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If you have a limited liability company, an S Corp, a C Corp, a partnership, or anything that's formal and a legal entity, you need to hold an annual meeting in your business and document certain things that have been decided.
In this episode, we will give you a framework to think about for your next annual shareholders meeting. The first quarter of the year is an excellent time to host this meeting because a lot of times, it's an opportunity to prove the financials for the prior year along with any decisions you've made for the current year. Then you're documenting those decisions through your meeting minutes which matters a lot to the IRS.
Your business is not you. It's a separate entity, and the IRS sees it as separate from you. So you must do this as an agreement between you and your company. This lets the IRS know that you understand what you're doing and that you're treating it that way so you're not breaking that “corporate veil.” If you don't do it, it could very well harm you with your taxes and your legal entity because the IRS could see it as a fault or a breach.
In this episode, you will hear:
- Why you need to hold a shareholders meeting
- How to do it internally and where to do it
- The benefits of holding it in the first quarter
- Why titles matter
- Things to discuss during the meeting
- Getting approval of actions
- What the presentation of the financial statement report looks like
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