Officially documented meetings are generally reserved for corporations. The first meeting after a corporation is founded is called an organizational meeting and, as the name suggests, focuses on evaluating the company, electing officers and directors, drafting bylaws, and issuing stock.
Perhaps the most crucial aspect of board meetings is the requirement to take meeting minutes. This document is a way of monitoring how the business is being run and can include the names of those present at the meeting, the items covered during the meeting, any decisions made, necessary action to be taken, and important dates, in addition to other specific considerations. Board meeting minutes not only provide written records, but accountability, a critical component to running a corporation ethically.