Colorado Pre Incorporation Agreement
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How to fill out Pre Incorporation Agreement?
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How to Start a corporation in Colorado <1. ... Designate a Registered Agent in Colorado. ... File Articles of Incorporation in Colorado. ... Create your Corporate Bylaws. ... Appoint your Corporate Directors. ... Hold the First Meeting of the Board of Directors. ... Authorize the issuance of shares of stock.
Pre-incorporation agreements, also known as promoters' agreements, outline a corporation's operations, responsibilities, and ownership before it is formally established. This type of agreement is usually made between the individuals (often referred to as promoters) involved in setting up the corporation.
There are various types of pre-incorporation contracts that can be made by a company ing to their need before incorporation, such as a lease agreement, employment agreement, founder's agreement, shareholder agreement, etc.
Promoters are generally held personally liable for pre-incorporation contract. If a company does not ratify or adopt a pre-incorporation contract under the Specific Relief Act, then the common law principle would be applicable and the promoter will be liable for breach of contract.
Before a company is incorporated, it has no legal existence. ingly, it has no capacity to enter into a contract. The company cannot sue or be sued on a pre-incorporation contract. However, persons who conclude contracts for the unborn company can be held personally liable on such contracts.
If someone is not in legal existence, then he cannot be a party to contract, and 'Privity to Contract' doctrine excludes company from the liability. In Kelner v Baxter, Phonogram Limited v Lane this position was confirmed. In pure common law sense, Pre-incorporation contract does not bind the company.
Before a company is incorporated, it cannot enter into commercial contracts. Consequently, nobody can sign a contract for that company as an agent. A contract entered into by a party on behalf of a company, where that company has not yet been formed, is called a pre-incorporation contract.
Creating your LLC in Colorado requires you to file Articles of Organization with the Secretary of State. Colorado does not allow for paper filing of your Articles of Organization. The Colorado Secretary of State will only accept Articles of Organization that are filed electronically.