Corporate annual meetings are important

Description

Abstract: Although most people view the requirement of an annual Board of Directors meeting as a necessary evil, it doesn’t have to be a waste of time. For example, in addition to being a first step in making sure the corporation is respected as a separate legal entity, an annual meeting can be used as an important tool to support a company’s tax positions. As this article explains, a well-drafted set of minutes outlining the officers’ responsibilities, skills, and experience levels can significantly reduce the risk of an IRS challenge, while providing documentation to support loans and other actions the Board may have taken.