Short Answer: Corporations generally should. LLCs usually are not required to, but both benefit from periodically reviewing and documenting major decisions.
Why It Matters: Annual reviews provide an opportunity to discuss financial performance, strategy, insurance, compliance, and long-term goals. Even if meetings are not legally required, documenting important discussions demonstrates thoughtful leadership and creates a valuable record.
Common Mistakes: Skipping meetings because everyone agrees; failing to document important decisions; waiting until problems arise.
Michelle's Bottom Line: Working on your business is just as important as working in it.
