Are businesses required by state or federal law to keep minutes on meetings pertaining to the business?
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Are businesses required by state or federal law to keep minutes on meetings pertaining to the business?
Do all business with the exception of an LLC have to minutes of their meetings?
Asked on July 14, 2011 under Business Law, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It all depends on whether or not the business is a corporation, limited liability company, sole proprietorship, or partnership.
Custom and practice (as well as most State laws) require corporations or limited liability companies that are created or doing business in the State to keep annual minutes about important events decided by the board of directors or managers. The minutes requirements on meetings do not pertain to ordinary day to day business affairs of the particular entity.
To have minutes regarding day to day operations of a corporation or limited liability company would be too burdensome and costly for a company. Annual meetings for these entities are spelled out in the bylaws or articles of organization.
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