What meeting minutes are required?
At a minimum, you must submit a copy of the business concerns initial or organizational meeting minutes and at least the last two immediate years of annual meeting minutes.
Typically the initial or organizational meeting minutes are prepared at the time you formally organize your business concern. The initial meeting minutes will usually contain the following information:
- A listing of all business concern shareholders, owners or members
- Elections of the initial Board of Directors, Managing Member or General/Limited Partners
- Election of all business concern officers such as the President/CEO, Vice President, Secretary and Treasurer
- Resolutions acknowledging the filing of the Articles of Incorporation, Organization or Partnership filing
- Resolutions accepting the original Bylaws, Operating Agreement or Partnership Agreement
- Any other general business topics discussed such as opening business bank accounts, officer salaries, etc.
Your Bylaws, Operating Agreement or Partnership Agreement will generally outline the requirements for holding meetings. Typically each year a meeting is held with the purpose of electing or re-electing the Board of Directors, Managing Members or General/Limited Partners and all officers.
Who is required to submit them?
All business concerns that are formed as a Corporation, Limited Liability Company or Partnership must submit the meeting minutes as part of their 8a Application. If you operate as a Sole Proprietorship, you are not required to be submit meeting minutes.
For more tips and specific examples of SBA acceptable Meeting Minutes and other required documents related to your SBA 8a Application please take a look at the 8a Accelerator.