Delaware Corporation Meetings
IncSmart Delaware (Small Business and Startups) - Annual General Meetings and Board Meetings. Board Meetings should be held at least once, every quarter. Annual Meetings should be held at the end of every year. A Quorum is one-third of board strength or two, whichever is higher. The one-third directors should be non-interested directors. In case of lack of quorum, the meeting is to be adjourned automatically to the same day in the next week, at the same time and place, unless that day is a public holiday, in which case, to the next succeeding working day. Without these meetings, your corporation becomes an alter ego. 

A Director shall disclose the nature of their interest in any business being considered by the Board. An interested Director shall not participate in the discussion relating to the business in which he is interested nor vote thereon, nor his presence be counted for quorum. Resolutions can be passed by circulation. However some resolutions have to be passed only at meetings of the Board. Making calls on shares, Buy-back of shares by Board, issue debentures, borrow money, invest funds of the company, and to make a loan, sell lease or dispose of part of the company, give time for repayment of a debt of a director, contribute to charities.


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2 Comments

Elliot LLC Manager

Date 10/6/2012

Do LLCs have to have annual meetings? I read somewhere this is only for Corporations.

David from IncSmart

Date 10/7/2012

LLCs do not have to have annual meetings, but if you are not the only manager or member of the LLC, it would behoove you to have meetings so other members and managers know who what and where so there will be no questions.

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