Meeting Minutes for LLC

Meeting Details

  • Meeting Title: ABC Innovations LLC First Organizational Meeting
  • Date: November 10, 2024
  • Time: 2:00 PM – 4:00 PM
  • Location: Virtual Meeting via Zoom
  • Attendees: John Smith (Managing Member), Jane Doe (Member), Michael Brown (Member), Emily White (Legal Advisor)
  • Absent: None

Call to Order

  • Opening: The meeting was called to order at 2:05 PM by John Smith.

Approval of Agenda

  • The proposed agenda was unanimously approved without modifications.

Business Items

  1. Adoption of LLC Operating Agreement:
    • Discussion: Emily White presented the draft Operating Agreement, highlighting key terms including distribution of profits, member responsibilities, and governance structure.
    • Decision: The Operating Agreement was adopted unanimously after minor amendments.
    • Action Item: Emily White to finalize and circulate the Operating Agreement for signatures by November 15, 2024.
  2. Bank Account Opening:
    • Discussion: Jane Doe proposed opening a business checking account at National Bank B, chosen for its favorable terms for small businesses.
    • Decision: Agreed unanimously to proceed with National Bank B.
    • Action Item: John Smith and Jane Doe to gather required documentation and open the account by November 20, 2024.
  3. Appointment of Registered Agent:
    • Discussion: The importance of appointing a registered agent for service of process was discussed.
    • Decision: The LLC will engage LegalAgent Services, Inc. as the registered agent.
    • Action Item: Michael Brown to finalize the engagement with LegalAgent Services, Inc. by November 17, 2024.
  4. Taxation Election:
    • Discussion: Emily White explained the taxation options available to LLCs, emphasizing the differences between being taxed as a partnership vs. an S corporation.
    • Decision: The LLC will elect to be taxed as an S corporation to take advantage of potential tax savings.
    • Action Item: Jane Doe to prepare and file IRS Form 2553 for the S corporation election by December 1, 2024.
  5. Branding and Marketing Strategy:
    • Presentation: Michael Brown presented a marketing strategy including branding, online presence, and initial market outreach.
    • Discussion: Feedback was provided focusing on target markets and digital marketing tactics.
    • Decision: Approved the marketing strategy with adjustments to target niche markets more aggressively.
    • Action Item: Michael Brown to initiate the branding process and develop the company website by January 5, 2025.

Other Business

  • Next Meeting Schedule: Agreed to schedule monthly meetings, with the next meeting set for December 8, 2024, at 2:00 PM via Zoom.

Adjournment

  • Closing: The meeting was adjourned at 3:55 PM by John Smith.

Prepared by:

  • Michael Brown, Member

Date:

  • November 11, 2024

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