Action by Unanimous Written Consent of the Shareholders to Approve Organizational Statement, Elect Officers, Approve Corporate Seal, Approve Shareholder Certificate, Approve Corporate Bank Account, and Authorize Payment of Organizational Expenses
Definition and meaning
The Action by Unanimous Written Consent of the Shareholders to Approve Organizational Statement, Elect Officers, Approve Corporate Seal, Approve Shareholder Certificate, Approve Corporate Bank Account, and Authorize Payment of Organizational Expenses is a formal document used by corporations. This document allows all shareholders to agree on several key organizational matters without the need for a formal meeting. By signing this consent, shareholders can efficiently handle essential actions required in the early stages of corporate formation.
Who should use this form
This form is particularly useful for newly formed corporations. It is applicable for use by all shareholders who hold voting rights in the corporation. If you are one of the shareholders looking to streamline the establishment and operational setup of the corporation without convening a meeting, then this form is appropriate for you. This includes various types of corporations, whether small businesses or larger entities, where decisions need to be made promptly and collectively.
Key components of the form
The form consists of several critical components that need to be addressed:
- Approval of Organizational Statement: Ratification of the initial organizational documents.
- Election of Officers: Designation of individuals who will hold key positions such as President, Secretary, and Treasurer.
- Corporate Seal: Adoption of a seal that represents the corporation.
- Shareholder Certificate: Authorization to issue share certificates to shareholders.
- Corporate Bank Account: Establishment of a bank account for corporate transactions.
- Authorization for Expenses: Permission to pay any organizational costs incurred.
How to complete a form
To successfully complete this form, follow these steps:
- Begin by filling in the name of your corporation in the first blank.
- Indicate the number of the specific section of the Business Corporation Law applicable to your state.
- List the names and addresses of the officers being elected.
- Sign the document in the space provided for shareholders.
- Attest the signatures by having a Secretary acknowledge the document.
