Mississippi Initial Incorporator Action Electing Initial Directors of Corporation
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How to fill out Initial Incorporator Action Electing Initial Directors Of Corporation?
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FAQ
Legal Definition of incorporator : any of the persons who join as original members in incorporating a company.
Generally, an incorporator must be 18 years old. The incorporator may be an attorney or other person hired expressly to serve as incorporator. Or, they may be a shareholder, a member of the board of directors, or an officer such as president, treasurer, or secretary.
Initial Director means a person who is a Non-Employee Director at the date of requisite approval of this Plan by the shareholders of the Company.
The director and incorporator may be the same person. The word person includes a juristic entity. This means that a legal entity or a trust may be an incorporator of a new company. Most private companies are owner managed and tend to have a smaller number of directors.
An incorporator is the individual who organizes the incorporation and arranges for the Articles of Incorporation to be filed with the Secretary of State. The incorporator signs the Articles, verifying the information submitted is true and correct.
The incorporators of a company are not necessarily the same people who will own it. The owners may hire an incorporatorfor example, an attorneyjust for the purpose of incorporating the business.
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.
The Initial Action by the Sole Incorporator has the incorporator appoint the first directors. Then the board of directors elects officers, authorizes the issuance of stock to founders, establishes a bank account, and authorizes the payment of incorporation expenses.
The incorporator typically executes a document called an Action of Incorporator (also called an Initial Action by the Sole Incorporator), in which the incorporator adopts bylaws for the corporation, sets the size of the board of directors, and elects the initial board of directors.
Incorporator means a person who signed the original articles of incorporation.
