California Approval of director stock program
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How to fill out Approval Of Director Stock Program?
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FAQ
The statutes generally provide that a board of directors may consist of one or more individuals. The number of directors the corporation will have, or a minimum and maximum number of directors that the corporation may have, are set forth in the articles of incorporation or bylaws.
The out-of-state business entity (a ?foreign? business entity) must register with the state, file tax returns, and (most important to the state) pay taxes to California.
Any active corporation that is registered with the California Secretary of State can file this Form 1505 to become authorized to be a corporate agent for service of process for other business entities that are registered with the Secretary of State.
The number or minimum number of directors shall not be less than three. Alternate directors may be permitted, in which event, the bylaws shall specify the manner and times of their election and the conditions to their service in place of a director.
Section 9222 - Removal of directors (a) Except as provided in the articles or bylaws and subject to subdivision (b) of this section, any or all directors may be removed without cause if the removal is approved by the members (Section 5034).
Most states require a minimum of three directors, but there are a few states that require only two. However, regardless of the state requirements, it is generally advisable to have at least three directors on the board.
California law requires that each corporation must have a president, a secretary, and a chief financial officer.
Corporations are required to have not less than three directors unless (1) shares have not been issued, then the number can be one or two, (2) the corporation has one shareholder, then the number can be one or two, or (3) the corporation has two shareholders, then the number can be two.