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The Articles of Incorporation is the
application that you file with the Indiana Secretary of State's office
in order to become a corporation. A corporation is a separate
legal entity with the right to own property, undertake debt, and assume
liability separate from the individual or individuals who own it.
The ownership of the company is determined by the issuance of
stock. Corporation stock can be owned by an individual,
partnership, or other corporation.
Corporations are managed by a board of directors and must include the
offices of president, secretary and financial officer. The same
person can be elected to fill all three positions. The corporation
then creates and adopts a set of bylaws, which are like a set of rules
that the company agrees to live by. In order to remain as a
legally active corporation, the company must: file its own tax
return, file an annual report with the Secretary of State's office, hold
an annual meeting of shareholders and directors and maintain some equity
capital in the company.
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