Organizing your corporation
After incorporating, how do I organize my corporation?
After incorporating your business you will need to establish the internal organization of the corporation. In order to do so, the first directors are required to call a meeting, in which they will adopt a number of resolutions that will allow the corporation to initiate its activities. During this first meeting directors usually:
a) adopt the by-laws of the corporation
b) arrange the creation and maintenance of the corporate records
c) appoint officers and senior management
d) issue shares to the initial shareholders
e) appoint an accountant and/or auditor (or dispense of the requirement to have audited financial statements)
f) make the appropriate banking arrangements
g) set a financial year-end
h) transact other businesses
Practically, for closely held companies, founders often approve the initial organization resolutions by executing prepared drafts.
After the initial organization, the company will be required to comply with additional meeting and continuous disclosure requirements as described in the applicable statute.
For minute book and organization documents, click here.