Annual LLC Meeting Minutes in Michigan
Unlike corporations, Michigan LLCs are not required to hold annual meetings. However, whenever important business decisions are made, it’s important to maintain a documented record of those meetings and those who were in attendance. Our free LLC annual meeting minutes template provides you with a guide to record your important business meetings.
Do I Really Need Annual Meeting Minutes?
Strictly speaking, no. But is it a good idea? Yes. Annual meetings can be big events when lots of information is shared. Typically, annual meetings are used to review the annual financial report, note changes in salaries or management, and review any distributions. Having a written record of information shared—especially when it involves finances—is always a good idea. If you have a manager-managed LLC or if your LLC has several members and not all of them are in attendance, it’s just good practice to maintain a healthy paper trail. If there’s ever a disagreement or dispute, clearly written annual meeting minutes will provide everyone with clarity.
What Should be Included in my LLC’s Annual Meeting Minutes?
However you structure your Annual Meeting Minutes, it’s a good idea to have some basics covered:
General Meeting Information
You’ll want to cover the who, what, when, and where of the meeting by noting the location, those in attendance, and the date.
Chairperson and Secretary Elections
The chairperson runs the meeting while the secretary records the minutes. These positions should be elected by members at the beginning of the meeting.
A quorum basically means there’s enough members present to hold a meeting. The chairperson will confirm there are enough members in attendance.
Review of Previous Minutes and Records
Annual meetings should begin with a review of any past meetings. Members should have the opportunity to read through past meeting notes and key documents such as the operating agreement.
Financial Report and Distributions
Anything involving money is covered in his section, including net profits and distributions.
Manager Elections and Salaries
If you’re electing managers, their names and compensation should be recorded.
Annual Meeting Date
Always plan ahead and know when you’ll reconvene. Set a date for the next meeting (or, if you’re feeling plucky, decide to not hold one).
Other Items of Business
This is an opportunity for anyone to bring up a pressing matter that doesn’t fit into any of the aforementioned categories. While it seems insignificant, it’s always smart to give everyone a chance to bring up additional business.
Make it official! Each member that is present should sign the meeting minutes. The secretary should be the final person to sign it.
Does a single member LLC Need to Hold an Annual Meeting?
No. Annual meetings and the minutes from those meetings are often used to demonstrate that all parties have been kept in the loop and are fully apprised of the company’s dealings. If you’re a single member LLC, you don’t need to hold annual meetings or take minutes.
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