True or false?
My accountant is empowered to do the annual updates; there is no need to call my legal counsel.

Answer: False. An accountant is your financial and tax professional. The notary is your legal professional and is authorized to practice law. Annual updates are considered to be part of law practice, not accounting.


There are several recurring obligations related to being in business. Among these obligations, business owners must update the corporate book. This book tells the complete business history and must be updated annually to comply with the law. The update determines who the administrators are, assigns officer positions, and reflects the declaration of dividends and bonuses.

Without this update, it may not be possible to act as a company administrator. Also, if the government conducts an audit, this aspect will also be reviewed. 

Therefore, it is recommended that you contact your notary annually and not at the last minute.

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