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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.
However, a company commonly has the right to increase the amount of stock it's authorized to issue through approval by its board of directors. Also, along with the right to issue more shares for sale, a company has the right to buy back existing shares from stockholders.
The number of shares represents the authorized shares. 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.
When filing your articles of incorporation, you will need to send the document to the Business Filing Department of the Oklahoma Secretary of State. Use the Certificate of Incorporation form. You can file the form in person, by mail, by fax, or online at the Secretary of State's filing website.
How to Amend Articles of Incorporation Review the bylaws of the corporation. ... A board of directors meeting must be scheduled. ... Write the proposed changes. ... Confirm that the board meeting has enough members attending to have a quorum so the amendment can be voted on. Propose the amendment during the board meeting.