DO OFFICERS SALARIES AND BONUS HAVE TO BE GIVEN IN DOLLARS IN THE BOARD OF DIRECTORS MINUTES

Asked over 5 years ago - Huntington Beach, CA

DO OFFICERS SALARIES AND BONUS HAVE TO BE GIVEN IN DOLLARS IN THE BOARD OF DIRECTORS MINUTES

Attorney answers (1)

  1. Tamara Lynn Harper

    Contributor Level 10

    Answered . No you do not need to set forth specific amounts of officer and board member salaries within the board of director annual minutes. The State of California requires certain items to be prepared on an annual basis. We refer to this as annual corporate compliance and/or governance. The Board of Directors must have annual meetings and minutes as well as the Shareholders. Please review your Bylaws to determine when this meeting is to be held and the notice requirements. The main purpose of the Shareholder minutes is to nominate and elect directors, ratify their actions for the prior year, and approve financials. The main purpose of the Board of Director minutes is to nominate and elect the officers of the corporation, ratify their actions for the prior year and approve financials. The provisions and language can be broad and generaly and need not be specific as to exact dollars paid. There is also a Summary of Transactions that Attorneys Corporation Service provides within the corporate minute book that should be part of the agenda of the meeting and reviewed. If any of the action items therein occurred, you should contact corporate counsel to discuss the appropriate further resolutions needed.

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