The corporate entity should have it’s own banking accounts (to include checking, lines of credit, etc.). Not keeping these funds separate, also known as “commingling,” can lead to increased scrutiny and potentially serious liability in the event of audit by the IRS with the endangerment of personal assets. It is a best practices procedure not to commingle funds. Meetings of the Board of Directors’ must be held at least annually, usually following closely behind Shareholder meetings (also known as “Special Meetings”). All 50 states mandate a meeting being held at least once a year.These annual meetings should be used to approve transactions entered into by the Corporation.In lieu of attendance by any given Director, written consent must be provided by said Director (either in the form of a waiver in the absence of proper notice, or in the form of a proxy vote given proper notice) for any decisions made at these meetings.Meetings of the Shareholders, also known as “Special Meetings” can be held at any time.The Corporation’s Secretary is responsible for giving proper legal notice of these meetings, and for maintaining the necessary waivers, proxies, minutes, etc.