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Modernize Entity Management With Automation and Paperless Workflows
April 4, 2022
MinuteBox is a browser-based cloud application that automates many of the tasks associated with entity management while also reducing risk via automation and compliance tools.
MinuteBox Modernizes Entity Management and Reduces Risk Through Automation and Paperless Workflows
Entity management involves using precise language to document the governance of a company or partnership. This work requires a lawyer's knowledge and expertise, but it's simultaneously monotonous and tedious. It's also one of those tasks that clients think any law firm can handle. By using MinuteBox to automate this work, your firm can eliminate the tedium and differentiate itself by offering clients unrivaled efficiency.
The Killer Feature
Getting started with MinuteBox involves creating or migrating each entity your firm manages. This consists of entering entity type, officers, directors, bylaws, key dates, equity, related entities, etc. To speed up this process, you can create templates — called Precedents — for specific types of entities you manage. You can also include your firm's metadata such as client, matter, ID numbers, etc.
After setup, MinuteBox starts paying dividends not only in time saved but also mitigating risk. For example, companies should document all material changes such as replacing a director, issuing dividends, etc. with Minutes signed by an authorized official. In practice, changes sometimes occur without formal documentation, which can expose companies to risk, lawsuits, and fines
MinuteBox addresses this problem with its Document Generator and integration with DocuSign, the leading e-signature platform. When you create a new record, MinuteBox prompts you to document it with corresponding Minutes. The Document Generator is a modern "no-code" document automation tool that supports placeholders, calculations, conditional logic, etc. MinuteBox ships with Precedents for common types of Minutes. You can tweak these and also create your own.
After finalizing a new Minutes document, you can export it in Word or PDF format. However, MinuteBox offers a better option — a built-in review system. Recipients login to view the draft and add comments. When final, the designated signatories e-sign the document after which MinuteBox finalizes the underlying record. For completeness, you can upload Minutes signed outside of this review system — useful for historical Minutes that predate your firm's use of MinuteBox.
"We like using MinuteBox for the quick creation of new documents, especially because the easy visual editor allows our team to quickly adapt and make changes to precedent documents," says CEO Law founder Steve Monk. "All documents that we create can also be automatically sent for signature with DocuSign."
MinuteBox transforms corporate minutes and their accompanying documentation into a paperless workflow, including electronic signatures.
Other Notable Features
The end result of this meticulous record keeping is a virtual Minute Book that you can your clients can scroll through and search using filters to quickly find what you need. You can save searches, add notes to records, and create bookmarks. An accompanying ledger with cryptographic security tracks all changes in MinuteBox for a complete audit trail.
In addition to replacing dusty minute books, MinuteBox also replaces Excel spreadsheets for managing cap tables. Large accounting firms have given MinuteBox their stamp of approval for tracking employee stock ownership plans, grants, options, share transactions, warrants, vesting, and more, including for public companies.
Other features include an auto-generated ownership chart, a calendar and alerts for filing deadlines, intellectual property tracking, and support for your preferred two factor authentication method (app, text message, biometric- or pin-based hardware).
What Else Should You Know?
Given the growth in new corporate activities — Bitcoin on the balance sheet, ESG offsets, etc. — MinuteBox recently launched an app store for Precedents, many of which are free. The app store also offers integrations with popular products. "We're excited to launch the world's first entity management app store to further propel corporate lawyers, general counsel, and paralegals in their service to clients," says CEO Daniel Levine. "The new app store supercharges our already powerful no-code document assembly, workflow automation, and secure client-sharing modules."
Neil J. Squillante is the founder and publisher of TechnoLawyer, an award-winning network of free email newsletters for lawyers and law office administrators. Many consider TechnoLawyer newsletters the only ones they need. A Fastcase 50 award winner, Neil has a long track record of inventing successful advertising and publishing technologies and related best practices. Previously, Neil practiced commercial litigation at Am Law 100 firm Willkie Farr & Gallagher. He received his J.D. from UCLA School of Law and his B.A. from Duke University. At UCLA, Neil served as a Managing Editor of UCLA Law Review.
