Common Terms Used in Incorporation
Articles of Incorporation
Also known as “Charter” or “Certificate of Incorporation” in some states. The Article of Incorporation is the legal document that is filed with The Secretary of State (state agency) to start the corporation.
Shareholder
Person who owns shares of a company’s stock. In small corporations, shareholders are officers and directors of the corporations.
Board of Directors
The board of directors oversees major corporate decisions and elects the officers.
Officers
Elected by the board of directors. Officers include president, vice president, secretary and treasurer.
Registered Agent
Also known as “resident agent” in some states; person or incorporation company that is designated by the corporation to receive tax and legal documents on behalf of the corporation. Failure to maintain a Registered Agent in the jurisdiction where the corporation is registered may result in the forfeiture of the corporate status.
Bylaws
Rules and regulations that govern the structure and operation of the corporation.