LLC Meeting Minutes Template
What are meeting minutes?
Meeting minutes serve as an official written record of what was discussed and agreed upon during a meeting. Minutes can be simple or complex, depending on the size and purpose of the meeting.
Are LLCs required to take minutes at meetings?
Generally no. Unlike corporations, most states don’t require a Limited Liability Company (LLC) to hold annual member meetings and take minutes.
Even though it may not be required, it’s a really good idea. For a single-member LLC holding meetings and taking minutes may be overkill, however, multi-member LLCs should. This way, there is a written record of who attended, the topics being voted on, and the decision.
Minutes also provide a written record of the discussions and decisions made during a meeting. This can be helpful in the future if there are disagreements about what was said or decided or to help new members get up to speed quickly.
In addition, taking minutes at meetings demonstrates that the entity is truly being operated as a separate legal liability, which may come in handy should the LLC’s legal status ever come into question. This information is also valuable to lenders and investors wanting to verify the member’s role in the company.
How do I take minutes at an LLC meeting?
There is no one right way to take minutes at an LLC meeting. However, there are a few things to keep in mind:
Be sure to include the date, time, and location of the meeting as well as the names of all attendees in the minutes.
Keep a running record of the topics discussed during the meeting. If possible, use a projector to display the agenda items as they are being discussed. This will help keep everyone on track.
As decisions are made, be sure to note who made the motion, who seconded it, and how the vote was decided.
If there are any action items assigned, be sure to note who is responsible for each item and when it is due.
Once the meeting is adjourned, be sure to have the minutes approved by all attendees before distributing them. This can be done via email or at the next meeting.
How Often Should an LLC Have Meetings?
There is no required frequency for LLC meetings, although most multi-member LLCs hold meetings at least once a year. For single-member LLCs, there is generally no need to hold regular meetings unless specified in the operating agreement.
What is the difference between meeting minutes and a resolution?
Meeting minutes are a detailed record of what was discussed and decided during a meeting. Resolutions are official decisions made by the LLC. For example, a resolution could be used for normal business operations such as authorizing the purchase of new property or opening a new bank account.
Resolutions can happen at any time of the year without the need for a meeting.
Where are minutes kept?
Minutes are not filed with the state, Instead, a copy of the minutes should be kept with the LLC’s registration information and member certificates.
LLC Meeting Minutes Template
There are no requirements of what has to be included in the minutes, but this template include some of the key components, such as:
Name of LLC: ___________________________
Date of Meeting: _______________________
Time of Meeting: ______________________
Location of Meeting: ___________________
Members in Attendance: _________________
Quorum: Y/N
Agenda Items:
1. Review and Approve Previous Minutes
2. Financial Report
3. New Business
Decisions:
1. ______________________________________________________
2. ______________________________________________________
3. ______________________________________________________
Action Items:
1. ______________________________________________________
2. ______________________________________________________
3. ______________________________________________________
Date of next annual meeting ______________________________
Meeting adjourned at: ____________________
Minutes approved by: ___________________, ___________________, _______________
Member signatures _____________________________
_____________________________
