Serving on a corporation’s Board of Directors can be rewarding to both the company and the individual serving. It often provides an opportunity for the individual Director to provide wisdom, knowledge and valuable experience to the company in which it serves. Serving on a corporation’s Board also brings responsibilities and duties. Authority of a Board of Director In North Carolina, …
The North Carolina Secretary of State’s Office recently mailed out “Notices of Grounds of Administrative Dissolution” to businesses which lacked one or more filed annual reports. As you are probably aware, business corporations and limited liability companies which are approved to conduct business in the State by the N.C. Secretary of State are required to file annual reports with the Secretary of State. Being delinquent on filing the annual reports is grounds for administrative dissolution. If a business is administratively dissolved, the business no longer has what is referred to as the “corporate shell” which could create personal liability for the owners, board of directors and officers of the business.
According to the law of North Carolina, business entities registered with the North Carolina Secretary of State are not required to file corporate minutes with the North Carolina Secretary of State’s Office. Recently, the North Carolina Secretary of State’s Office received questions about a mailing which businesses received regarding “Annual Minutes Requirement Statement”. This mailing was a solicitation from a …
