The Articles of Organization is a document used to form a limited liability company (LLC) in Delaware. Like the Articles of Incorporation, it establishes the entity's existence and outlines basic information such as the company name, address, and the registered agent. Both documents serve as foundational paperwork, but while the Articles of Incorporation are specific to corporations, the Articles of Organization cater to LLCs, providing flexibility in management and tax treatment.
The Certificate of Formation is another document similar to the Articles of Incorporation, often used in other states. This document serves the same purpose as the Articles of Incorporation, establishing a corporation's legal status. It typically includes information about the corporation's name, purpose, and registered agent. In essence, both documents create a legal entity, but the Certificate of Formation may be used interchangeably in some jurisdictions.
The Bylaws of a corporation are internal rules that govern its operations. While the Articles of Incorporation lay the groundwork for the corporation's existence, the Bylaws detail how the corporation will be run. They outline the roles of directors and officers, procedures for meetings, and voting rights. Both documents are essential, but the Bylaws focus more on governance rather than initial formation.
The Operating Agreement serves a similar purpose for LLCs as Bylaws do for corporations. This document outlines the management structure and operational procedures of the LLC. It specifies the rights and responsibilities of members, distribution of profits, and decision-making processes. While the Articles of Organization create the LLC, the Operating Agreement governs its internal workings.
The Certificate of Good Standing is a document that confirms a corporation is legally registered and compliant with state requirements. While it does not create the corporation, it serves as proof of its existence and good standing. Similar to the Articles of Incorporation, it is vital for conducting business, applying for loans, or entering contracts.
The Statement of Information is required in some states shortly after the formation of a corporation. This document provides updated information about the corporation's address, officers, and registered agent. Like the Articles of Incorporation, it is essential for maintaining compliance with state regulations and ensuring that the corporation remains in good standing.
The Annual Report is a document that corporations must file periodically to maintain their legal status. This report typically includes information about the corporation's financial status, business activities, and changes in management. While the Articles of Incorporation establish the corporation, the Annual Report helps keep it compliant and transparent to state authorities.
The Shareholder Agreement outlines the relationship between shareholders and the corporation. It addresses issues such as the transfer of shares, voting rights, and dispute resolution. While the Articles of Incorporation establish the corporation's existence, the Shareholder Agreement governs the interactions and rights of its owners.
The Partnership Agreement is similar for partnerships as the Articles of Incorporation are for corporations. This document outlines the terms of the partnership, including the roles of each partner, profit-sharing arrangements, and dispute resolution. Both documents create a legal framework for the entity, but the Partnership Agreement focuses on the relationship between partners rather than the entity's formation.