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Video: How To Start A Corporation [4 Requirements]

Transcript:

Hey everyone, welcome to V-FAQ’s I’m attorney Joe Collier and today we’re going to talk about how to start a corporation. Now we’re going to break that down into four requirements, the first being the articles of incorporation. That’s the filing that you make on the Secretary of State’s website. That’s the business registration.

The second step is corporate bylaws, that’s going to be a large document that governs the entire structure of the business how everyone is elected board of directors officers, how everyone is terminated. It’s the most important document that you’re going to have in your corporation. I suggest you have a lawyer at least review your template, if not draft it for you.

Now the third requirement is an initial shareholder meeting. The meeting is for signing the bylaws and electing the board of directors. You have to have documentation of the meeting, even if it’s just you you can start a corporation with just one person, but they have to satisfy all of these requirements, including the meetings, so you want to document your meetings. You want to have an itinerary of what happens, you want to have anyone who attends sign in. And then at this initial meeting for shareholders, you have to, again, sign the bylaws, and elect the board of directors, even if it’s you electing yourself.

Now the fourth requirement is an initial board of directors meeting. That’s where the board of directors is going to elect the officers. So those are the Ohio requirements, a corporation has to have a board of directors and they have to have three officers. the Secretary, the treasurer and presidents. Now, one person can satisfy more than one position. So if one person started the corporation, they will elect themselves to the Board of Directors, they would elect themselves to be the president, treasurer, and secretary. After you’ve met all of these requirements, you’re going to have to hold annual shareholder meetings and annual Board of Directors meetings. Again, if it’s just one person maybe two you just have this standard document that records your activities during these meetings and you sign it. And that’s all the requirements. Thank you for watching and I’ll see you next time.

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