Why Annual Meetings?

Often, business owners either fail to hold an annual corporate meeting, or will document that a meeting was held to update their corporate record book.  We believe that simply going through the motions in holding an annual corporate meeting is a missed opportunity for business owners to sit down together away from the office, to perform a check up of their company’s structure, operation, and financial well-being.
Failure to hold an annual corporate meeting can also potentially place the owners of a business at risk of being held personally liable for what should otherwise be a corporate debt or responsibility.  Litigants who sue a business for personal injury or breach of contract may be able to pierce the corporate veil and obtain recovery against the personal assets of the owners of a business if the business has failed to follow corporate formalities (including, among other things, failing to hold annual corporate meetings.)

Let us host your next annual corporate meeting!

Examples of issues which we commonly address at our hosted meetings include:

• whether the owners have determined a fair market value for their business, and have issued the appropriate number of shares of stock;
• whether the corporate minutes are accurate and up-to-date;
• whether the company has current By-Laws that reflect the company’s current management structure;
• whether the company has a current Buy-Sell Agreement that reflects the current value of the company, and resolves any questions regarding the voluntary or involuntary transfer of the business;
• whether the company has adequate insurance (e.g., life insurance, disability buy-out insurance, liability insurance, etc.), to protect the owners in the event of some unforeseen circumstance;
• whether there are any employee-related issues that need to be addressed;
• and whether there are any liability or risk management issues that need to be addressed.

Mandatory Workplace Postings

Pennsylvania employers are required to post certain notices in their worksites so employees have access to and information about applicable labor laws.

All notices must be posted in a conspicuous place so that they can be seen and read by employees. Failure to post notices can result in stiff penalties and possible fines.  In addition to the notices listed below, all government agencies and private employers with government contracts over $25,000 are required to publish and post an anti-drug policy statement in accordance with the Drug-Free Workplace Act of 1998. 

• Abstract of the Pennsylvania Child Labor Law – All employers of minors
• Hours of Work for Minors Under Eighteen – All employers of minors
• Minimum Wage Law Poster and Fact Sheet  - All employers
• Abstract of Equal Pay Law  – All employers
• Pennsylvania Right to Know Law  - Public employers (State, County, Township, etc)
• Unemployment Compensation – All employers (Public) (There is also a separate poster for Spanish-speaking employees)
• Unemployment  Compensation for State Employees – State Government employers
• Workers’ Compensation Insurance Posting – All employers
• Employment Provisions of the PA Human Relations Act – Employers of four or more employees and subject to the Pennsylvania Human Relations Act
• Public Accommodations Provisions – Public accommodations, such as restaurants, theaters, doctor’s offices and schools. Available to accommodations subject to the Pennsylvania Human Relations Act.
• Fair Lending Practices – Lenders and by businesses where housing financing transactions are negotiated, such as banks and savings and loans. Available to accommodations subject to the Act
• Fair Housing Practices – Owners of housing, real estate brokers and others subject to the housing provisions of the Act

From PA Dept of Labor & Industry website

In addition to the Pennsylvania mandatory postings, there are federally mandated postings as well.  You can find a list and details at the US Department of Labor Website.

Unsure if you have all of the required mandatory postings, or unclear what the postings mean to you and your employees?  Let our experienced staff complete a quick check of your existing postings, or set up a one-on-one or management training sessions on the basics of mandatory postings and the laws behind them.