Keeping accurate records of corporate decisions is crucial for compliance, transparency, and liability protection. Businesses must take meeting minutes regularly to document key actions, whether during board meetings, shareholder meetings, or committee discussions. While state laws and company bylaws determine the exact requirements, here are some general guidelines.
How Often Should You Take Meeting Minutes for Board Meetings?
Most companies are required to take meeting minutes at quarterly board meetings. However, the frequency may vary depending on the company’s needs. These minutes document key decisions, financial updates, and corporate strategies, helping maintain transparency and legal compliance.
When to Take Meeting Minutes for Shareholder Meetings
Annual shareholder meetings are standard for most corporations, and while meeting minutes are not always mandatory, they are highly recommended—especially when electing the board of directors or making major business decisions. Some companies choose to hold additional shareholder meetings throughout the year, and recording minutes can help ensure that all actions are well-documented.
Should You Take Meeting Minutes for Committee Meetings?
If a company has specialized committees, such as an audit, finance, or compensation committee, recording minutes is a best practice. While not always legally required, keeping records of these meetings helps provide accountability and a clear history of business decisions.
How to Properly Maintain and Store Meeting Minutes
Even though meeting minutes do not need to be filed with the state, they should be stored securely alongside other essential corporate documents, such as:
- Articles of Organization (for LLCs)
- Articles of Incorporation (for corporations)
- Bylaws
- Resolutions
How Long Should Meeting Minutes Be Kept?
Like other corporate records, meeting minutes should be retained for at least seven years. They are part of the company’s permanent records and may be referenced in legal, financial, or operational matters. Learn more about proper meeting minutes storage here.
Who Can Access Meeting Minutes?
All LLC members, corporate directors, executives, and shareholders have the right to review meeting minutes upon request. Keeping well-organized and up-to-date minutes ensures transparency and compliance with corporate governance requirements.
What Should Be Included When You Take Meeting Minutes?
Meeting minutes should be concise and focus on key details. Best practices for effective meeting minutes include:
- Meeting Details: Include the location, date, and time of the meeting.
- Attendees: Record all participants and note if anyone arrived late or left early.
- Agenda Items: List each agenda item discussed and document voting results.
- Voting Activities: Clearly state how votes were cast and the final decisions.
- Meeting Adjournment: Note the exact time the meeting ended.
- Participant Input: Allow participants to review and suggest changes before the minutes become official.
For a more detailed guide on how to format and document meeting minutes, check out our comprehensive guide on meeting minutes.
Why Is It Important to Take Meeting Minutes?
Even when not legally required, keeping meeting minutes ensures corporate compliance, protects limited liability status, and maintains good standing with the state. Proper documentation serves as proof of decision-making in case of audits or legal disputes.
Ask an Estate Planning Attorney Today
For expert guidance on corporate compliance and record-keeping. Visit Hudack Law Estate Planning Attorney to learn more. We proudly serve California, Utah, and Arizona. Call our toll-free at (877) 314-4309 to schedule a consultation.