All Forum Posts by: Rick L.

Here's a another one:

INSTRUCTIONS TO USE WITH FORM #3

“Sample Minutes of Annual Meeting”

Special Note:It is usually helpful to print these instructions first so that you can refer back to them. Also, in the Word Format only - you can move from one fill in space to the next by pressing the F11 key on your computer key board. You can also move through the document by placing your cursor on the shaded fill in space and click once.

1. #1 - Type in the name of the LLC.

2. #2 - Type in the name of the LLC again.

3. #3 - Type in the date of the meeting.

If you want all of the members (owners) to be the managers of your LLC, then they should already be listed in Exhibit A to the Operating Agreement and do not need to be renamed here. If the managers are different people than the members, then you should insert their names here.

4. #4 - Type in the name of each member who was present at the meeting.

5. #5 - Type in the name of the person appointed secretary to take minutes of the

meeting. This can be a temporary appointment or permanent for future meetings.

6. #6 - Type in the name of the individuals who will be managers of the LLC. Note: An LLC can also have an entity such as another LLC or corporation named as the manager. If that is the case, type in the name of the entity. If an entity is named as manager, It is usually helpful to also state the name of the authorized representative of the entity who will be acting for the entity as manager.

7. #7 - Type in a description of business or topic discussed.

8. #8 - Type in a description of what was agreed to by the members.

Special Note: If all members are agreeable, they can waive or forgo sending out an official written notice of the meeting. This saves time and effort. However, the waiver needs to be in writing. A sample form for “Waiver of Notice of Organizational Meeting” can be found after the organizational meeting form below.

(Continue to Form)

SAMPLE MINUTES OF THE ANNUAL MEMBERS

MEETING OF [ #1 - NAME OF LLC - ], LLC

The Annual Meeting of the Members of [ #2 - NAME OF LLC - ], LLC, was held on [ #3 - DATE - ], pursuant to a written waiver of notice signed by all members. The following members were present at the meeting: [ #4 - NAME OF MEMBERS AT MEETING - ]

[ #5 - NAME - ] was appointed Secretary for recording minutes of the meeting.

The Secretary presented an overview of significant business events for the past year.

The Manager (Member) in charge of finances provided a summary of the financial status of the LLC for the last full year of business prior to the meeting.

The next order of business was a discussion of management of the LLC. It was determined that the LLC would continue with the same managers as the previous year which include: [ #6 - NAME OF MANAGERS - ]The above named persons were approved as managers of the LLC by unanimous vote of all the members.

The next order of business was [ #7 - DESCRIBE NATURE OF BUSINESS - ] Upon motion duly made, seconded and unanimously passed, it was voted that [ #8 - DESCRIBE NATURE OF BUSINESS AGREED TO RESOLUTION ADOPTED - ] .

There being no further business, upon motion duly made and seconded, the meeting was adjourned.

Date: _______________ ___________________________________

Secretary

WAIVER OF NOTICE OF ORGANIZATIONAL

MEETING OF [ - NAME OF LLC - ], LLC

The undersigned, being all of the initial members of [ - NAME OF LLC - ], LLC, formed under the laws of the State of [ - NAME OF STATE - ], do hereby waive notice of the time, place, and purpose of the Annual Meeting of members and consent and agree that such meeting shall be held on the [ - DATE OF MEETING - ] .

SIGNATURE OF ALL MEMBERS

Date: _______________ _____________________________________

Date: _______________ _________________________________

Date: _______________ _________________________________

I found the above annual minutes doing a brief Google search on the topic. I think it'll serve it's purpose with some minor modifications. But, how do you approach the members listed above when you just have a single member LLC? Can anyone else provide an example of their corporate minutes, TIA!

MINUTES OF ANNUAL MEETING OF THE BOARD OF DIRECTORS

OF

_____________________________________________________________________

The annual meeting of the board of directors of the above named corporation was held on: ________________________________ at __________________________________________

Present was:

__________________________________ ________________________________________

Name Address

__________________________________ ________________________________________

Name Address

__________________________________ ________________________________________

Name Address

__________________________________ ________________________________________

Name Address

__________________________________ ________________________________________

Name Address

__________________________________ ________________________________________

Name Address

_____________________________ was requested to be the temporary Chairman of the meeting.

_____________________________ was requested to be the temporary Secretary of the meeting.

1. The meeting was called to order. It was determined that a quorum was present either in person or by proxy, and the meeting could conduct business.

