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LLC Information- Operational Considerations
While most limited liability company statutes do not require LLC member meetings, it is recommended that a limited liability company have regular meetings and that the LLC information discussed in such meetings be documented in writing. These writings are called minutes or written consents and should evidence all material LLC information of the limited liability company at that time.
Every year, an annual check up with the limited liability company's attorney and CPA should occur and the members should bring all relevant LLC information to such meetings including any relevant documents. The following matters should be addressed:
  • whether any LLC members or managers have left the limited liability company
  • whether any LLC members have died or otherwise become disassociated
  • whether any new members have joined the limited liability company and if so, whether all required LLC information and documents evidencing the admission has been completed.
  • whether the LLC Operating Agreement contains proper provisions reflecting the limited liability company business, LLC members and operations.
  • whether the limited liability company's operations are in conformance with its LLC Operating Agreement.
  • whether the LLC information contained in the records of the limited liability company reflect all major business actions (including major purchases, capital contributions made, loans, executive salaries, etc.).
  • discuss any other limited liability company concerns, questions of other issues arising from the LLC information brought to the meeting.
The annual check up does not have to be a major event. However, it is important from an operational perspective and encourages LLC members to keep all of the LLC information and paperwork up to date and ensure current compliance.
Forming an LLC
LLC Operating Agreement
LLC Information at LLC Learning Center
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