What is Notice of Meeting or Waiver of Notice of Meeting?
When a business entity holds a meeting of the partners/shareholders/unit holders, the business entity organizational documents will require that notice be provided to each owner or that each owner signs a waiver of the notice requirement.
The organizational documents will set out how the notice is delivered and how far before the meeting that the notice must be delivered. The notice requirement may require a written notice that is personally delivered, mailed or e-mailed.
In many cases, small businesses do not want to provide a formal written notice so they have each owner sign a waiver of this requirement. That document is called a Waiver of Notice of Meeting. Even if the business normally provides the required notice of meetings, they may need to obtain a Waiver of Notice if they do not have the required time to provide the proper notice.
The foregoing is not intended to constitute legal advice for any specific circumstance, but is intended to reflect broadly applicable principles, under Minnesota law, relevant to a typical situation. Each set of facts and each contract is, or can be unique; the unique facts and specific language of the contract may require a different legal analysis and may result in a different outcome. Before proceeding in reliance upon this or any other general description of law, consult with an attorney competent in the field of practice relevant to your situation.
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