The following directors were present:

Names of directors:

_________________________________

_________________________________

_________________________________

_________________________________

_________________________________

_________________________________

The following directors by proxy

_________________________________

_________________________________

_________________________________

_________________________________

2. The Secretary determined and reported that notice of the meeting had been properly given or waived by directors in accordance with the bylaws.

3. A motion was made and carried, that the Secretary was ordered to attach the documentation (If any) or the appropriate affidavit of mailing of notice or waiver of notice to the meeting minutes. If no notice is attached, all directors agreed that proper notice of the meeting had been given.

4. There was presented to the meeting, a copy of the minutes of the previous meeting of the board directors.

5. Upon motion duly made, seconded and unanimously carried, it was resolved that the following persons were elected to serve as officers of the corporation until the next board of directors meeting:

__________________________________President

__________________________________Vice President

__________________________________Chief Executive Officer

__________________________________Chief Financial Officer

__________________________________Treasurer

__________________________________Secretary

6. Upon motion duly made, seconded and unanimously carried, it was resolved that the hourly wages or salaries of the following officers were fixed at the following rates:

_________________President

_________________Vice President

_________________Chief Executive Officer

_________________Chief Financial Officer

_________________Treasurer

_________________Secretary

7. The president presented the annual presidents report of the corporation.

8. The treasurer of the corporation presented the treasurers report, which stated that the previous taxable year had:

a) a gross receipts total of: _________________

b) a gross profit total of: _________________

c) a net profit total of: _________________

Upon motion duly made, seconded and unanimously carried, it was resolved that the secretary would attach a copy of the treasurers report to the corporate minutes book.

9. Upon motion duly made, seconded and unanimously carried, it was resolved that a dividend of $______________ per share of common stock would be declared on the stock of the corporation. The dividend would be paid to each shareholder of record as of ______________ date, and shall be paid before ______________ date. The officers of the corporation are directed to take action to carry out payment of dividends.

10. The following other business was transacted:

_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

11. The directors ratified and approved all documents presented.

There was no further business, and upon motion made, seconded, and unanimously carried, it was

RESOLVED, that all the items and documents have been examined by all directors, and are approved and adopted, and that all actions taken thus far have been ratified and approved by the directors of the Corporation.

There being no further business, upon motion made and carried, the meeting was adjourned.

Dated: _____________________________

Secretary ___________________________ _________________________

Signature Printed Name

Witness:

______________________________ __________________________

Signature Printed Name

______________________________ __________________________

Signature Printed Name

______________________________ __________________________

Signature Printed Name

______________________________ __________________________

Signature Printed Name

Can you provide a link to the firm so I can see what you are referring to?

Hi Al Williamson I do not pay for AC/electric, but if the tune-up would prolong the life of the ac units then I figured it would be worth it. The electric company is offer a $75 rebate/unit. After calling several AC contractors, the average "AC Tune-up" will cost a total of around $140. So, my out of pocket expense would be roughly $75/unit.

I have the same dilemma. My fourplex has all original windows from when it was built in 1968. In the winters it's cold and drafty and in the summers it seem like the the furnace constantly run and it never truly gets cold in my unit.

My CPA informed me that any improvements on my unit could not be written off by the LLC since it's technically my home. He suggested waiting to improve/replace the windows until after I move out or replace all the windows except the ones in my unit.

Something to consider.

My local power company is offering a $75 rebate for an A/C tune-up. I'm curious to know whether this is something recommended for A/C units or just a waste of money?

Most of the quotes I have received for this service range from $95-140. I'm just wondering if this is a way that the A/C contractor will try and up sale me on something else or this is a legit thing to do for A/C units every couple of years

Thanks David Beard It appears that I have been calculating a lot of rental properties I've look at all wrong.

So to further clarify:

Gross Rent * 50% = Net Operating Income(NOI)

NOI - P&I = +$100/Door

The other 50% of Gross rent will pay for ALL other expenses including:

Repairs, Maintenance, Improvements, Property Management, Homeowners Insurance, Utilities, HOA, Property Taxes, etc, etc

The 50% rule:

I've heard several things, can someone clarify. Does 50% of gross rent pay from just P&I and then $100/door...the other 50% going towards everything else, ie- maintenance, repairs, Homeowners Insurance, Taxes, Utilities???

Welcome Chris! I purchased my first four family property in Ucity last summer. I hop you get ad much out of BP as I have. I've learned so much on here and I'm currently looking for my next acquisition. Best of luck to you!