Annual Meetings and Minutes
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Each year your company is required to hold an Annual Meeting with all the members, even if you are the only member. The purpose of this meeting is to conduct such business as electing the president, secretary or other officers, to review what was done in the previous year, to forecast what you are planning to do the next year, and more.
What Are Annual Minutes?
Annual Minutes are the official written record of what transpires during the Annual Meeting. Having Annual Minutes prepared is crucial to the protection of your assets because the Annual Minutes are the documentation required to track your company activities and prove that you are running a real business and not just a hobby.
There are certain outlines and wording required to have the minutes recorded properly. The minutes must be kept with the rest of your official business documentation. Without these minutes you risk weakening or outright losing your corporate veil, which is the primary reason you set up a company in the first place. If you were to get sued for any reason - personal or business - the first thing the litigator will look for is your company documentation. If you have this in place he or she will know that your company is strong and the veil can’t be penetrated and won’t attempt to cross your business and personal assets.
Read about the differences between Annual Minutes and the Annual Report.
