Arkansas Call and Notice of Organizational Meeting of Incorporators of Non-Profit Church Corporation

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US-04524BG
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Description

After incorporation, if initial directors are not named in the articles, the incorporator or incorporators shall hold an organizational meeting at the call of a majority of the incorporators:



(i) to elect directors and complete the organization of the corporation; or


(ii) to elect a board of directors who shall complete the organization of the corporation.



Action required or permitted by this Act to be taken by incorporators at an organizational meeting may be taken without a meeting if the action taken is evidenced by one or more written consents describing the action taken and signed by each incorporator.



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FAQ

The IRS generally requires a minimum of three board members for every nonprofit, but does not dictate board term length. What is important to remember is that board service terms aren't intended to be perpetual, and are typically one to five years. Service terms must be outlined in the nonprofit bylaws.

Governance responsibility is vested in the board of directors or trustees. These individuals are accountable to state and federal authorities to ensure the organization operates in a legally compliant manner and for the purposes outlined at formation. Also, a nonprofit cannot be sold.

Typically, incorporators are the actual owners of the business. In such a situation, although they begin as incorporators with very little rights, they become the owners of the corporation once its existence begins.

Legal Definition of incorporator : any of the persons who join as original members in incorporating a company.

The Wall Street Journal study states that the board should be large enough to carry out the board's fiduciary and other duties in an effective and efficient manner. Five to seven board members is ideal. Up to 15 board members is acceptable on the high end to account for unusual circumstances.

Incorporator: The incorporator is the person or company preparing and filing the incorporation documents with the state. Many states require the name and signature and address of the incorporator in the formation documents.

According to Leading with Intent: 2017 National Index of Nonprofit Board Practices, the average size of a nonprofit board is 15 members; the median board size is 13 members.

An incorporator is the person in charge of setting up a corporation and registering it with the state. They're responsible for filing the paperwork and signing the articles of incorporation.

Arkansas businesses are not legally required to obtain a certificate of good standing. However, your business may choose to get one if you decide to do business outside of Arkansas or get a business bank account.

Other business entities, nonprofits, limited partnerships (LPs), limited liability partnerships (LLPs), and limited liability limited partnerships (LLLPs) must file an annual report. However, they do not pay a franchise tax.

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Arkansas Call and Notice of Organizational Meeting of Incorporators of Non-Profit Church Corporation