Illinois Acceptance of Office - Corporate Resolutions

State:
Multi-State
Control #:
US-0003-CR
Format:
Word; 
Rich Text
Instant download

Description

Form with which an individual may formally accept his/her election or appointment as a corporate officer or representative.


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FAQ

Having a corporate seal is no longer mandatory by Illinois statute, but including this language will document the fact that the company either does or does not use a seal. Identify whether notices of meetings can be waived in writing. This is probably the most important aspect of your company by-laws.

In most states, corporations must maintain bylaws. Because of this, and because they are important in a corporation's organization, the board of directors often draft them at the time of founding. Unlike articles of incorporation, though, bylaws are not public and do not need to be filed with the Secretary of State.

A C corporation (Inc.) is a standard corporation and the default business type when you incorporate. In the United States, C corporations are the most common types of corporation. Owners are called shareholders, and they elect directors to handle day-to-day business operations.

A C corporation (or C-corp) is a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity.

Corporate bylaws are legally required in Illinois. Illinois statute §805 ILCS 5/2.20 requires that bylaws be adopted either by shareholders at the first shareholder meeting or by directors at the initial director meeting.

A professional corporation may only engage in the rendering of one category of professional service or related professional services and may render such professional service or related professional services only through shareholders, directors, officers, agents and employees who are themselves duly licensed in that

The name of the corporation must comply with all the requirements of the Business Corporation Act of 1983 (see Article 1: Corporate Name on page 1), except that the name must end with one of the following words or abbreviations: CHAR- TERED,'' LIMITED, LTD., SERVICE CORPORATION, or S.C. '' §15/4.

"Inc." is an abbreviation of "incorporated," and both the abbreviation and the full word mean that a company's business structure is a legal corporation. A corporation or "Inc." is an entirely separate entity from its owners and shareholders.

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Illinois Acceptance of Office - Corporate Resolutions