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In this tutorial, Kevin O'Flaherty from O'Flaherty Law discusses the importance of shareholder meetings for Illinois corporations. Unlike LLCs, Illinois corporations must hold annual meetings to maintain their corporate status. This requirement is crucial for small business owners, as incorporating provides protection from personal liability for corporate debts. If a corporation lacks sufficient assets to cover its debts, it can dissolve. As long as corporate formalities are followed, shareholders' personal assets remain protected from the corporation's creditors, meaning that only the corporation’s assets can be targeted for claims against it.