LLC & Meeting Minutes

[Jeff Weissman]

OK, I admit it, I've been lax & lazy...but I want to clean up & go straight (sort of): I set up an LLC 2 years ago. The LLC holds title to 3-fourplexes. My wife & I are the only people named as members. We've never held a formal meeting (unless you count conversations about the properties over the dinner table). I understand that without proper meeting minutes a savvy lawyer has a better chance to pierce the corporate veil. Fine, we can start conducting regular meetings & keeping minutes, but (& I realize this may not be completely kosher) is there some easy way to create "old" minutes? I mean, is there perhaps some template out there I could copy (replacing specific property & personal names, of course) to save myself time, or am I ok just doing it right from here on out???

[Ned Carey]

I am a big fan of NOLO Press self help law books. Not that I recommend you doing all you own law work but it helps educate you on the issues.

They have a good book called "You Limited Liability Company" subtitled an operating manual. It includes form for minutes and such. It also discusses some of the formalities you should follow.

I am not a lawyer but it is my understanding that minutes and annual meetings are not required of LLCs in most states however they are good practice. More importantly are other formalities, like separate banking accounts and books. Also always sign in the name of the company. I always sign as MY NAME, AUTHORIZED MEMBER. Co-mingling of funds is a real no no, and one of the easiest ways to have an LLC pierced.