Each year, organizations needs to conduct annual meetings to ensure they remain in compliance and well position themselves for the coming year.
Both businesses and non-profit organizations commonly conduct these at the end or beginning of the calendar year or fiscal year. Some also choose to do this around the date the organization was formally formed.
This meeting should include the board of directors or governors and the company’s Shareholders or Members. Businesses need to document the meeting with formal meeting minutes or written action.
Here’s a quick look at some of the key items to cover during an annual meeting:
- Elect officers
- Elect members or others to the board of directors or board or governors
- Consider admission of new shareholders or members
- Establish share or membership unit value for the next year
- Determine and act on any proposed revisions to the Articles of Incorporation or Articles of Organization, Bylaws or Operating Agreement
- Confirm acts over the past year
- Renew any contracts, licenses or permits
- Consider revising or updating key documents, such as employment agreements, bonus plans or buy-sell agreements
- Review and update lease agreements
- Consider any key capital expenditures for the coming year