Many small business owners forget that there are certain requirements you have to meet when setting up corporation. One of such requirement is to held regular meeting of shareholders and directors. All important matters are decided on such meetings and the written document from such meeting is called Minutes.
Minutes are the instant written record of a meeting or hearing. They often give an overview of the structure of the meeting, starting with a list of those present, a statement of the various issues before the participants, and each of their responses thereto. They are often created at the moment of the hearing by a typist or court recorder at the meeting, who may record the meeting in shorthand, and then type the minutes and issue them to the participants afterwards. The minutes of certain entities, such as a corporate board of directors, must be kept and are important legal documents.
When you corporation is first set up you should have a meeting of directors and shareholders. You should adopt bylaws. When your LLC is set up you should adopt an Operating agreement. Sounds complicated? Don’t worry, we can help.