This year, we’re offering a deal on preparation of annual minutes.
- $250 flat for single member LLCs
- $400 flat for multi member LLCs
Why do you need to have them prepared? Great question. Watch the YouTube video or read more below!
Should you have annual minutes prepared? Yes!
Because holding and documenting your business decisions and actions through minutes prevents issues. This practice tracks what you have agreed to do, the contracts you’ve signed, the debts you owe, the people who owe you money, major hiring and firing decisions and all the big decision you’ve made. If you ask me…that sounds like an amazing recap.
Why else does this matter?
I am so glad you asked! It matters because sometimes people forget, sometimes people don’t tell the truth, sometimes decisions you have made are called into question later down the road, and by keeping track and documenting votes and decisions you are protecting yourself and your partners.
Oh, ok…what other reasons?
If that’s not enough, then, this ought to persuade you. If you are sued, guess what the attorney representing the person suing you will want to see? You guessed it! …business records, minutes, documentation of decisions, the who, what and when. And, you know what’s handy to have… all of that information typed up in a package that explains it all…called annual minutes. Now who’s in charge!?
Do you know what isn’t so fun…telling the court that well…you didn’t document that decision, or you aren’t sure about the when, how, and what because your business doesn’t keep minutes.
Lastly, it’s the law. I can’t say it any more clearly. It’s the law, and you should follow the law so that the court never strips you of the protections of limited liability.
What!? No limited liability?!…Yep, in drastic cases the court can take away the protection of limited liability. I don’t like to use fear, so rest assured, it is very, very rare that a court would do this based on you not keeping annual minutes. However, one of the factors that plays into whether the court strips you of limited liability protections or not is whether you have documented business decisions though minutes, resolutions, and the like.
Wick Law, LLC is a small business legal practice, representing owners, investors, and entrepreneurs in all aspects of commercial, corporate, and business law, estate planning, contracts and negotiations, business litigation, and real estate. For more information: Contact 614-572-6366, visit www.mwicklaw.com, or email us at firstname.lastname@example.org. Wick Law, LLC is located in Columbus, Ohio.
(Materials in this article have been prepared by Wick Law, LLC for general informational purposes only. This list is for educational purposes and is not to be considered exhaustive. More items could be added to this checklist based upon the type of transaction or industry standards. These materials do not, and are not intended to, constitute legal advice. The information provided is not privileged and does not create an attorney-client relationship with Wick Law, LLC or any of the firm’s lawyers. This checklist is not an offer to represent you. You should not act, or refrain from acting, based upon any information in this checklist. Wick Law, LLC maintains offices in Columbus, Ohio, and has lawyers licensed to practice in Ohio and in the United States District Court, Southern District of Ohio. The firm does not intend to practice law in any jurisdiction where the firm is not licensed.)