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Extra resources for Improving Access to Public Transport
Complete Bill of Sale if property is traded for stock. File fictitious name if one will be used. Get licenses. Open bank account. For S corporation status, file IRS Form 2553. Glossary A annual report. A document filed by a corporation or limited liability company each year usually listing the officers, directors, and registered agent. articles of incorporation. The document that demonstrates the organization of a corporation, called certificate of incorporation in some states. articles of organization.
This shows some formality and gives each person tangible evidence of ownership. If you do issue shares, the face of each certificate must show the corporate name, the state law under which the corporation was organized, the name of the shareholder(s), and the number, class and 28 ◆ how to form your own corporation series of the stock. The certificate must be signed by one or more officers designated by the bylaws or the board of directors. If there are two or more classes or series of stock, the front or back of the certificate must disclose that, upon request and without charge, the corporation will provide to the shareholder the preferences, limitations, and relative rights of each class or series, the preferences of any preferred stock, and the board of directors’ authority to determine rights for any subsequent classes or series.
This book will explain how to form a corporation with one class of stock. It is usually advisable to authorize double or quadruple the amount of stock which will be initially issued. The unissued stock can be issued later if more capital is contributed by a shareholder or by a new member of the business. start-up procedures ◆ 23 One important point to keep in mind when issuing stock relates to par value. Par value is the total number of shares that a corporation may issue under its Articles divided by the total initial investment in the corporation.
Improving Access to Public Transport by Organization for Economic Cooperation &