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4 min readJan 18, 2022

Limited-liability companies (LLCs) and corporations may be required to have an annual meeting with their businesses. In most states, all C companies must convene a yearly shareholder meeting. While annual member meetings aren’t usually required by law, if your LLC’s operating agreement mandates one, you’ll have to have one every year.

Corporations and limited liability companies (LLCs) that have adopted S corporation status for tax reasons must adhere to their governance papers and the state’s requirements for the underlying organization. In other words, if the operating agreement demands it, an LLC that has decided to be taxed as an S corporation must convene an annual meeting and keep minutes.

Similarly, a C company taxed as an S corporation must observe its bylaws and the state’s C corporation annual meeting standards.

These meetings allow the company’s owners to debate and vote on crucial matters. Topics that the attendees could address include:

• Business successes and actions in the recent past
• Business ambitions and objectives
• Financial performance (e.g., sales figures, profit, loss, etc.)
• Election of new board members
• LLC resolutions to be passed by LLC members
• Decisions and actions of the Board of Directors (applies to corporations)
• Proposed amendments to governance papers (corporate bylaws or the operating agreement of a limited liability company)

What goes into the minutes of an annual meeting?

The minutes of a company’s annual meeting serve as a written record of what happened during the session. The procedures for recording and managing annual meeting minutes differ by state and by an LLC or company’s operating agreement or bylaws.

Minutes of corporate meetings

Most state governments mandate C corporations to have annual shareholder meetings and keep minutes. The bylaws of a corporation specify how should conduct meetings. The order of business handled, the minimum number of shareholders required to complete a vote (“quorum”), and how and when notice of meetings will be issued to shareholders (some states define minimum periods) are just a few examples.
• The meeting’s date, time, and location
• The names of those who attended and who were absent
• Who recorded the minutes (usually, a company’s corporate secretary)
• Meeting agenda and a brief description of each item
• Details about what attendees discussed
• Results of voting actions
• The time the meeting ended
After its bylaws have adopted a corporation’s annual meeting minutes, the firm should store the original executed copy, together with other corporate records, in a secure business (e.g., its articles of incorporation, bylaws, and resolutions).

The following are some examples of information found in the LLC’s annual meeting minutes.

The operating agreement of a limited liability company (LLC) will specify how members should conduct meetings and any procedures for the execution of meeting minutes. While all states don’t require yearly member meetings, it’s a good idea for LLCs to include them in their governance. They are one method of establishing that the LLC’s owners treat the business as a legal entity. And preserving the corporate veil, which shields LLC members’ assets from the company’s legal responsibilities, is critical.

Before the minutes become an official part of the company’s records, all attendees at an LLC annual meeting should have the chance to review and request modifications to the minutes.

How long should meeting minutes be kept?

The suggestions differ. It’s best to keep them as part of its permanent record. Many experts, though, recommend preserving minutes for at least seven years. When legitimate requests for prior meeting minutes are made, LLCs and corporations should make them available to their owners and stakeholders.

What can you do if your annual meeting and minutes are running late?

When the end of the year approaches, business owners must schedule their virtual meetings if they haven’t already done so. You can impose fines and other penalties if compliance obligations, such as annual meetings and minutes, are not met on time. There are also legal ramifications if you don’t follow through.
Annual meetings (and meeting minutes) are required to keep a business entity in good standing with the state and the corporate veil, which protects owners from personal responsibility, intact.

Do your homework and be aware of your duties

Owners of LLCs and corporations should check their state’s statutes and governance papers to see what they need to do by the end of the year. Talking with an attorney may also be advantageous for business owners, especially if they are unaware of their responsibilities or have fallen behind on meeting requirements.
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