Article of Corporation
The Articles of corporation is the basic charter of a corporation which is formed and contains information of the name, corporators, main purpose of forming such corporation, the types of stock and amount of stocks that might be issued and any such vital characteristics like being a non profit corporation, etc. The articles are sometimes also called the certificate of incorporation which is important to set forth certain useful information as per the mandate stated by statute. Even though the laws of every state or province are different, the main rationales behind formation of the corporation and the liabilities or rights of its shareholder as well as director are some typical stipulations that are necessary to be filed in the document. The official forms of incorporation of a corporation are prescribed by several states.
The corporation comes into existence once the Articles of corporation are filed with the secretary of state. There are some jurisdictions under which a formal incorporation certificate is attached to the duplicate form of the articles and is issued to the applicant before the business entity is given a legal status in the form of a corporation. Each of the state government has their own system of passing or approving articles since there are prohibitions in keeping names which are confusing or are similar to those of the existing corporations. There are some specific necessities depicted for non profits organizations like educational, charitable, public service or religious trust and regulated them for the issuance of shares of stock. The articles have to be signed by the incorporating individual or persons or by the initial board of directors. There are major stock issuances that need an application to be filed to the Securities and Exchange Commission. The initial point to start the process of filing and approving the articles for the incorporation of a company is generally the state’s secretary. There is usually a fee or a deposit of estimated taxes for the first year.
Those who are new to the world of business should have the knowledge about the Articles of Incorporation. In Canada and other common wealth country, it is slightly different. They are usually informed that such articles are legal documents that are required to file with the provincial, federal or territorial government to underline the purpose of their business and the basic functioning of their business. This is a vital document for the formation process of incorporation. The forms for filing such articles for incorporating a company are available from government bodies such as the office of the secretary of the state or of the concerned state. These offices also have their websites to permit you to download the form online in order to incorporate your business. In order to fill the form for articles of laws of incorporation, you can take the assistance of examples of such articles or samples of articles and then consult the lawyer or attorney to verify the correction of the incorporation form before submitting it for filing.
Article of corporation has more information for each business owner.
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