Meeting Minutes Requirements for Farm and Ranch Businesses
“I call this meeting to order…” isn’t something that we often hear in farming and ranching, but according to the articles of incorporation, operating agreements, or bylaws of many agricultural businesses, an annual meeting is a requirement. Holding an annual meeting does not have to be a formal affair. However, under Nebraska statutes § 21-2,221 “A corporation shall keep as permanent records minutes of all meetings of its shareholders and board of directors, a record of all actions taken by the shareholders or board of directors without a meeting, and a record of all actions taken by a committee of the board of directors in place of the board of directors on behalf of the corporation.”
In this Center for Agricultural Profitability article, financial experts outline a typical outline for an annual meeting agenda and minutes necessary to retain limited liability protection for a corporation.