Discussion:S-Corps: Annual meetings
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Discussion Forum Index --> Accounting Questions --> S-Corps: Annual meetings
| 20 June 2007 | |
| I have an S-Corporation, and am a one-man company -- I am the sole employee, sole officer, and sole shareholder.
My understanding is that I am supposed to have an "annual meeting" (I *think* of shareholders), and record the minutes of the meeting. Can anyone tell me -- in such a situation, what exactly should I record in the minutes? What topics should be discussed? Are there any templates for the minutes on the internet somewhere that I could use as a base? I appreciate your input. | |
| 20 June 2007 | |
| I've a number of one-stockholder S-corp clients. In these situations, I recommend that they seek the services of a business attorney. There are a number of issues that need to be well documented (eg., accountable plan, stockholder notes to/from corporation, etc) to ensure that the IRS doesn't challenge your position. In the long run, I think you can't put a price on "peace of mind". Unless you are qualified, this job is to be handled by an attorney. | |
| 20 June 2007 | |
| Kevin is correct. Also, I half-way kidding when the client asks me this question is that the meeting takes place over dinner or at Disney World with attorney, accountant, and insurance agent. Not kidding - Clients would benefit from this kind of annual meeting. SCorp1-try it and see if it is beneficial. | |
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