Corporate minutes are an account of the meetings had and decisions made for a corporation.
What is this?
Corporations are required to keep minutes accounting the details of meetings and decisions made. This requirement is placed by almost every state. Typically, these minutes will note changes in officers, directors, and shareholders, and make note of decisions made and resolutions adopted. It is important to maintain compliance by completely all annual requirements for an entity. In doing so, you are ensuring that your business is respected as a true and separate entity from yourself for tax and liability reasons.
Typically included in the corporate minutes is:
- Resolutions for changes and adoptions
- Changes of officers, directors, or shareholders and ownership
You might not know that:
- LLC operating agreements often require annual minutes (though ours do not)
- Your company is at a higher risk for losing a lawsuit if your corporate books are not up to date with annual requirements
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Take a look at these actual client stories to see how much of a difference an Anderson plan can make.
We set up a Nevada LLC for a client with significant savings. She was sued 3 years later for an environmental claim stemming from property she owned over 30 years before. Plaintiff wanted over $2 million in damages for the cleanup. After we disclosed that her assets were protected by a Nevada LLC and a HELOC on her residence Plaintiff accepted less than $100k in a settlement.
A bank wanted to pursue one of our clients for a deficiency judgement ($5.5 million) for commercial real estate he lost in foreclosure. Once the bank found out how we protected all of our clients remaining assets with LLCs and a Nevada holding LLC the bank’s attorney stated “we decline to seek a deficiency judgment given the complicated structure you have weaved for yourself”.
Our client purchased property in a LLC and it was later discovered the soil beneath the property was contaminated. The state sued the LLC to clean up the land. Client walked away from the property without any personal liability. Without the LLC he would have been on the hook for over $1 million.
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