Due diligence is critical for any organization. But overworked founders and business owners often don’t have the bandwidth to keep on top of regulatory compliance and ensure their corporate documentation is always in order and up-to-date.
And while it’s essential for the day-to-day running of your organization to have your house in order from a compliance perspective, it’s also a must-have when it comes to securing financing, investments and loans or when selling your business.
Caravel Law’s Director of Legal Innovation, Monica Goyal, walks us through our solution.
A digital approach to corporate record keeping
Managing entities using paper documents or PDFs is slow, inefficient and prone to errors.
Caravel Law’s Entity Management Service provides a solution to this outdated process. Our cloud-based platform uses leading-edge technology to streamline and automate legal compliance for your organization.
The Entity Management Service helps save valuable time by auto-generating corporate documentation and storing it in one centralized hub. Using this digitized approach Caravel Law can administer corporate legal work with accuracy, efficiency, and control.
What’s more, the platform acts as a single point of truth for your organization, simplifying file management and version control to reduce errors and prevent incomplete documentation.
The service also tracks your compliance calendar registration across Canada, ensuring you’re keeping on top of ever-changing corporate regulations and legally up-to-date with all your corporate documentation.
A real-time dashboard of your corporate information
Our real-time dashboard provides greater visibility and control into your obligations and activities across your organization. At a glance, you can see all your corporate entities, including entity registration numbers, tax ID numbers, company addresses and the names of directors and officers.
Here’s are some examples of the automated documents our Entity Management Service can provide:
- Dividend resolutions
- Point-in-time capitalization tables
- Entity organization charts
- Shareable transaction records
- Option and warrants records
- Affiliated and subsidiary companies
Say hello to your virtual minute book
Instead of a physical minute, the Entity Management Service provides a central repository for your virtual minute book that holds all of your company certificates and articles, bylaws, directors, meetings, shareholders’ meetings, and everything else you would find in a standard minute book.
You can view all of your share transactions through the platform, including any of your certificates that have been issued as well.
You can download your virtual minute book at any time to organize your information into a cohesive easy-to-read document that includes headers and page numbers.
Coinsquare, a well-known Canadian cryptocurrency trading platform, is already realizing the benefits of automating its legal compliance with our Entity Management Service.
“We onboarded with Caravel [using their Entity Management Service] to clean up our minute books in advance of a corporate transaction, and we were pleased with how quickly they were able to identify and fill gaps and get us ‘transaction ready’,” says Avi Weiss, Senior Legal Counsel at CoinSquare. “In less than two months, they completely updated our minute books, which contained historical data going back five years.”
Signed, sealed and safely delivered corporate records
The Entity Management Service also offers the option to send documents for electronic signatures through the platform. Once the documents are signed, they’ll automatically come back into the platform and be saved into your virtual minute book.
The cloud-based Entity Management Service platform also follows the most rigorous security protocols with servers and fail-safes certified to the highest standards. Our Entity Management Services software is SOC 2 Type II certified, offering reliability and security to Canadian businesses.
Level up your approach to legal compliance today
From improving the accuracy and accessibility of your legal records to reducing time spent on corporate compliance documentation, our real-time Entity Management Service streamlines day-to-day processes to keep your records organized so you can focus on growing your revenue.
Ready to get started? Get in touch with a member of our legal team to sign up for Caravel’s Entity Management Service.