Planning Your Board Meeting: Tips, Topics and Minute-Taking Made Simple

Board meetings might seem like a corporate formality, but for small businesses, especially family-run ones, they’re a valuable opportunity to stay compliant, make thoughtful decisions, and build long-term wealth.  They can also be a tax write-off!

As a business owner, I’ve found that board meetings can be both strategic and personal when done with intention. In fact, this year, my own board meeting is doubling as a family getaway.

Let me explain.

How We're Holding Our Board Meeting as a Family (and Why It Works)

This Thanksgiving, I’m gathering with my Board of Directors, which includes my husband and our two adult sons. We’re meeting in Montana, combining our annual board meeting with the holiday.

We’ll be staying at an Airbnb, reviewing the performance of the business, and discussing future goals. Our agenda is structured, but the setting is relaxed. And yes, we’re making the most of the trip from a tax perspective too.

Here’s how we’re approaching it:

• We'll sit down and have a real meeting - following an agenda that includes:

  • A review of the past year in business

  • Current projects and challenges

  • Forward-looking goals and opportunities

• We’re also including a discussion on family finances:

  • Both of my sons have earned income and will be contributing to their Roth IRAs this year

  • We’ll go over strategies for saving and investing as a family

Since this is an official board meeting, we’ll document it thoroughly. Our meeting minutes will include the address of the Airbnb, and we’ll track business-related expenses. That means the flights, lodging, and rental car are deductible under current IRS rules, because the trip has a clear business purpose and supporting documentation.

Why Board Meetings Matter (Even for Smaller Businesses)

Whether you run a C Corporation, S-Corp, or an LLC, board meetings offer real benefits:

• Help maintain legal compliance

• Create a formal record of decisions

• Provide a space for strategic planning

• Allow families and close advisor friends to align on financial goals

If your board includes family members, meetings can also be a great opportunity to teach financial responsibility and involve younger generations in business decisions.

While LLCs do not have Directors, you can still have a Board of Advisors and follow the same strategies and compliance rules.

How to Prepare for a Successful Board Meeting

You don’t need a big office or expensive software to run a great meeting. You just need a little structure and consistency.

1. Choose the Right Date and Time

• Schedule a meeting around a personal trip that you already have planned

• Set aside time to actually hold the meeting and give your board members a heads-up that this will take place

• Add your Board Meeting to your company calendar

2. Create a Clear Agenda

We typically keep it simple and focused. Our agenda usually includes:

• Year-in-review highlights and lessons learned

• Updates on current goals and projects

• Financial review and tax planning

• Future business strategy

3. Gather Supporting Materials

Before the meeting, prepare and distribute:

• Profit and loss statement

• Balance sheet and cash flow summary

• Any key tax, legal or company policy updates

• Investment and retirement account updates if applicable

4. Assign Roles

• Board of Directors typically also hold a position on the board like President, Vice President, Secretary or Treasurer.  You can also have Advisors that are just that - Board Advisors

• Choose someone to take minutes - typically the Secretary

• Assign follow-up tasks where needed

• If you have a large board or have some big talkers - use a prop like a mug or object  that must be passed around to hold by the person who is talking

Key Topics to Cover in Your Meeting

If you're not sure what to include, these topics are a great starting point:

• Financial performance and cash flow

• Marketing or expansion plans

• Executive compensation and year-end bonuses

• Tax strategies and deductions

• Retirement contributions and company matching

• Shareholder distributions 

• Staffing or leadership changes

• Legal or compliance updates

You can also personalize the conversation. For example, we’ll be discussing my sons’ Roth IRA contributions and long-term savings strategies, which ties back to their roles in the business and financial education.

Don’t Forget to Document Everything

Meeting minutes are required for corporations and highly recommended for LLCs. They serve as a legal record of decisions and help protect your business in case of audits or disputes.

Make sure your minutes include:

• Date, time, and location of the meeting (we’ll be listing our Montana Airbnb)

• Names of attendees and roles

• Summary of each discussion point and any decisions made. These are typically written up as Resolutions. 

  Store your minutes in a secure location, whether that’s a digital folder or printed record book.  You can use tools like chatgpt to write your minutes or you can hire a service like Main Street Business Compliance Essentials that writes up your annual minutes and files your annual state reports for you for $199.

Making Business Travel Count

If you hold your board meeting in another location, and you follow all the documentation requirements, the trip may be partially or fully deductible. For our Montana trip, we’ll be deducting:

• Flights

• Airbnb lodging

• Rental car

This only works if the meeting is legitimate, with a real agenda and documented outcomes. It’s always a good idea to consult with your tax advisor, but when done properly, it’s a smart strategy for business owners who want to combine work and travel.

As a side note, it's justifiable to need to get away from your home office or main office to be strategic and this makes your out-of-town board meeting ordinary and necessary - meaning its its a valid tax deduction. It is much more difficult to justify a trip to Italy is ordinary and necessary. A rule of thumb is to stay in the US and not be extravagant.

Final Thoughts

Board meetings don’t have to be stiff or overly formal. With the right planning, they can be productive, meaningful, and even enjoyable. For our family, they’re a chance to stay aligned on business goals, talk strategy, and have honest conversations about building and preserving wealth.

Whether your board consists of partners, colleagues, or family members, make your meetings intentional and well-documented. You’ll not only stay compliant, but you’ll also create a strong foundation for future growth and get a tax write-off as well.