Does a Single Owner Corporation, C, Corp, S Corp or LLC Need to Have Annual Meetings of Shareholders and Directors?

If your business is owned by a single person, and does not have multiple owners or shareholders, do not fret – the majority of small businesses are single-owner businesses. Many single-owner businesses wonder whether they need to comply with the annual meeting, notice, and filing requirements. The answer is generally yes.

Complying with the annual requirements for single-owner businesses is especially important because it avoids the appearance that the entity is a “shell” company and that personal liability should be imposed on the individual owner.

Generally, the consequences of failing to comply with annual requirements can range from the following:

Corporation or LLC can be subject to “piercing the corporate veil” for failing to adhere to the corporate formalities, meaning that the owners are vulnerable to personal liability
Corporation or LLC can be suspended or otherwise penalized for not being in good standing with the State.
The Secretary of State or Franchise Board can impose late fees, interest payments, penalties, and other monetary fines.
The State can administratively dissolve the company for failing to comply with the legal requirements

Complying with the formalities does not need to be a headache. To get help for your company, drop us a line and we will be glad to help.

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