LLC Organizational Meeting
The first meeting of the members of the LLC is the organizational meeting.
You will need your filed articles of organization and your operating agreement in order to conduct this meeting. At this meeting:
- Elect a chairperson for the meeting.
- Elect a secretary for the meeting who takes meeting minutes.
- Document the members present. Ensure a minimum number of members (a quorum) are present to hold the meeting.
- Review, approve, ratify, and adopt the articles of organization filed with the secretary of state.
- Elect the managers (if the LLC is manager-managed).
- Fix manager salaries.
- Elect the officers (if the LLC has officers per the operating agreement).
- Resolve that the LLC will compensate the organizers for their expenses in forming the LLC.
- Review, approve, ratify, and adopt the operating agreement.
- Review and agree upon the initial capital contributions of the members to fund the LLC.
- Memorialize membership interests (e.g. issue membership certificates).
- Resolve to open a business bank account.
- Resolve to start business operations.
- Agree to reporting LLC income and expenses on an annual (or other) basis with the department of revenue.
- Decide on the next date of the annual meeting or on no annual meeting.
- Document any other business matters.
- Adjourn the meeting.
Have all members sign the meeting minutes prepared by the secretary.
- The organizational meeting is the first meeting of the members.
- Document and sign minutes of the organizational meeting.