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In contrast, with a corporate charter in place, the organization can enjoy the advantages that come with being a corporation . In addition to the limited liability of the shareholders, these include tax deductions on expenses, access to capital by selling stock and the flexible transfer of ownership.

At the most basic level, the corporate charter includes the corporation's name, its purpose, whether the corporation is a for-profit or nonprofit institution, the location of the corporation, the number of shares that are authorized to be issued, and the names of the parties involved in the formation.

The corporation's founders must create and file the charter before they start running the business. The charter establishes the basic elements of the corporation, such as the activities the business will engage in. Corporations have to give reasons for their creation or state a purpose.

Corporate meeting minutes are a formal record of your company's important discussions and actions. They can and should be more than a formalitythey can help you keep your company's tax standing, avoid or settle disputes, and even aid in getting the best price when you decide to sell your business.

What's included in a project charter? Business case. Why is your team proposing this project?Scope and deliverables. Your project charter should define the specific deliverables your team plans to deliver.Resources needed.Milestone plan and timeline.Cost estimate.Risks and issues.

A corporate charteralso known by the term articles of incorporationis a legal document that the founders of a corporation file with the secretary or registrar of the state in which they intend to operate. Only upon approval of the charter does the business become an officially recognized corporate entity.

A project charter should only include three elements: your project objectives, scope, and responsibilities. Once your charter has been approved, you should then create a project plan. Your project plan builds on your project charter to provide a more in-depth blueprint of the key elements of your project.

These four elements are included in the project charter document in addition to the main project charter document sections: business case, problem statement, goals, goal statement, project scope, project plan, and team structure. The R-A-C-I model is also useful when defining the team structure.

A project charter is a formal, typically short document that describes your project in its entirety including what the objectives are, how it will be carried out, and who the stakeholders are. It is a crucial ingredient in planning the project because it is used throughout the project lifecycle.

How to Develop a Project Charter Identify the Project Vision.Identify the Stakeholders and the Customers.Create an Organizational Chart.Define Project Milestones.Create a Resource Plan.Set the Budget for the Project.List Down the Dependencies, Constraints, and Risks.Lay Out the Implementation Plan.