Shareholder’s Consent in Lieu of a Meeting

It is unnecessary to hire a lawyer to produce your Shareholders' Consent in Lieu of Meeting form. However, it could be beneficial to consult an appropriate law firm if you don’t know how to proceed or simply desire to be extra careful about everything being aboveboard.

By definition, the Shareholders’ Consent in Lieu of Meeting is revocable. Unless perhaps in the event that it is specified to the opposite. However, a revocation is only possible before the resolution is approved and filed as an official corporate decision.

There are no meaningful differences between a Shareholders' Consent and meeting minutes in terms of functionality. To clarify further, meeting minutes are used when a meeting actually takes place. Whereas a Shareholder's Consent in Lieu of Meeting specifically vacates the necessity of holding a meeting. Both documents are both filed in the company's minute book together with all other records of meetings and resolutions.

Officially, a shareholder resolution is a proposal that all shareholders submit for a vote at the annual shareholders' meeting. It is a type of non-binding recommendation to the board of directors. Shareholder resolutions are serious matters usually put to a vote immediately.

One of the most important aspects of the Shareholders’ Consent in Lieu of Meeting is to specify if unanimous consent is necessary or otherwise. When the pursued action isn't unanimous or if a shareholder hasn't made up his or her mind, scheduling a meeting is probably a better option. Certain corporate resolutions are traditionally best discussed by shareholders in person.