Key legal, tax and financial decisions should be acted on by the partners and documented in the minutes. Key decisions include: admitting new partners, the purchase of real property, the approval of a long-term lease, the authorization of a significant loan amount or substantial line of credit, the adoption of a retirement plan, health plan, etc. These, and other key decisions, should also be backed by the supporting documentation.
Documentation of business decisions within your minutes helps to protect the limited liability of your business and insulate you from personal liability. If you fail to pay at least minimal attention the formalities of having a separate business entity, you may lose the limited liability protection of your partnership. A "paper trail" can be important if disputes arise. Minutes provide solid documentation in the event key decisions are questioned or reviewed later by the IRS, partners, creditors, or the courts.