We have made it to the new year which means it may be time for your company to hold a meeting of the members and or managers. Although the North Carolina Limited Liability Company (LLC) Act does not expressly require an annual meeting like those required of corporations, a meeting allows members to present changes to the company; discuss business performance, goals, and strategies; and to elect a manager or managers.
The manager(s) are then authorized to manage all business of the LLC. See, N.C. Gen. Stat. § 57D-3-20. As we discussed at our first meeting, it is important for the managers to maintain corporate formalities, such as holding meetings, reaching decisions by properly voting, and recording the results of the meetings in the form of minutes, which can be filed with your company book. (There is no need to make them public record). The meeting is also a good time to ensure your annual report is correctly completed and filed. If this is your first time filing an annual report, you will also have to select a principal place of business and provide an office address.
Under N.C. Gen. Stat. § 57D-3-20 “Each manager has equal rights to participate in the management of the LLC and its business. Management decisions approved by a majority of the managers are controlling. The managers may make management decisions without a meeting and without notice.” Further, each manager has equal rights to participate in the management of the LLC, so don’t forget to notice your managers to the meeting.
If you would like assistance with any of these steps, please let us know. You are also welcome to hold your annual meeting at our office or through phone/video conference with our Raleigh small business lawyer. If interested, please contact the office to schedule an appointment.
As for deadlines, your next filing deadlines are as follows: You need to send 1099s to any contractors by January 31, 2020, your LLC’s Tax Returns are due on March 15, 2020 (one month prior to the deadline for personal returns to allow proper notification of profits and losses passed to the members), and the Annual Report is due April 15, 2020. If we are your registered agent, we will be in touch again prior to the deadline to file your annual report. However, if you wish to take care of this at your annual member/manager meeting, there is no harm in filing early.
Please do not hesitate to contact us for assistance if you have any questions or concerns regarding the information above or any other matter. Have a great day and best wishes in the new year!
As always, if you have any questions or need to speak to our Raleigh small business lawyer about anything regarding your company, LLC or other business entity, be sure to contact our law office.
If you are getting ready to start your own business and need help forming a sound-tight article of incorporation, contact our firm today. Eldreth Law Firm, PC is a great firm. Our Raleigh small business lawyer will get your business on the right track from the beginning without having to worry about legal issues or law violations.