Once your company has been incorporated, you should hold a board meeting with the directors of the new limited company. It’s usually considered best to do this within a month of the formation of the company. As with all board meetings, you’ll need to produce minutes of the first directors’ meeting so we’ve created a handy free template set of minutes that you can download, amend and use for your company.
As well as discharging various formalities related to the formation of the company, the first directors’ meeting allows the directors to discuss the new business and refer to the company’s Memorandum and Articles of Association.While there’ll be some similarities, the matters discussed at the first board meeting will differ between different companies. The following checklist, however, includes a number of matters that are commonly dealt with in the first directors’ meeting:
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- Appointment of a chairperson
- Details of the formation of the company, the registered office and initial directors
- Disclosure by the directors of any interest in contracts of the company
- Appointment of the company’s auditors
- Appointment of the company’s bankers
- Deciding on the company’s accounting reference date
- Details of the company’s initial share capital and the register of members
- Registration with HMRC for VAT, payroll etc.
- Other items of pressing interest to the company
- Arrangements for the next directors’ meeting
A copy of the minutes should be circulated to each of the directors, whether or not they were present at the meeting itself. Dependent on the exact content of the meeting, there may also be documents that need to be filed with Companies House.
A copy of the minutes of the first directors’ meeting (as well as minutes of all future board meetings) should then be filed for safekeeping. They must be available for inspection at the company’s registered office (or a Single Alternative Inspection Location, if one has been selected).
Going forward, you’ll also need to make arrangements for regular meetings of the directors and for written minutes to be produced for each meeting that takes place.
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