Georgia Authority to Issue Additional Shares
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FAQ
The number of authorized shares per company is assessed at the company's creation and can only be increased or decreased through a vote by the shareholders. If at the time of incorporation the documents state that 100 shares are authorized, then only 100 shares can be issued.
In California, a corporation must authorize at least one share but may authorize any number.
The maximum number is established in a company's legal formation documents, known as the articles of incorporation. Also referred to as authorized stock or authorized capital stock, there is no limit as to the total number of shares that can be authorized within these documents for a larger company.
Reserved shares are authorized shares that are set aside for issuance in the future. Shares are often reserved for issuance under a stock option plan. These reserved shares are part of the total number of authorized shares, but the corporation may not issue them, except underthe stock option plan.
The number of authorized shares can be changed by way of a vote from shareholders, typically during the annual shareholder meeting.
Normally a company would issue about 100 of a 1000 shares to shareholders. This is called 'Issued Shares'. Depending on the growth plans of a new company, it is wise to issue a limited amount to the current shareholders / investors.
The number of authorized shares can be increased by the shareholders of the company at annual shareholder meetings, provided a majority of the current shareholders vote for the change.
A commonly adopted starting point is to authorize 10 million shares. It provides flexibility for fundraising, hiring, and future growth. Typically, founders might initially issue themselves between 6 and 8 million shares, leaving the rest for future employees, advisors, and investors.
