First Board of Directors Meeting Minutes Template
The first board of directors meeting typically covers much of the same information as the first shareholder meeting (some corporations even combine these meetings or hold them back to back). In this meeting, directors approve initial corporate documents and ensure officer roles are filled. This is also the time when officer salaries are typically set, and any remaining initial tasks are wrapped up. Meeting minutes ensure that all these actions are documented in the corporate record. We provide a free meeting minutes template for your first board of directors meeting.
What should board of directors first meeting minutes include?
Your corporation’s first directors meeting typically focuses on initial organizational tasks, including electing officers, setting their salaries, resolving to open a bank account, and ratifying bylaws and actions of the incorporators. Our free first meeting minute template includes this key information and much more:
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General Meeting Information: Our template includes spaces to list the corporation’s name, meeting date, and location.
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Attendance: The names and addresses of all those present are listed. The template also notes which directors were present and which directors are there by proxy.
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Chairperson and Secretary Elections: The corporation elects a chairperson to run the meeting and a secretary to keep minutes.
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Quorum and Notice Confirmation: The chairperson confirms that a quorum (minimum number) of directors is present. The secretary confirms that sufficient notice of the meeting was given or waived. Need a waiver? We also have a free template for a waiver for the first director meeting.
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Approval of Key Documents: Directors ratify and approve essential organizational documents, such as the Articles of Incorporation and bylaws.
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Officer Appointments and Salaries: Officers are appointed or confirmed, and the names of each officer are listed next to their titles. The wages or salaries for these positions is also agreed upon and recorded in the minutes.
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Remuneration : Incorporating isn’t free—at this meeting, the officers are directed to reimburse incorporators for their expenses (such as the filing fee to submit Articles of Incorporation).
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Bank Account: The minutes record the name of the branch and bank where the corporate funds will be deposited. The directors authorize the officers to open the corporate account and deposit funds.
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Shares: The names of shareholders, the number of shares they hold, and the money or property they exchanged for their shares is recorded.
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Other Items of Business: While the most common meeting topics are covered, the template includes space for any additional items of business conducted.
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Signatures: The meeting secretary signs and dates the meeting minutes. Witnesses can also add their names and signatures.