the least adoption rates of modern technology.
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You could argue that the legal community, while not quite as rudimentary as some of those other sectors, also has a general case of technophobia. Law firms have relied on traditional workflows involving pen and paper or Microsoft Office files to manage client information. To this day, many firms still adhere to the old ways, potentially placing themselves at a competitive disadvantage.
It begs the question: what lies at the root of these technophobic fears, and how can they be overcome? What do legal professionals need to understand about how technology can simplify their lives so that it increases adoption rates? Let’s look into that and outline answers to those pressing questions.
Legal teams understand legal technology is a growing trend
According to the Wolters Kluwer Future Ready Lawyer Survey, which was disseminated to 751 professionals across North America and Europe, the top three trends cited by respondents are:
- Growing importance of legal technology in legal workflows
- Managing increasingly complex information
- Adapting to new or evolving client needs
The findings show that 79% of survey participants cited these three key areas as the biggest trends impacting the legal industry. At the same time, only 36% of respondents believe their firm or organization is prepared to address these growing trends.
Growing client demand for tech-powered firms
In the same study, participants were asked how they evaluate a potential partnering firm’s use of legal technology, and what impact that has on their decision to enter into business with the firm.
- In 2022, up to 70% of respondents said that how a prospective firm uses legal technology influences whether they enter into a working relationship with that firm.
- The response rate is up from 41% in 2020 and 52% in 2021.
- By 2025, client interest in legal technology is expected to reach 97%.
This particular finding corresponds with other industry studies that show the influence of technology on business operations. Since the COVID-19 pandemic, 77% of business owners admit they want more flexible options to access important files.
These findings should serve as a wake-up call for technophobic law firms. Clients want to work with legal professionals who support their desire for flexible meetings and file access management. Failing to incorporate innovative solutions could result in lost business and missed opportunities to boost Legal Recurring Revenue.
Why are firms reluctant to embrace legal technology
Broadly speaking, companies in most industries struggle to embrace technology out of fear that it will corrupt their use of data. Data lies at the heart of any effective business strategy. However, if that data isn’t clean or organized, it makes it difficult to interpret any insights and feed a business growth strategy.
When looking specifically at the adoption of legal technology, here are the three main reasons law firms are resistant to modern technology.
Mistaken idea that managing legal technology is very time consuming
In the legal community, time really does equate to money. Legal professionals are always looking for ways to increase billable hours so they can boost inbound Legal Recurring Revenue for the firm. As a consequence, many legal minds are under the misguided belief that every minute not used for billable hours is a sunk cost.
Unfortunately, legal teams that fall into this line of thinking risk leaving their operations less efficient and productive than they otherwise could be with legal technology. The amount of time spent on administrative or clerical tasks remains stubbornly high without an innovative solution to streamline all these laborious tasks.
Legal technology is costly and deemed too expensive for the budget
This is the biggest reason why firms refuse to adopt modern legal technology. Without a tangible economic benefit from investing in legal technology, firms don’t see the value in carving out portions of their budget for such investments.
When legal teams fall into this line of thinking, they forget one of the fundamental rules of any business: the cost of doing business. Any company must invest in certain expenditures to maintain and improve operations. Legal technology is one of those expenditures that pays off in the form of time savings and efficient workflows.
Concerns that legal technology will slow things down and create lags
Similar to the time efficiency argument, some law firms believe that legal technology will slow down their rate of operations. They worry that there will be lags in productivity, diminishing the firm’s potential for growth.
The counterargument here is that legal technology is designed to introduce efficiencies to established workflows. Rather than slow things down, legal technology actually speeds things up by reducing the time professionals spend on non-revenue generating tasks.
Why entity management software is the secret to overcoming legal technophobia
Having debunked misguided beliefs about legal technology, what is the optimal solution to improve legal workflows and overcome skeptical feelings towards legal technology? The answer is entity management software, which is designed by legal minds for legal minds.
Entity management software is a form of legal technology developed by legal professionals who represent law firms, legal departments, general counsel, and compliance professionals. It simplifies the complex aspects of entity management and streamlines operations into a workflow that’s efficient, relatable, and even fun.
Entity management software enables legal teams to create one centralized location for all client minute book records. The process of inputting, filing, sorting, and tagging minute book data is complete in a matter of minutes. This is in stark contrast to the time consuming administrative tasks conducted outside of an entity management system. Investing in entity management solutions will help your legal team, particularly your paralegals avoid feelings of burnout.
Teams that use entity management software save invaluable hours on clerical duties that can be reallocated to growing the interests of the firm. It also helps with talent acquisition as many rising legal professionals understand the value of entity management technology. Use your firm’s adoption of entity management systems in your HR strategy. This will encourage the brightest legal minds to join your team and increase Legal Recurring Revenue for your firm.