@Logicfest -- I would submit to you that any corporation regardless of how small it is could be heading for serious trouble without some form of governance. For example, the laws in most states require corporations to do things such as hold regularly scheduled board meetings, elect officers, etc. If none of that stuff is done, it is conceivable to have a corporate charter yanked and that spells trouble.
Anyone running a small corporation should really look into some corporate governance training to learn how to run a business. Because, folks, that is really what we are talking about. The skills one needs to run a business are often not held by people forming companies. Lawyers learn how to sue people in law school, doctors learn how to heal the sick. Neither profession spends much time (if any) teaching people how to run a company.