In a corporation's context, meeting minutes are an official account of everything talked about in a formal meeting of the board of directors and shareholders.
An Annual Meeting is required of every corporation in the United States, usually at the end of the fiscal year. By extension, the Annual Meeting Minutes record the discussions and decisions made during a corporation's Annual Meeting.
What Are Annual Meeting Minutes?
The Annual Meeting Minutes' primary purpose is to record everything discussed and decided in an Annual Meeting.
The minutes contain the time, date, location of the meeting, every attendee, and notable absentees. Also, the meeting's pre-set agenda, complete with a brief explanation of each, is also recorded.
Crucially, writing down any vote results taking place during the meeting is essential. The Annual Meeting Minutes make a note of the time the meeting was adjourned.
After the meeting, the Annual Meeting Minutes have to be approved according to the company's bylaws.
Other Names for Annual Meeting Minutes
Depending on your state, Annual Meeting Minutes may also be known as:
Who Needs Annual Meeting Minutes
In the United States, most states require both S corporations and C corporations by law to keep detailed records of the decisions arrived at in all formal meetings. Therefore, corporations need Annual Meeting Minutes to take down what went on in the annual meeting.
In contrast, LLCs are not mandated by law to keep track of any meeting minutes.
Why Use 360 Legal Forms for Your Annual Meeting Minutes
Customized for you, by you
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Annual Meeting Minutes.
Specific to Your Jurisdiction
Laws vary by location. Each document on 360 Legal Forms is customized for your state.
Fast and easy
All you have to do is fill out a simple questionnaire, print, and sign. No printer? No worries. You and other parties can even sign online.
How to Create Annual Meeting Minutes with 360 Legal Forms
It's a smart idea to have a proven template containing everything you need to record your Annual Meeting irrespective of the corporation size.
Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.
What Information Will I Need to Create My Annual Meeting Minutes
To create your document, please provide:
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Date and time: The date and time when the meeting was held.
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Location: The place the meeting was held (use the full address.)
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Attendees: All the shareholders and directors present, making a note of those conspicuously absent.
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Agenda items: Everything to be discussed in the Annual Meeting.
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Meeting description: Voting results, discussions, decisions, and everything else taking place in the meeting.
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Adjourning time: The exact time when the Annual Meeting was called off.
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Information about the next meeting: In the context of the Annual Meeting Minutes, this pertains to the time and place set for the following year's meeting, if known.
Annual Meeting Minutes Terms
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Shareholder: A person or entity owning shares in the corporation
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Board of directors: Appointed by shareholders to run a corporation on their behalf
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Consensus: A decision made unanimously at the meeting
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Chairperson: The person who conducts the meeting, usually the chairman of the board
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Point of Order: A formal complaint made at the meeting
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Corporate Bylaws: The rules that a corporation adopts after the initial incorporation
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Motion: A formal statement most commonly of a proposed action
Annual Meeting Minutes Signing Requirements
Your Annual Meeting Minutes don't always require a signature. However, having all the shareholders and directors sign the document could dispel any dispute over its validity.
The document does not have to be notarized, but you can further vouch for its authenticity. The only requirement is that the Annual Meeting Minutes are recorded per the corporation's bylaws.
What to Do with Your Annual Meeting Minutes
The Annual Meeting Minutes do not have any filing requirements with the state. Just hold on to a copy and add it to the corporate records.
The general recommendation is to save these records for at least seven years, though most serious corporations would keep them for the corporation's life. The document protects the shareholders and directors against legal actions and potential accusations of wrongdoing.
