The Basics of LLC Formations
With LLC formations, you do not need to keep any formal minutes, as if you would if you were a corporation. In addition to not having to track minutes, you do not need to have any company meetings, nor do you have to record any resolutions that your LLC makes. With corporations, all of this is required and you have to keep it on file just in case somebody asks for it in the future, in most cases you do not need to file the minutes with the state that you are incorporated in.
Another advantage of using the LLC formation for your business is that you do not have to file annual reports for your business. Only corporations are required to file quarterly reports with the SEC so that the public and the SEC know what are going on within the corporation, there are some exceptions to this rule though. Corporations that are public, meaning you can invest in them by purchasing their stock, must file these reports so that the shareholders can see what is going on within the company. LLC companies do not have to file these reports because they are not allowed to sell shares to the public or their employees.