Comments on: Unanimous Consent, Directors in place of Annual Meeting http://www.getfreelegalforms.com/unanimous-consent-directors-in-place-of-annual-meeting/ Your Free Legal Documents Online Source Wed, 01 Feb 2012 07:44:06 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Dan http://www.getfreelegalforms.com/unanimous-consent-directors-in-place-of-annual-meeting/comment-page-1/#comment-7 Dan Wed, 26 Nov 2008 16:54:27 +0000 http://www.getfreelegalforms.com/?p=1212#comment-7 Minor day-to-day actions taken by officers and directors don't usually require a formal minute or resolution; however, major acts should be well documented. The purchase or sale of a major corporate asset (such as real estate or big equipment) can usually be approved by a directors' resolution. To protect the directors from personal liability, shareholders may also approve a resolution that involves the sale of a majority of the corporation's assets. When a major action is documented in minutes or resolutions, it is a historical record of the corporation's and directors'/shareholders' business intentions. This can be very important should there be a tax audit or lawsuit. I have written much more at www.incorporation911.com. Minor day-to-day actions taken by officers and directors don’t usually require a formal minute or resolution; however, major acts should be well documented. The purchase or sale of a major corporate asset (such as real estate or big equipment) can usually be approved by a directors’ resolution. To protect the directors from personal liability, shareholders may also approve a resolution that involves the sale of a majority of the corporation’s assets.

When a major action is documented in minutes or resolutions, it is a historical record of the corporation’s and directors’/shareholders’ business intentions. This can be very important should there be a tax audit or lawsuit.

I have written much more at http://www.incorporation911.com.

]]>