Incorporation and Legal Entity Management | MinuteBox

Corporate Law Entity Management

How to Manage Legal Entities for Corporate Law

MinuteBox.com, the entity management platform trusted by corporate lawyers, is the only secure cloud that centralizes minute books and data in one intuitive space, making annual compliance and transactions easier than ever.

MinuteBox.com, the entity management platform trusted by corporate lawyers, is the only secure cloud-based service that centralizes minute books and corresponding data into one intuitive space, making annual compliance and transactions easier than ever.

Managing legal entities for corporate law can be extremely challenging. From small minute book collections to firms with tens of thousands of records, the pain points are universal. Storing physical minute books in a library, stacks or storage room is common practice amongst all law firms.

Most corporate lawyers, law clerks and paralegals know about the risks of storing physical minute books, which are rarely backed-up (let alone securely backed-up). A fire, sprinkler or leak can mean the end of even well-maintained minute book and corporate record collections. Recreating a lost or damaged minute book can require upwards of 10 hours of potentially (un)billable time, costing over $5000 for a single minute book. Multiply that effort by the size of your minute book and corporate records collection and you can begin to see the danger. Storing just 100 books? Even that is $500,000 in potentially (un)billable time just to recreate the minute books. For major regional or national firms with thousands or tens of thousands of minute books, damage to a collection can cost a firm millions of dollars.

So, how does a corporate law firm manage minute books?

1. So, where to begin?

If you’re a corporate lawyer, you are likely no stranger to minute books. In fact, many corporate lawyers build their entire practices and service offerings around the minute books they manage for clients. Imagine your entire book of business going up in flames! That’s a scary thought.

The first step to protecting your minute book and corporate record collections is to ensure everything is digitized, centralized and backed-up.

2. How to digitize a minute book?

Digitizing one minute book is easy, digitizing 100 is nearly impossible. If you’re managing a small collection of minute books, like one to ten, digitizing them yourself is usually not too difficult with the right equipment. A desktop scanner like the ScanSnap ix1500 is a perfect companion for digitizing a few minute books.

scansnap scanner for minute books

When you scan your minute book collection with the ScanSnap ix1500 make sure to enable OCR or “Optical Character Recognition” to ensure the pages you scan are searchable.

A really good rule of thumb is to ensure no paper document gets filed and no paper document gets sent out until it has been scanned, digitized and gone through an OCR process. This will ensure you always have a proper backup of your corporate records.

If you have a minute book collection of more than ten books, consider hiring a service to scan and digitize your entire minute book collection.

The benefits of a scanning service are plenty, but they include the following:

How to organize digital minute books

The key to a well-maintained corporate record and minute book collection is ensuring the PDFs of the scanned documents are properly organized. It’s best to use an entity management system that is designed specifically for minute books. If you don’t have a platform specifically designed for minute books, your next best alternative is to use a secure cloud-based file storage solution. (For more details on how to determine whether a cloud-based storage solution is secure, make sure you conduct a cloud security audit). It is important to note that storing files in the cloud does not necessarily mean your files are being backed up. Cloud storage is not the same as having a proper cloud backup.

Here are the benefits of generic cloud document storage in general:

While a generic cloud-based storage service is great to have compared to the alternative of only keeping physical minute books or corporate records, a proper cloud entity management solution will have a number of critical additional features, including:

No matter which solution you choose, once you’re in the cloud, you’re ahead of the game and closer to ensuring you have a proper entity management solution and backup.

So if you’ve taken the steps to consolidate and centralize your minute book collection into one system, kudos because you’re on the right track!

list of centralized minute books

3. Making use of cloud entity management

Well Done! You’ve gone through all the hard work of scanning, digitizing and uploading your minute book collection. But what’s next?

One of the biggest things your clients will appreciate is the ability for them to view their minute book data and documents whenever they need. That’s right, no more calling you for the articles of incorporation or the latest version of the share registers and ledgers. Next time there’s a transaction, no need to courier or scan and email a massive PDF document to the client or opposing counsel. Imagine, each-year end sharing the minute book with the accountant with just a few clicks.

entity management database with corporate data

What’s next?

So, how do you best manage legal entities for corporate law? It all starts by making sure your collection is digitized and centralized on a secure online platform, preferably one designed uniquely for the management of minute books and corporate records. Make sure all your legal entities are available in one centralized place, digitize all minute book data to ensure it is backed up and never lost and use a tool to help make sharing with clients, accountants and other counsel much easier. Adopt the legal entity management software that works for you. By following these steps, you will find it much easier to manage your corporate law practice.

Of course, if you need any assistance scanning, digitizing or getting your minute books onto a secure legal entity management cloud we are always happy to help and provide advice. Drop us a line anytime! –>

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