2012-09-28 00:00:00 Starting a Business English https://d3hrajprm8dqcv.cloudfront.net/wp-content/uploads/2017/05/08195515/Sep29_Why-How-To-Keep-Records-of-Meetings1.jpg Why & How To Keep Records of Meetings

Why & How To Keep Records of Meetings

2 min read

Countless meetings with clients, vendors, employees surely leave you grappling with a heap-load of deliverables, action items and deadlines. Do you find it mind boggling to keep your sanity and deliver the action-items on time too? Well, we have a solution. Maintain the Records for every meeting and see for yourself how manageable your everyday business gets. Why you should keep Records of Meetings In order to serve as a: • Confirmation for decisions taken • Tracking of the timely completion of deliverables/tasks • Reference for those interested parties who were unable to attend the meeting • Future reference in case of a dispute What should you Record? Include the following: • Summary: A fair and correct summary of the proceedings of the meeting • Action-Items: A complete list of the actions items that have been mutually decided upon by both the parties • Names of the Doers: Assign the name of the person who is responsible for the delivery of the action-item. Note that this should have been mutually decided upon at the meeting. Random assigning of names may leave the members of the meeting disgruntled and open to dissent, resulting in the disowning of the responsibility/completion. • Deadlines: Allot mutually accepted dates/deadlines against every action-item so that every deliverable can be tracked up to its respective completion. Where should you Record? An excel sheet is an excellent medium to keep records with columns for date of the meeting, issues discussed, open items to be completed, name of the person assigned for completion, expected date of completion. Multiple spread-sheets can be used for different meetings/months thereby making the record keeping much organised. The file can then be circulated via email amongst the parties involved for their confirmation on every line item. You may also simply note the proceedings of a meeting in the body of an email and have it vouched by the parties involved. In a few cases, some business owners find it convenient to jot down the proceedings of the meeting in a notebook/register and have it manually signed by those who attended the meeting. Good to Know: What the Law in India states The corporate laws in India do not make it compulsory for a business constituted as a Sole Proprietorship or a General Partnership to maintain the records of any meeting. For a business incorporated as an LLP, the Partnership Act, 1932 however makes it compulsory to maintain Minutes book to record minutes of meetings of partners and managing/executive committee of partners. Decisions taken in these meetings must be recorded as minutes within 30 days in the Minutes book.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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