What's the First Organizational Meeting?

Written May 1, 2019

The first organizational meeting is the first Board Meeting of your corporation! But actually, it's usually not a meeting. Since there's a lot to cover as you kickoff your corporation, it's often easier to execute a document known as the "Action in Lieu of Organizational Meeting" so nothing is missed. This document (or the meeting) will

• elect the Board of Directors;
• issue equity in the company;
• choose a bank;
• adopt a fiscal year; and
• review initial contracts.

This meeting/document execution should take place soon after the effective date of your certificate of incorporation. Share certificates are usually issued at this time, but in some cases, such as when a prospective shareholder does not yet have money to pay for them, they are issued when paid for.