Organizational and Annual Minutes

Organizational and Annual Minutes

When an LLC or Corporation is first formed, Organizational Minutes are required to set the groundwork for the organization and document the acceptance of the Operating Agreement, members, and directors. If these Minutes are not created, the organization may be open to challenge later on by creditors. If a company is successfully challenged, it means that it is deemed not to exist by the court and thus exposes your personal assets to judgments based on business debts.

Like Organizational Minutes, most organizations are required to have annual meetings and record those proceedings in Minutes. This is another corporate formality that helps protect the corporation and its shareholders (or LLC and its members) from creditor claims. It also can be a valuable vehicle for formalizing decisions that have been made during the year and promoting effective corporate governance.

A lawyer can help prepare Organizational and Annual Minutes, or simply remind you each year to have and record your Annual Meeting.

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