This form is a document signifying approval of a proposal to file a restated certificate of incorporation in order to increase the authorized number of share of common stock for the corporation.
Certificate of Incorporation to Increase the
Authorized of Number of share of Common Stock
Kentucky Proposal to amend restated certificate of incorporation regarding increasing authorized number of shares of common stock
State:
Multi-State
Control #:
US-CC-3-103I
Format:
Word;
Rich Text
Instant download
Description
How to fill out Proposal To Amend Restated Certificate Of Incorporation Regarding Increasing Authorized Number Of Shares Of Common Stock?
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FAQ
How to Amend Articles of Incorporation Review the bylaws of the corporation. ... A board of directors meeting must be scheduled. ... Write the proposed changes. ... Confirm that the board meeting has enough members attending to have a quorum so the amendment can be voted on. Propose the amendment during the board meeting.
Regardless of your initial funding, a new startup's sweet spot is usually 10 million authorized shares. However, just because 10 million shares have been approved does not indicate that all or even the majority of them should be allocated or granted to founders or thrown into the employee stock option pool immediately.
Authorized shares are defined as the maximum number of shares that a company is legally allowed to issue to investors as per its own determinations. The maximum number is established in a company's legal formation documents, known as the articles of incorporation.
Shareholders are added when they purchase stock in the corporation (providing money or services in exchange for shares in the corporation). The stock sale would be approved by the existing shareholders and may depend on your Corporate Bylaws.
Authorized stock acts as a limiting device to control the ability of the management to issue new shares. In the absence of authorized stock, the management will receive the unrestricted right to issue new shares, which may change the balance of control between shareholders.
The number of shares represents the authorized shares. The number of authorized shares can be increased by the shareholders of the company at annual shareholder meetings, provided a majority of the current shareholders vote for the change.
Normally a company would issue about 100 of a 1000 shares to shareholders. This is called 'Issued Shares'. Depending on the growth plans of a new company, it is wise to issue a limited amount to the current shareholders / investors.
For example, if a company issued unauthorized shares, the relevant shareholder's votes would be meaningless and the actions on behalf of the votes could be found to be meaningless as well.
