By: Martin M. Shenkman, CPA, MBA, JD
Corporations should have annual meetings for both directors and shareholders. Notice of the meetings should be given in advance as provided for in the by laws of the corporation or as provided under state law. At each meeting the Corporation should have a required minimum required number of directors or shareholders, respectively. This minimum is referred to as a "quorum". Minutes documenting the meeting should be prepared, signed and filed in the corporate kit. For many closely held businesses unanimous consents are often signed in lieu of having meetings. Although it may not be legally required, many attorneys recommend meetings for members and managers of LLCs and even partners of partnerships.
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