The law does generally not require meetings of Limited Liability Companies, Trusts, and Limited Partnerships. However, a Limited Partnership or Limited Liability Company (LLC) is a business, and most businesses do have regularly scheduled meetings of the management team and the owners. To help make sure my clients formalize this, the LLC operating agreements I draft do require an annual meeting. There are advantages to having regular meetings. Among the advantages are:
- An opportunity to discuss the business of the Company.
- An opportunity to discuss opportunities and problems that arise during the management of the Company.
- An opportunity to get the family together for a business meeting.
- The expenses of the business meeting, including travel, food, and lodging, are tax deductible to either the individuals or the Company.
- In some cases, only part of the travel, food, and lodging are tax deductible. Seek the opinion of your CPA or tax preparer to determine how much is tax deductible in your particular case.
Every Member, Manager or Partner should be notified of the meeting far enough in advance to attend the meeting. Evidence of the notice in writing is not required, but can support the business purposes of the Company, as well as tax deductions for the cost of the meeting.