South Carolina Authority to Issue Additional Shares
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How to fill out Authority To Issue Additional Shares?
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FAQ
If a small business corporation never issued shares to you, can you still be an owner/shareholder of that corporation? Yes, you can still be a shareholder of that corporation, if you have good other evidence that shows that you became a shareholder at one point, but it will be more difficult to prove in court.
Diversifying Ownership: Companies may issue shares to raise capital and diversify ownership. This allows new investors to become shareholders and can bring new perspectives and ideas to the company. Increasing Market Visibility: Companies may issue shares to raise capital and increase their visibility in the market.
The company secretary is responsible for issuing stock certificates, but the certificate has to be signed by two directors. In some cases, one director signs along with the company secretary. Companies having only one director will have to invite a witness to attest the signature.
SECTION 33-1-103. Designation of representation in magistrates' court; unauthorized practice of law. A corporation or partnership, as defined in this section, may designate an employee or principal of the corporation or partnership to represent it in magistrates' court.
Two great cases (one in California and one in New York) illustrate how entrepreneurs can get slammed when they take short cuts on the process. In each of these cases, the Court found that the failure to issue shares of stock was grounds for holding the shareholders personally liable for debts of the business.
A corporation created solely to act as nominal owner of some property might not need to have shares of stock because all of the directors or members would have been co-owners.
Even if there is no legal requirement to issue physical stock certificates, investors may still like to have a certificate as physical evidence of their investment. Therefore, even if your corporation's official way of documenting stock ownership is by bookkeeping entries, you can still issue stock certificates.
This was stated in the memorandum and articles of association as a sum of money divided into a number of shares of a fixed value. Companies were not required to issue all of their authorised shares, but they were not permitted to issue more than the maximum figure shown in the memorandum and articles.