To protect your individual assets from your business assets, one option is to incorporate your business making it a limited liability corporation (LLC). Most LLCs have a board of directors but if you are a single director LLC you will still need to handle meetings and take minutes to record your activities. As a single director, the taking of minutes is your job. Adding this additional responsibility is necessary to make sure your business is run properly.
Write details about your meeting. Simply because you are a single L.L.C does not mean that you should not sit and evaluate your business on a monthly or quarterly basis. Consider this a business meeting. Choose a journal, notebook or word processing document file in which you will keep all business notes. This will be where you keep the minutes. Select a clean page. Write the full date, time and location of your meeting. Note your name and position in the company as being the only one present.
Review previous meeting notes. In your business journal, you may previously written down notes of goals or business plans. For example, you may have had a goal that you would have sales of $1,000 per month over the last quarter. Review this information and compare it to see if you have met this goal. Write in the minutes that you reviewed the notes.
Next, write your goal evaluation in the minutes. For example, if you were able to meet the quarterly sales goal, write out how this was achieved. Be specific. Include figures and per item sales. Note any problems that occurred or bonus sales you accomplished. Consider and write down any ideas you have to sustain or increase this goal. Write in the minutes that you have evaluated the goal.
Cover the financial statements of the business. Write information in the minutes journal that is a full accounting of funds in savings, petty cash, spending or investment accounts. If you have been paid a salary, note this and report this. If you have accounts due to be paid, note these as well. Write in the minutes that you have given consideration to the businesses financial statement.
Close the meeting if there are no other issues to be dealt with. Write that you are adjourning the meeting and note the time that the meeting is being adjourned. Secure the minutes until your next meeting.
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