v. 1) to obtain an official charter or articles of incorporation from the state
for an organization, which may be a profit-making business, a professional business
such as a law office or medical office or a non-profit entity which operates for
charitable, social, religious, civic or other public service purposes. The process
includes having one or more incorporators (most states require a minimum of three
for profit-making companies) choose a name not currently used by (nor confusingly
similar to) any corporation, prepare articles, determine who will be responsible
for accepting service of process, decide on the stock structure, adopt a set of
bylaws, file the articles with the Secretary of State of the state of incorporation,
and hold a first meeting of incorporators to launch the enterprise. Other steps
follow such as electing a board of directors, selecting officers, issuing stock
according to state laws and, if there is going to be a stock offering to the public,
following the regulations of the Securities and Exchange Commission and/or the State
Corporations Commissioner. If the corporation is non-profit, it will have to apply
for non-profit status with the home state, and may, if desired, also apply to the
Internal Revenue Service for federal non-profit recognition, both of which require
detailed explanations of the intended operation of the organization. 2) to include
into a unit.
See also corporation incorporate by reference incorporation stock
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