Why Record Monthly Resolutions and Annual Minutes?

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We know a real estate agent that was showing a property to a prospective client. The client tripped over a step, landed on a coffee table and cracked his lip open and got a huge black eye. Unfortunately, we live in a sue-happy world and he sued the real estate agent, as well as the homeowners. The real estate agent had her entity set-up, but only with the basics. She had her Articles of Organization and EIN. She didn’t have any other documents. Since she was the only member of the company she felt as if she didn’t need to hold Annual Meetings. Because of this the litigator was able to prove she wasn’t running her company as a real company. This pierced her corporate veil and she lost many personal assets as well as her company.

Another business owner was getting audited. Since he had been a client of ours from the inception of his company he was able to pull out all of his business activity and documentation in one clean, organized binder. The auditor saw how structured and compliant the owner was and didn’t see a need to stay and make himself comfortable scrutinizing every single transaction the company made.

Besides these benefits of having Annual Meetings and Monthly Resolutions prepared there are many others. For example, having complete documentation of your business activities actually increases the value of your business. This helps you as a business owner if you were to go to the bank for a loan or put your company on the market for sale. 

In addition to increasing your company’s market value, accurately recorded resolutions and minutes can actually save you money. When you meet with your accountant and present these prepared documents it frequently helps them find deductions for your company that you might not have realized you qualified for.