1. Formal meeting of the board of directors of an organization, held usually at definite intervals to consider policy issues and major problems. Presided over by a chairperson (chairman or chairwoman) of the organization or his or her appointee, it must meet the quorum requirements and its deliberations must be recorded in the minutes. Under the doctrine of collective responsibility, all directors (even if absent) are bound by its resolutions.
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Knowledge Sharing:
1. After you have filed incorporation documents, paid filing fees, drafted bylaws, and met with lawyers and accountants, the next step to starting a corporation is to hold an initial board meeting. This meeting is required in order to legally form a corporation. There are several important things to be done at this meeting, but it can also be a bit of a celebration for those involved with starting the corporation, as it signals the end of the formal incorporation process.
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