member of an S-Corp. I need help with regards annual corporate meeting and
keeping of minutes.
I have read that the annual CPA meetings could count as the
corporate meeting, do you have a different view?
I’ve often said that the minutes we prepare for our client meetings have
sufficed under IRS audit and should suffice as “corporate” minutes. That
said, this is for IRS purposes when they audit and want to make sure the
taxpayer is treating their corporation as they should.
I can’t speak for any other legal purpose like a lawsuit; however, we have had
clients with legal actions, domestic, partnership issues, etc., and when
“minutes” have been requested these have been provided and it’s never
been a problem, meaning, there’s never been a response to say these aren’t
proper minutes or not in proper form.
PLLC, PA, PC, Inc., etc.), location, date, time and attendees. Then we either
attach or note agenda and what was discussed, decided, tasks assigned, etc.
Some of the items we have on every agenda: year-to-date results, projections,
year-to-year comparisons, other corporate matters, individual tax projections
and other practice-business issues. Of course with each client there can be
other issues added to the agenda based upon their specific needs.
Again, if asked to produce for an IRS audit, these have sufficed. Same with
other legal issues I mentioned above. Check with your attorney andor CPA to
make sure they are comfortable with this.