Initial Actions by the Board of Directors

Who is responsible for filing the articles of incorporation?

• The Board of Directors

• The Incorporator

• The Shareholders

• The Corporate Secretary

What is one of the first actions the board of directors takes after being appointed?

• Issuing shares

• Adopting bylaws

• Opening a bank account

• Hiring employees

What is the purpose of an indemnification agreement?

• To establish a corporate record book

• To authorize the issuance of shares

• To appoint a corporate secretary

• To protect incorporators from future liabilities

What must be authorized as part of corporate identity issues?

• The location to do business

• The adoption of bylaws

• The issuance of shares

• The appointment of officers

What is the role of the corporate secretary?

• To manage daily operations

• To keep meeting minutes and records

• To authorize financial transactions

• To issue shares

Why might a corporation need to authorize intellectual property transfers?

• To appoint initial officers

• To protect incorporators from liabilities

• To comply with tax regulations

• To ensure ownership is transferred to the corporation

What is the purpose of an Employee Stock Option Plan?

• To appoint a corporate secretary

• To issue shares to initial investors

• To provide employees with ownership interest

• To authorize business locations