What are the minutes of an LLC meeting? They are effectively a summary of the important meetings you have in your LLC. At the initial meeting after you've created your LLC, the members will do basic tasks like adopting the operating agreement, and appointing managers and officers, among other things.
They also help memorialize important decisions you make. And you might be asking - do I always need to draft minutes for my LLC?
Legally, probably not. But there’s a lot of advantages to following formalities like taking minutes. It helps “strengthen the corporate veil.”
How? It gives the impression that you’re a more serious company and not just a sham.
It’s also nice so you can prove something that purportedly happened at the meeting actually occurred--e.g. if you and other members agreed to pursue a deal with someone and the deal didn’t work out, the other members couldn’t come back and say you screwed them over by pursuing that deal.
You just simply record notes from the meeting. Use our template and follow these steps.
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It is crucial to understand the importance of keeping detailed minutes for your LLC meetings. While it may not be a legal requirement, taking the time to document key decisions and discussions can have significant benefits for your company. Not only does it help to strengthen the corporate veil and show that your business is legitimate, but it also serves as a valuable record of agreements made among members.
By following the simple steps outlined in our template, you can ensure that your LLC minutes are accurate and thorough. Remember, while you may not need to include these minutes in your operating agreement, they can still play a vital role in documenting the decisions and actions taken by your LLC.
So, whether you're a single-owner business or have multiple owners, taking the time to draft and maintain minutes can help protect your business and provide clarity in the future.
Nope! Those are two separate things. Your operating agreement--if you have one (you should)--will have all the information about how your LLC should be run. But, you could use the minutes to indicate that you adopted your operating agreement or that you amended it.
The biggest question now is, "Do you need to hire a lawyer for help?" Sometimes, yes (especially if you have multiple owners). But often for single-owner businesses, you don't need a lawyer to start your business.
Many business owners instead use tools like Legal GPS for Business, which includes a step-by-step, interactive platform and 100+ contract templates to help you start and grow your company.
Protect your business with our complete legal subscription service, designed by top startup attorneys.