How often should a corporation hold meetings and update its minutes?
Any time a corporation undertakes a major change or transaction, it should be reflected in its minutes. In addition, meetings of shareholders and directors should take place at least annually if for no other reason than to elect new officers and directors. Failure to adhere to the formality of regular meetings can jeopardize the corporation’s ability to shield its officers, directors and shareholders from personal liability for the corporation’s actions.
The corporate minutes should reflect any major change or transaction undertaken by the entity. Meetings of shareholders and directors should take place at least annually. Failure to adhere to a regular meeting schedule can jeopardize the corporation’s ability to shield its officers, directors and shareholders from personal liability for the corporation’s actions.
