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Updated over 1 year ago on . Most recent reply

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7
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Tam Nguyen
2
Votes |
7
Posts

Best Practice for LLC Meeting Notes

Tam Nguyen
Posted
I have several LLCs (holding company that owns LLCs in states where I currently have rental properties).  I'm struggling with and have not found any good guidance on how to best keep minutes for my LLCs.  Wondering if I can get some advice here.

1.  Are there any good, simple meeting minutes templates that can be recommended?  I've found a bunch online but they vary quite a bit.
2.  How often do you need to have minutes (i.e. once a week, once a month, quarterly, once a year) in order to ensure your LLCs are seen as legitimate?
3.  Are there any guidance on the type of decisions that should be noted vs. those that do not?  I've talked to some folks who say everything vs. just major decisions.  Would love to get some thoughts from the general group here on best practices would be great.  This is probably where I'm struggling the most.  
4.  Do I need minutes for all my LLCs or just the main holding LLC?


Thanks!

Most Popular Reply

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86
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62
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Luis Alvarez
  • Real Estate Consultant
  • Colorado Springs, CO
62
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86
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Luis Alvarez
  • Real Estate Consultant
  • Colorado Springs, CO
Replied

Correct, in essence what you're doing with the Unanimous Consent in Lieu of Annual Minutes is you're just signing a list of "notes" from yourself to yourself. You sign/date at the bottom. And done.  These are usually one pagers.  But having it at least typed up and printed provides the appearance that you are up keeping with corporate formalities. These take us minimal time to put together.

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