Directors first meeting 2024 (Download FREE template)

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First Meeting of the Directors
Once your company has been incorporated, you should hold a board
meeting with the directors of the new company. It is best to do this
within a month of the formation of the company.
The first meeting establishes the corporate structure of the company by
appointing the initial directors and officers, authorizing the issuance of
share to the initial shareholders, authorizing the bank of choice for the
corporation, and establishing the principal place of business, in addition
to many other important details.
The meeting should take place after the corporation is in existence and
has the authority take action. It is prudent to hold the meeting after the
corporation has received a filed copy of the memorandum of
incorporation to ensure that the company is authorized to do business
and validly existing.
Matters that are commonly dealt with in the first board meeting include:
• Appointment of a chairperson;
• Details of the formation of the company, the registered office and
initial directors;
• Disclosure by the directors of any interest in contracts of the
company;
• Appointment of the company’s auditors;
• Appointment of the company’s bankers;
• Deciding on the company’s accounting reference date;
• Details of the company’s initial share capital and the register of
Members;
• Details of the company’s persons of significant control;
• HMRC registration for VAT, payroll and so on;
• Other items of pressing interest to the company;
• Arrangements for the next board meeting.
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