Organizing a corporation [5-10 min]
You begin No Limits Cell Service, Inc., by investing $10,000 of your own money in a business bank account. You receive the company’s common stock. Then the business borrows $5,000 cash by signing a note payable to Summit Bank.
1. Following are the steps that you must take to organize the corporation. Place the steps in their proper order.
a. The board elects a chairperson.
b. The first share of stock is issued and the corporation comes into existence.
c. The incorporators pay fees, sign the charter, and file the required documents with the state.
d. Organizers draft a charter that includes authorization for the corporation to issue a certain number of shares of stock.
e. Organizers obtain a charter from the state.
f. The board of directors designates a president.
g. The incorporators agree to a set of bylaws, which act as the constitution for governing the corporation.
h. The stockholders elect the members of the board of directors, which sets policy for the corporation and appoints the officers.
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