annual meeting

Business Basics: Annual Meeting for Small Corporations

Corporate meetings aren’t exactly fun; they’re tied to board rooms, suits, and a lot of financial talk. And so smaller corporations – especially those with just a handful of shareholders – often ask whether they really have to hold a meeting every, single year to effectively rubber-stamp the same board of directors and file their annual report. The answer, of course, is yes. Annual shareholder meetings are legally required for private and public corporations, regardless of size. But your annual meeting doesn’t have to be a stodgy affair. In fact, one of the best parts about being a smaller corporation is the extra little bit of freedom you have in how these meetings are run.

Forget the Board Rooms and Offices

You have to set the date of your annual shareholder meeting in your bylaws, but the location is up to you. Plenty of corporations opt for the traditional, formal meeting – everyone gathers in the office, there’s a podium, people wear suits, and everything is very cut and dry. But what if you run your business from home, as nearly half of all small business owners do? Or what if you want your annual meeting to be a bit more enjoyable? There’s absolutely nothing wrong with meeting at a restaurant, or around your kitchen table. In fact, we’ve talked to plenty of CEOs who make their annual meeting a potluck; the few shareholders they have all bring a dish, they sit down, do their formal meeting, and then spend the rest of the day eating and talking. Some states actually do set a minimum for the number of shareholders that must be present, so hosting a more laid-back meeting can help ensure people do come.

Have the agenda laid out and ready to go

The chair can technically “wing” the meeting if they have a good idea as to what needs to be voted on. Normally these meetings are to appoint and/or remove directors, modify corporate bylaws, vote on shareholder initiatives, and approve transactions requiring shareholder approval like mergers or asset sales. But it’s a better idea to list out what, exactly, needs to be brought up so you can keep the formal part of the meeting as quick and easy as possible. Different states may also require different numbers of votes depending on the transaction – sometimes a simple majority is not enough – so planning this out lets you know what numbers you actually need.

Keep your minutes light

You must keep the minutes of your annual meeting, but you do not have to transcribe every, single thing said. Note the date, time, and place of the meeting, take attendance, lay out the agenda, and record votes. If anything new is brought up during the meeting, make sure to note that as well. Otherwise, your minutes can effectively be a quick sketch of your annual meeting. Just make sure, before everyone leaves, you pass around the minutes so everyone can review them. These constitute an official document and it’s important they portray the meeting accurately.

Every corporation must host an annual meeting for its shareholders, but there’s no reason why it has to be this dreaded, boring affair. Corporations, especially those with just a handful of shareholders, have a bit of leeway as to what the meeting will actually look like. Set out the agenda, keep minutes, and vote, but feel free to make this a meeting of friends, as well as a meeting for the shareholders.

Have any questions about corporate governance? Want to form your own corporation but not sure where to start? Click here for a free consultation, or give us a call at 1-877-692-6772 and we will be happy to answer any questions you may have!



How to Approach a Negotiation: Preparation and Honesty

About two weeks ago our CEO Deborah Sweeney was featured over at Mike Michalowicz’s great blog with her tip on negotiation tactics. The actual topic was ‘How to Win a Negotiation’ and Deb had 500 characters to distill her philosophy regarding negotiation into an easily digestible blurb. We liked the topic and all of the tips provided so much that we decided to take negotiation topic (sorry Mike!) and give Deborah a chance to expand on her quick little answer through a longer post. Plus it’s her blog, so she can use as many characters as she wants.

Can’t we all just get along?

So we don’t have to re-print the answer, you can either go read all of the responses over at Mike’s blog (which you should, because it really is a useful site and psst, Deborah’s tip is number 28), or you can settle for the quick and dirty version – when approaching a negotiation, be honest, be prepared, and be willing to compromise. (more…)


Three Awesome Perks from Big Time CEO’s

What is the coolest thing your manager or CEO has ever given you? A free lunch? The chance to work at home? Free samples of whatever your company produces?

Whatever it is, it probably pales in comparison to some of the things big name CEO’s are handing out to their employees these days. Of course we could have found a lot more than three examples of CEO’s being generous – there are plenty of stories out there about bosses divvying up their holiday bonuses, or taking a pay cut to help out with things get tough. But these were the three that had our social media department buzzing, and we thought’d it would be pretty cool to look at the perks being given out in the corporate world. (more…)


Small Business Trend Alert: What to Watch in 2012

Consider this week’s post the MyCorp crystal ball to seeing the future of small business! Now that January is in full swing, we thought it would be a good time to take a look at what small business trends are currently developing. As we move full speed ahead into the rest of 2012, take a look at the trends below. Don’t let your small business fall behind!

Internet Search Boom

We all know how important it is to have an online presence. In 2012 your presence is more important than ever. According to, the number of internet users worldwide in 2011 jumped to over 2 billion- wow! Take away two lessons from this number in hopping on the social bandwagon. (more…)


Taking Your Business to the Top!

What inspires big business leaders and entrepreneurs? How do the best leaders at the top, the Donald Trumps of the business world get their drive and motivation? The beginning of a new year is a great time to get your inspiration on and grow your business. How do you do it and not lose sight of what you started along the way? These 4 tried and true tips are the ultimate to keep in mind that successful entrepreneurs everywhere use to get to the top!

1. Set Football Field Goals

Picture a football field. The goal is to run the ball to into the end zone and score, right? Along the way you hit different field markers, 5 yards, 10 yards, 15 yards and so on. You can’t get to the end without passing these markers. The same rings true with goals. What about a Hail Mary you ask? The receiver must run past and the ball must fly over each yard before they reach their destination. (more…)


MyCorp's Interview with Vegas Morning Blend!

Happy New Year! We hope you had a great holiday season. Now that it’s over, what should you do now? If you haven’t done so yet, consider making a new year’s resolution for your business! Our CEO Deborah Sweeney visited the set of The Morning Blend in Las Vegas to discuss all the great things MyCorporation has to offer in the new year, as well as reasons why you should incorporate your business! Tips include the benefits of incorporation including separating your business from your personal assets, as well as helpful tax information. Start this year off with a bang and incorporate your business! Check out the interview by clicking here!


Gift This… Not that.

If there is one thing internet blogging outlets have become increasingly good at, it is telling you what to buy. Once the holidays roll around nearly every, single business blog begins to look like a Sky Mall catalog. Did you know that your boss wants a personalized business card case? Or that CEOs everywhere are clamoring for the fancy vinegars and expensive laptop stands?

Neither did we! But, judging from what we’ve been reading online on holiday office shopping, your best bet is to just walk into your closest Brookstone and just grab a handful of the shiniest gadgets. Since Christmas is getting closer, we thought we’d help everyone out by giving our suggestions on what you can get your favorite CEO or entrepreneur. While our suggestions aren’t as cute or whimsical as others, we feel that, at the very least, they can be used without causing any embarrassment. (more…)