A general corporation, also known as a “C” corporation, is the most common corporate structure. A general corporation may have an unlimited number of stockholders. Consequently, it is usually chosen by those companies planning to have more than 30 stockholders or large public stock offerings. Since a corporation is a separate legal entity, a stockholder’s personal liability is usually limited to the amount of investment in the corporation and no more.
Articles of Incorporation
A Corporation’s “Articles of Incorporation” is the main filing document which begins the corporation’s existence under state law. Once filed, the corporation comes into existence.
The articles of incorporation declare the desire of an individual or group to become a corporation. It spells out certain minimum information about the corporation that is required by the laws of the state. It may also contain specific information about the corporation that needs to be made public record, like restrictions on the transfer of stock.
The level of complexity for a corporation’s Articles of Incorporation can range from very simple to extremely complex.
Generally, most jurisdictions require Articles of incorporation to contain, at a minimum, information about the following:
- Corporate Name *
- Business address
- Quantity and value of the shares of stock
- Name and address of the Registered Agent.
- Name and Address of initial Directors.
* It must include a name ending such as “Corporation”, “Incorporated” or “Company” or its abbreviations.
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