Form with which the Directors of a corporation waive the necessity of a first meeting of directors.
Board Directors Corporate Without In Washington
State:
Multi-State
Control #:
US-0018-CR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
A company that has no directors can be struck off. This would have serious implications for the building, as there would be no management, and it could be hard to sell any flats in the building. The process for striking off does not occur immediately.
An alternative to a formal board of directors is an informal advisory board. Many small businesses assemble a team of expert advisors to provide the same type of high level strategic planning and direction but without being bound by board decisions.
Generally, a corporation must form a named board of directors and hold at least one annual meeting. The board must also maintain written records of items discussed and actions taken at each meeting.
Board members are usually appointed by voting members, who cast their votes on who should be selected for a board in an election. If a nonprofit organization chooses to remain unincorporated, they legally do not need to appoint a board of directors to run.
All corporations, regardless of the state, must have a shareholder-elected Board of Directors. An LLC is not required to have a Board of Directors, but can adopt this form of management if the members (the owners of the LLC) choose to do so.
Bylaws can add additional qualifications as agreed upon by the current board members. 501(c)(3) public charities must have at least 3 board members.
If your business is a corporation, then you are required by law to have a board of directors. Depending on your particular corporate structure and your state, one or two directors may be all that's legally required.
(1) The incorporators or board of directors of a corporation must adopt initial bylaws for the corporation.
