Legal Question in Business Law in Illinois

Are annual meeting notices required in Illinois in order to conduct a valid meeting if the majority shareholders consent? We have 3 shareholders. Our bylaws state that this can be done without call or notice.


Asked on 8/26/15, 8:40 am

1 Answer from Attorneys

William Price Growthlaw

Just prepare a form for unanimous action without a meeting and get same signed and dated by all shareholders. The action can include required annual meeting things like election of officers, can ratify all actions taken in the prior year, and can otherwise clean up your minutes book so your current bank account, tax matters person, etc... are clear. Also think about end of year bonuses to cover tax payments due from your shareholders if you are a pass-through entity, etc...

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Answered on 8/26/15, 8:49 am


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