There's no one 'proper' way to conduct meetings, it depends on your team and situation. You'd probably be good to ask your (conveniently small) team about the issue, they'll be able to give you a better answer than any HN user.

That being said, 37signals "Getting Real" has a chapter on meetings (http://gettingreal.37signals.com/ch07_Meetings_Are_Toxic.php) that is probably worth reading (though most of the points have already been made in comments here), as is the rest of the book.