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During the forming stage,team members focus on solving problems and accomplishing tasks.
Close Corporation
A corporation with a limited number of shareholders and no public shares, often operated by a few individuals with closely aligned interests.
Charter of the Corporation
A legal document issued by a governmental authority that establishes a corporation and outlines its basic terms of operation, rights, and responsibilities.
Initial Directors
Initial directors are the first members of a corporation's board of directors, appointed at the time of incorporation to serve until the first shareholders' meeting.
Incorporator
The individual or entity responsible for creating and filing the necessary documentation to legally form a corporation with the state.
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