Organizational Meeting Minutes
A Company takes official action through its board of Directors/Manager and/or its shareholders/members. The shareholders/members and directors/manager formalize their official corporate actions by making a written record.
Organizational Meeting Minutes $149
A Company takes official action through its board of Directors/Manager and/or its shareholders/members. The shareholders/members and directors/manager formalize their official corporate actions by making a written record. The record of the corporate action is usually written in the form of “minutes”, including resolutions. We formalize and complete this task for you. Not only does this save you time, money and aggravation, it is professionally prepared and can be “third party” certified.
In order to maintain the asset protection advantages associated with operating a business as a corporation or LLC, it is important to observe the formalities of operation. Properly structured corporations and LLC’s are the foundation of any legitimate asset protection strategy. Proper formalities are critical in preventing an alter-ego doctrine of the shareholders and directors. The organizational meeting minutes properly structure the company by electing a board of directors, stockholders, officers, as well as set forth responsibilities for officers or board members and authorize bank account opening and management. The organizational meeting minutes is one of the most crucial documents that will be permanently recorded in the corporate record book and will set the tone for how business will be conducted. Properly drafted formalities are considered the heart and soul of a corporation’s protective veil. The law requires that business entities properly maintain corporate formalities and failure to do so could possibly expose owners and officers to litigation and tax penalties. If the Company has multiple owners (Stockholders or Members), the need for detailed records becomes even more critical. Any one owner may quite easily challenge the authority for a transaction. Only complete and accurate records and resolutions can demonstrate that the action was properly authorized. It cannot be overstated how important documentation is to a company and to the protection of those involved. Unfortunately, it is estimated that over 50% of small business owners do not have adequate documentation! Here are some topics that will be covered in the organizational meeting minutes:
- Elect officers
- Adopt bylaws
- List of Attendees
- Date, time and location
- Appoint a registered agent
- The purpose of the meeting
- Responsibilities and motions
- Electing directors or managers
- Establish a date for the annual meeting
- Bank account opening and management