Incorporating is a big step for a co-operative company. It makes the business a legal entity, allows it to open a bank account, sell memberships, and operate. Once you’re incorporated, your steering committee becomes an official board of directors.

Being a member of a co-op’s first board comes with responsibilities. It’s about more than just going to meetings. As a board member, it’s your job to help the business succeed and ensure the co-op follows regulations. 

Here are five things the board needs to do once your co-op is incorporated. 

Start Taking Meeting Minutes 

Okay, you were probably taking meeting minutes before incorporation. If so, that’s great, keep it up! Recording meeting minutes is a normal process for any board, even if it is a bit of a chore. 

Minutes not only help keep track of the board’s decisions and action items, but the board is also legally required to take them. If your co-op undergoes an audit or is named in a lawsuit, your meeting minutes may be used as evidence. For this reason, the minutes should show the board is fulfilling its obligations to manage the co-op and practice good governance. 

Need some more advice on how to become an expert minute-taker? Check out our Guide to Meeting Minutes to learn more. 

Create a Minute Book 

Keeping a minute book is a great idea. You can do this in a few different ways: in a folder on a computer owned by the co-op, in a digital/online file like Dropbox or Google Drive, or just a plain ol’ binder. Whatever method you choose will be a place to store meeting minutes and other records the board needs to keep. Boards have to keep certain records at the co-op’s registered office; this includes minutes, certifications, registrations, a registry of members and directors, and accounting information. 

Once your co-op is incorporated, keep copies of the articles, bylaws, and certificate of incorporation in your minute book. Maintaining a minute book will help keep track of important historical information, so the board can better on-board new directors, respond to information requests, and comply with government standards. 

For more on keeping a minute book, check out this resource on managing records. 

Keep Track of Your Members 

A big benefit of incorporating a co-op is that it can open a bank account, begin selling memberships, and start raising money. But, before it does, lay some groundwork to keep track of things. 

For example, the board should create a membership agreement/application that clarifies what a membership means and what a member’s responsibilities in the co-op include. The board can also use this form to collect contact information from members and confirm their investment in the co-op.  You can use this template to start building your own. 

As the board begins on-boarding new members, it should create a member registry. This registry should track your members, their contact information, investment, and any money owed to the co-op. This important document will ensure the co-op can communicate with members and manage their engagement in the business.