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How to Underline Incorporators' Organizational Meeting

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foreign [Music] hi i am attorney marie chris bataan lasko this is my virtual classroom welcome to my youtube channel in this channel i shall aim to simplify the law i shall discuss concepts and principles of law in under 10 minutes hello again everyone welcome to my virtual classroom so for this video i want us to talk about who will be the incorporators or the original formers of the corporation so lets begin lets talk about the incorporators incorporators are the original formers of the corporation these are actually the people or the persons that you will find in the articles of incorporation as being the first corporators of the corporation we call them again your incorporators who can become incorporaters of a corporation the answer to that question is found under section 10 of your revised corporation code lets read section 10 it says any person partnership association or corporation singly or jointly with others but not more than 15 in number may organize a corporation for a

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Is the incorporator the founder?

Typically, incorporators are the actual owners of the business. In such a situation, although they begin as incorporators with very little rights, they become the owners of the corporation once its existence begins.

What is the difference between incorporators and directors?

The incorporator is the person or persons who organize the corporation and file the Articles of Incorporation. Once the filing is complete the incorporators function is usually finished. After that the management of the corporation is performed by the directors.

What is the power of an incorporator?

Until the nomination or election of the first directors, the incorporator(s) shall manage the affairs of the corporation and may do whatever is necessary and proper to perfect the organization of the corporation, including the adoption of the original bylaws and the election of directors.

What is the first meeting of a corporation called?

An Incorporators Organizational Meeting is an initial meeting of the incorporators of a company where the initial resolutions to organize the company are recorded. This occurs after Articles of Incorporation are filed and a certificate of incorporation is received from the Secretary of State.

Who are the incorporators?

Incorporators are those stockholders or members mentioned in the Articles of Incorporation as originally forming and composing the corporation, and who are signatories thereof. Each incorporator of a stock corporation must own, or be a subscriber to, at least one (1) share of the capital stock.

What is an organizational meeting?

Organizational meetings are held to appoint officers, elect or appoint directors, issue shares in the corporation, approve bylaws, setup minute books, appoint or waive the appointment of auditors, set up bank accounts, etc.

Can there be two incorporators?

Requirements for specifying incorporators are as follows: Only one incorporator is needed. The names and signatures of all incorporators must be listed on the articles of incorporation.

What is an example of an incorporator?

The incorporator may be an attorney or other person hired expressly to serve as incorporator. Or, they may be a shareholder, a member of the board of directors, or an officer such as president, treasurer, or secretary.

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