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The minutes are a factual record of business. Do not include: Opinions or judgments: Leave out statements like "a well done report" or "a heated discussion." Criticism or accolades: Criticism of members, good or bad, should not be included unless it takes the form of an official motion.
Annual meeting minutes are the detailed notes for the meeting of any organization that gathers on a yearly basis. The setting is usually formal with annual accounting, tax records, and any other reports to be distributed.
Most states require that corporations hold regular shareholder meetings and keep minutes of such meetings. While S corporation meeting minutes are not required to be filed with the state, you should keep copies of meeting minutes with your corporate books and records.
What Are Annual Meeting Minutes? Date, time, and location of the meeting. Who attended and who was absent from the meeting. Meeting agenda items with a brief description of each. Details about what was discussed during the meeting. Results of any voting actions taken. The time when the meeting adjourned.
State law requires all corporations to hold valid corporate meetings and keep corporate minutes of those meetings.
You're not required to file meeting minutes with the state, but you should maintain them in a secure location along with your other important documents, such as articles of incorporation. It's a good idea to keep minutes for seven years in the event of an audit.
Maintain a Favorable Tax Rate ? Another way piercing the corporate veil by failing to keep annual meeting minutes in a business's corporate records can hurt its owners is that the IRS could consider shareholders to be operating as a partnership or as individuals rather than a corporation.