Question: I formed a new corporation for which I am sole shareholder and would like to know what happens at my required annual meetings?
Answer: We understand that you would like to understand what issues should come before your Shareholder and Directors meetings. Many topics may need to be addressed under exceptional circumstances, but let us address single shareholder companies and yours in particular.
As the sole Shareholder, you must meet at least annually and vote for the Director, that is you too! This is the main job usually. You may also discuss the condition of the company and any outstanding issues that relate to the value or operations of the company generally. Sometimes, you will need to ratify the actions of the Board of Directors when Florida Statutes require it, such as when you wish to wind up the affairs of the company.
You, as the sole Director, must meet annually, usually right after the shareholder meeting and at such other times as are required to carry on the business of the company. Annually you must elect the officers. You serve in every capacity: President, Treasurer, and Secretary. Most times, there are Special Meetings during the year to do such things as approve the actions of the officers, to authorize the officers to obtain loans, sign leases and the like. Generally, the Board should approve all banking resolutions, say to open a bank account, or apply for a credit card or other loans. It should also vote on any issue related to the purchase or lease of real estate – pretty much anything to do with real estate commitments.
As to the content of the actual minutes of the meetings, we represent companies whose minutes include the menu for lunch, agendas written on a restaurant’s paper napkins, favorite brownie recipes, and such that go on for pages, and also companies that present very terse, only absolutely necessary verbiage. You get to choose the character and culture of your company minutes as long as they include the necessary topics stated above.