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Old 10th March 2008, 04:01 PM   #1
katkat2006
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Hello everyone.
This is my first post here and I have a question. First I own a small campground. Last year we got it incorportated just to protect ourselves from liability so be on the safe side. Anyone who is incorporated knows you much file a business report to the state each year. My attorney said that I need to write something down, like the minutes of the meeting and he'll do the actual paperwork and file it for us. Ok the question is this.....I have no idea where to start. Do any of you here do this if you are incorporated? Is there any sites that you know of that can give me an idea of what I need to do? It seems like such an over kill to do this when I basically make all the decision since I own and operate it and my husband and myself own all the stock and it will always be that way, no one else involve, but they say I have to do. I wished there was an sample somwhere. I am so lost.
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Old 10th March 2008, 05:05 PM   #2
Logan
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It is overkill. But part of the rules of being incorporated.

Sit down with those involved. Nah. Buy everyone a nice dinner and go out. Assign one person to be the secretary so they will be the one taking notes. You can pay them for this. Have them write out brief (keep in mind brief notes) that were discussed. Have an agreement that once a year you will sit down and talk about business for 1 hour and do this. Start off by going over the general state of things yourself. Money, business trends, service issues, goals. Then ask them to brainstorm with you about any ideas they have. If you run out or are not enjoying it then cut it short.

Take the notes from the meeting and give them to your lawyer. You are then done. Have some fun with it, imo. but yes, necessary. maybe dessert and drinks will help?

Expense the dinner. and move on for another year.

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Old 10th March 2008, 06:55 PM   #3
bdorland
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Yeah...Myself and my secretary (my wife) held our yearly "business meeting" in Mexico with several of our business partners (our friends). We discussed a lot of business...

In all seriousness, don't lose a minute of sleep over this.

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Old 11th March 2008, 12:14 PM   #4
katkat2006
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How do you claim business partners when they are just friends and own no stock? Its the same for us, he is the President and I am the Sec/ Treas. In all honesty I run the business myself and hubby just does as I say to do.....go fix this or that..lol.
I am planning on refinancing our commercial loan right now to get a fixed and better rate, that is the only thing I can think of that I can put into a meeting. This is going to be harder than I thought if I have to come up with an idea every year of what to put in a stupid meeting. Overkill is an understatement

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Old 11th March 2008, 12:21 PM   #5
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Another approach would be to setup a one hour meeting with your lawyer. Go there and make that the meeting. Bring your husband along. So it will be your lawyer, you, husband. Your lawyer can provide you with the topics so you don't have to be concerned with it. Pay him for the hour and ask him to write up what is needed.

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Old 11th March 2008, 01:15 PM   #6
katkat2006
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I don't really want to pay the attorney an hours wages. lol He said if I just jot down the specifics he'd draw up and file it for us for only 50 dollars.
We plan on refinancing our commercial loan, can I put that down as business discussed? Do we reelect the board of directors each year?
I feel so stupid. I know in my mind I am making this harder than it is.duh,,,,
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Old 11th March 2008, 01:21 PM   #7
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sure. those can be included and yes to renewing board of directors. just vote. lol.

It is silly in your scenario, but many like you go through it. Many set up a corp for the reasons you have, but the rules in place aren't a consideration. Honestly, my opinion is that many people in your type of situation don't actually have the 'meetings'. I would guess a percentage don't even write up any notes or do anything. Another percentage don't have a meeting and do write up notes. And another percentage have a meeting and write up notes.

Has anyone else, as a small business like this, had corporate meeting minutes play a role? I guess it could in depositions and court hearings. Thus your lawyers recommendation I suppose.

You are not the only one who feels that way. I'm sure of that.

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Old 13th March 2008, 02:11 PM   #8
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Our lawyer held the first meeting and wrote it all down in the proper format. He instructed us to photocopy the paper each year and change the date and add detail if needed.

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