Florida Community Association Manager Practice Exam

What is required of every corporate entity under FS 617 and FS 607?

1. Hold a quarterly meeting

2. Conduct an annual meeting

3. File an annual report

4. Submit financial statements

The correct answer is: Conduct an annual meeting

Every corporate entity under Florida Statutes 617 and 607 is required to conduct an annual meeting. This requirement establishes a formal process for shareholders or members to gather, discuss the company’s performance, vote on important matters, and elect directors. This annual gathering serves as a crucial forum for communication between the board of directors and the stakeholders, ensuring transparency and governance within the corporation. In contrast, while holding quarterly meetings, filing an annual report, or submitting financial statements may be important aspects of corporate governance or compliance, they are not mandated for all corporate entities under these specific statutes. The requirement for an annual meeting solidifies the expectation that corporations must engage their members once each year, fostering accountability and involvement within the corporate structure.