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Keep these nine accounting records on file or you'll land in hot water with the CIPC

by , 06 June 2014
The Companies and Intellectual Property Commission or 'CIPC' formed in 2011 when the Companies and Intellectual Property Enforcement (OCIPE) and the Companies and Intellectual Property Registration Office (CIPRO) joined forces.

The commission is there to do a number of functions including:
• Registration of Companies, Co-operatives and Intellectual Property Rights (trade marks, patents, designs and copyright) and maintenance thereof;
• Disclosure of Information on its business registers;
• Promotion of education and awareness of Company and Intellectual Property Law; and
• Promotion of compliance with relevant legislation.
• Just to name a few.

But, something you may not know is the CIPC requires you to keep nine accounting records to prove your company's registration.

Keep reading to discover what these records are.

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Why the CIPC requires you to keep certain accounting records

According to the Practical Accountancy Loose Leaf, the CIPC requires you keep certain records for your company's registration. You'll also need them if you make any changes to your business such as a change in directors or your business address.
These records are your secretarial records and there are nine of them you need to keep. Here's what they are…

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Nine secretarial accounting records you must keep

Keep these nine secretarial records:
1. Minute books;
2. Registers of shares, directors and directors interest;
3. Share certificates;
4. Certificate of incorporation;
5. Memorandum of incorporation;
6. Notice issued by your company for meetings;
7. Agendas for directors or shareholders;
8. Minutes for directors or shareholders meetings to record what decisions they made; and
9. Fixed assets register. 
If you don't keep these business records, changing your business's information will become an impossible task.
And since the CIPC has jurisdiction under the Companies Act, you'll be breaking the law too.
So ensure you keep these nine records on file at all times to stay out of the hot water. 

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