When are Annual Meeting Minutes due?
Why do I need Annual Meeting Minutes?
Every Corporation is required by State Law to create Annual Meeting Minutes in order to document elections and other important actions of the Entity. The wonderful thing that these Minutes also provide is to allow for separation of the Principals from the Entity thus reducing or eliminating certain liabilties.
Courts are ruling more and more frequently that the Limited Liability Company, ("LLC") must prove the same degree of compliance, (Annual Meeting Minutes) as are required by a Corporation for the Manager(s) of the LLC to not be liable for certain actions of that LLC.
If your Entity was created on a Calendar Year Basis, ie. January 1st, then your Annual Meeting will be required to be held on or about that same date each year.
If your Entity has chosen a Fiscal Year then each year's Annual Meeting will be held on or about the date the Entity was created.
No. Your Corporate Record Book should contain the accurate and whole "Story of Your Company." Annual Meeting Minutes are for your records and can be asked for at any moment from such Entities as the IRS, the State, a Court, a Bank, etc.
What if I don't have Annual Meeting Minutes?
If you have no Meeting Minutes your Entity and you as an individual, who plays a major part in your Company, are not separate. When not in Compliance, and your Entity is attacked, so are you. Annual Meeting Minutes separate you from your Entity and protect your privately held assets, which are at risk without them in place. As far as taxes go, you lose the protection that a propertly set up Entity can provide.
Do the Annual Meeting Minutes need to be filed with the State?