Massachusetts Unanimous Consent of Shareholders in Place of Annual Meeting
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FAQ
Usually, there are no requirements for limited liability companies to hold annual meetings like corporations. However, the internal organizational documents, such as the LLC operating agreement, may require that the members hold regular meetings.
Shareholder action by written consent refers to corporate shareholders' right to act by written consent instead of a meeting. This type of consent avoids some of the negative characteristics of shareholder meetings.
Since written consents must be unanimous, they are also good evidence to third parties doing due diligence that a company's Board solidly supported a particular action.
All eligible directors must either sign copies of the written resolution, or otherwise agree to it in writing. A sole director will usually make decisions by written resolution.
A shareholder right to act by written consent is one method to equalize our limited provisions for shareholders to call a special meeting. Delaware law allows 10% of shareholders to call a special meeting.
When a group or a decision is unanimous, it means that everyone is in total agreement.
Unanimous resolution means a resolution which is unanimously passed at a duly convened general meeting of a body corporate at which all persons entitled to exercise the powers of voting conferred by or under this Act are present personally or by proxy or vote in writing at the time of the motion.
What happens if the corporation does not hold an annual shareholder meeting or written consent action? If a corporation fails to hold an annual meeting, one consequence is that the shareholders may seek a court order to hold a meeting and elect directors.
Unanimous Written Consent means a written consent executed by at least one representative of each Member.