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the following BL TV program is brought to you by OFlaherty law please enjoy welcome to learn about law my name is Kevin o Flaherty from OFlaherty law and today were gonna talk about shareholder meetings for Illinois corporations so Illinois corporations unlike LLCs are required to hold an annual meeting of shareholders in order to keep their corporate form intact and so what I mean by this is that one of the reasons that you incorporate if youre a small business owner especially is to protect yourself as a shareholder from personal liability for corporate debt so if the corporation doesnt have enough assets to pay its creditors or to pay its lease or other liabilities then the corporation can dissolve and as long as everything is on the up-and-up and corporate formalities have been upheld throughout the whole process then the creditors of the corporation cant come after the personal assets of the shareholders or the directors so basically whatever the corporation owns is the li