Formation

Question 1

When is it formed?

Answer 1

A corporation is formed when the Articles of Incorporation are filed with the Secretary of State.

unless a delayed effective date is specified

Question 2

Articles of Incorporation MUST contain:

Answer 2

1) the corporate name
2) number of shares the corp is authorized to issue
3) name of registered agent
4) address of corp’s initial registered office
5) name/address of each incorporator

Question 3

Bylaws

Answer 3

Rules and regulations adopted by the Board of Directors that govern the internal operations and management of a corporation

Question 4

Conflict between AIC and Bylaws

Answer 4

The Articles of Incorporation control

Question 5

Corporation Powers

Answer 5

A corporation has the power to do all things necessary or convenient to carry out its business and affairs

Question 6

Amendments to Articles of Incorporation

Answer 6

May be amended if there is a majority vote from the directors and shareholders

Minor amendments may be made just by directors