What is a quorum at a meeting and why is it important? 
A quorum refers to the minimum number of shareholders (if a shareholders’ meeting) that must be represented at a meeting in order to conduct business at the meeting. If it is used with respect to a director’s meeting, it refers to the number of direc...
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If I haven’t followed corporate formalities in the past, how can I correct this?
It is always best to stay current with corporate formalities. However, as the old saying goes, better late than never. You can hold a meeting in which the shareholders or directors approve and ratify prior actions. This can also be done by preparing ...
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Is my corporation required to have shareholders?
The short answer is yes. Shareholders are the owners of the corporation and share ownership is fundamental to corporate law. Shareholders do not own individual assets or certain items of corporate property, but they own a percentage of the entire bus...
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How do I decide the value of stock in my corporation?
Unless stock is publicly traded, there is no market to set the value of stock. The value is really what the corporation is worth, divided by the number of shares of stock issued. In most small corporations, there is usually no need to determine value...
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What is the difference between par value and non-par value stock?
The word par means established value. So par value stock is stock with an arbitrary or nominal value established by the incorporators of the company. In past times, par value represented the selling price of shares. Now it has little significance and...
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Can stock be issued for something other than money?
Stock can usually be issued for services or something of value. The legal word most often used to describe what can be used to pay for stock is the word, “consideration.” The state corporation law governs what form of consideration can be used to pur...
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Can my corporation borrow money from me or someone else?
Sure. A corporation, just like an individual, is entitled to borrow money either from its shareholders or from some outside party. If the corporation borrows money from a person involved with the company or from someone else, then a written resolutio...
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Who decides to whom and how many shares of stock will be issued?
When a corporation is first formed, the initial people involved decide through negotiation who will receive shares and how many shares each person gets. Directors have the authority to issue shares. A corporate resolution approved by the board of dir...
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What is the difference between authorized and issued shares?
Authorized shares of stock refers to the type and number of shares which a corporation can issue or has the right to issue. The articles of incorporation filed with the state must describe the type and number of shares a corporation is authorized to ...
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What is "cheap stock"?
Cheap stock generally refers to the initial or first shares of stock issued in a company. The value of the stock is often relatively cheap because the company is just starting and has not built up or developed significant value.As the company itself ...
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