Start Your Business
Once your company has gone through the formation process, it exists and its internal affairs are then governed by the Delaware corporate laws. But this doesn’t mean business set-up is truly over. This process involves certain additional steps, namely drafting a number of legal documents neccessary for your business to be ready to operate and take on investment.
Why you need this
These documents are mainly;
• Unanimous written consent in lieu of the first meeting of the board of directors
• Founders stock purchase agreements
• IP assignment agreements
• Indemnification agreements for directors
• Written consent of stockholders
• Stock certificates for founders’ shares
Although there is no deadline to complete these documents, it is generally recommended to be completed promptly after the incorporation. For instance, if the post-incorporation is not done, there will be no directors or officers to act or sign on behalf of the company. This will thus present problems for the contracts and bank account processes. Alternatively, without post-incorporation, the intellectual property created by founders will not be owned by the company. Since intellectual property is an essential element of the company`s valuation, it is important to ensure the intellectual property is assigned to the company as soon as possible.
Features of Post Incorporation
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