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Catherine Taylor, a business lawyer, emphasizes the importance of holding annual shareholder and board meetings for small corporations, especially as the year-end approaches. By law, most states require these meetings unless the corporation is a closed corporation, which allows some formalities to be waived. The video outlines that most companies do not qualify as closed corporations, thereby necessitating compliance with the requirement for holding these meetings. Taylor aims to inform business owners about their legal obligations concerning corporate governance.