Minutes of Annual Meeting
Our experts handle the creation and preparation of the annual meeting minutes, requiring minimal effort on your end.
CorXec offers an annual meeting minute preparation service priced at $249 per entity, covering both the shareholders and board of directors’ annual meetings. Drafting for previous years is available at just $149 per entity per year.
What Is an Annual Meeting?
All C Corporations, S Corporations, Professional Corporations, and Nonprofit Corporations must conduct an annual meeting, also known as an annual shareholder meeting, annual stockholder meeting, or annual general meeting.
Typically, corporations schedule their annual meetings shortly after the conclusion of the fiscal year, following the time and location specified in the corporate bylaws. These bylaws usually outline how notice of annual meetings is provided, the prescribed order of business, and the quorum (minimum shareholder presence) necessary for voting during meetings.
During an annual meeting, various activities and information sharing occur, including:
- Reporting the organization’s status (usually presented by the company CEO or president)
- Appointment of members to the board of directors
- Voting on initiatives and transactions requiring shareholder approval
- Reviewing financial information
- Allowing shareholders to inquire about the business’ direction.
What Are Annual Meeting Minutes?
Annual meeting minutes for a corporation serve as an official record of the business’s yearly meeting. Most states, with the exception of Delaware, Kansas, Nevada, North Dakota, and Oklahoma, mandate that corporations maintain records of meeting minutes.
Typically, a corporation’s annual meeting minutes include details such as:
- Date, time, and location of the meeting
- List of attendees and those absent from the meeting
- Agenda items with brief descriptions
- Discussion points covered during the meeting
- Outcomes of any voting actions taken
- Adjournment time
Once annual meeting minutes receive approval, as per the company’s bylaws, the original executed copy should be securely stored. Companies are advised to retain their minutes for at least seven years and provide access to members of the corporation (e.g., shareholders, directors, and officers) upon a “reasonable request” for review.
What if You Don’t Record Minutes?
Corporate annual meeting minutes play a crucial role in meeting business compliance requirements, preserving the corporate veil (the legal and financial separation between a business and its owners).
Neglecting to conduct an annual meeting and document meeting minutes can have adverse consequences for the corporation. Properly recorded meeting minutes serve as a protective measure for the corporation in potential scenarios such as legal actions, audits, or formal inquiries from shareholders. They contribute to maintaining the integrity of the corporate structure.
How CorXec can help
CorXec offers a service to draft and prepare your annual meeting minutes, ensuring your compliance with regulatory requirements. Whether you need immediate documentation after your annual meeting or assistance in creating meeting minutes for past years, CorXec can provide support. Upon completion, the meeting minutes will be sent to you via email for your records, and they will also be securely stored in CorXec’s Compliance Portal, allowing you convenient access anytime, anywhere.
CorXec’s annual meeting minute preparation service is priced at $249 per entity, covering both the annual meeting for shareholders and the board of directors. For previous years, drafting services are available at just $149 per entity per year.
Why Choose CorXec?
- Fast Reliable & Hassle-Free Experience
- Founded by an entrepreneur who pioneered many startups successfully.
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