LLC Meeting Minutes
LLC minutes are a written record of the decisions made by a limited liability company (LLC) members. They are typically prepared by the LLC’s secretary or another designated individual, and the LLC’s members must approve them to become official.
While minutes are not required by law in all states, they can help protect the members from personal liability in the event that the LLC is sued.
Finally, minutes are a statement that the LLC held a meeting and can serve as a valuable tool for new members, as they can provide an overview of the LLC’s history and decision-making process.
Things To Include In An LLC Meeting Minutes Template
Meeting minutes should be concise and to the point. They should include:
- The date, time, and location of the meeting
- The names of the LLC members in attendance
- A record of any decisions made, including who made the motion and whether a majority vote passed it
- The name of the member who took the minutes
Meeting Minutes Types
Meeting minutes come in three types. These are:
- Action minutes: These minutes document the decisions made during the meeting. They should include who made the motion, whether a majority vote passed it, and any dissenting votes.
- Discussion minutes: These minutes summarize the topics discussed during the meeting. They can be useful for new members who could not attend the meeting, but they should not include any confidential information.
- Verbatim minutes: These minutes are a word-for-word record of everything said during the meeting. They can be useful in the event of a dispute, but they can be difficult to produce if the meeting was long or complex.
Do’s and Don’ts of LLC Meeting Minutes
There are a few things to remember when taking LLC meeting minutes. These are:
- Ensure that the minutes are accurate. This means double-checking any names or dates that were mentioned during the meeting.
- It is always best to type up the minutes as soon as possible after the meeting has ended. This ensures that any missing minutes are filled in correctly.
- Don’t forget to include the meeting’s date, time, and location. This information can be useful in the event of a dispute.
- Include the names of the LLC members who were in attendance. This proves that a quorum was present.
- Avoid personal opinions. Meeting minutes should be a factual record of what was said and done, not a commentary on the meeting itself.
- The minute should summarize the discussions, not a full transcript.
What to do with the minutes after taking them?
After the minutes have been typed up, they should be distributed to all the LLC members. They can be emailed, mailed, or hand-delivered. All members must have access to the minutes so that they can be aware of the decisions that were made during the meeting.
As you can see, taking accurate and well-organized LLC meeting minutes is critical to running a successful limited liability company. By following the tips in this article, you can ensure that your minutes will be helpful and informative.