How to Prepare Minutes

Minutes are really simple and easy to prepare! Even though there isn’t a standard format, as long as you make sure a few key elements are in each set of Minutes, they will be perfectly acceptable in the event of any type of legal challenge.

For a set of Minutes to be considered legal, they must contain five things:

  • The date the meeting was held
  • Who the meeting was for (e.g., a meeting of the members or the managers)
  • The names of everyone who attended the meeting
  • A description of the actions taken at the meeting, and confirmation that these actions were approved
  • Signature of everyone who attended the meeting

After that the format can be entirely up to you. Some people like to keep a complete verbal record of all discussions held, while others like to simply note what was voted on, and whether or not it was approved. If you want a complete verbal record, then consider recording the meeting, either on cassette or a digital format, so that you have a permanent record that can’t be altered without great difficulty. Whatever format you choose, as long as those five points referred to above are met, then your Minutes will be fine.

There are many variables when you’re structuring a business. That’s why it’s hard to go through a quick-service website. Unless you talk to someone who’s got some knowledge and experience on both the tax and the legal side, it’s hard to know what you don’t know. And that can leave you vulnerable.

Got questions? Contact us! We’re here for you.

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