Mandatory Acts and Records

A corporation has a constitution act (Articles of Incorporation) which defines the basic meanings and structure of the company. At their first meeting, the officers will approve the "bylaws", that are the rules by which the company operates, like the number of directors, which authority they have, how to do things, and so on.

During normal operations it will be necessary to produce a formal act for all significant actions of the corporation, like for example opening a bank account, leasing an office, etc. These formal acts regarding the significant decisions, as well as the results of the meetings of the shareholders and the board of directors, are written to a document, called "minutes", and kept with the official documents of the Corporation. The only State mandatory act is one officers meeting a year which can be held anywhere. Private corporations do not need to do anything else, like registering balance sheets or other chores.

If everything is well kept and duly registered, the officers and the directors are exempt from any personal liability.

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