All companies that onboard to Ownr will go through the Legal Health Check process. Our Legal Health Check helps determine the legal status of your company and any outstanding organizational documents your business may require.
We ask three simple questions that help determine whether the business requires organizational documents:
Has the company issued shares to owners?
Shares are the unit of ownership in a company. When issuing shares, there will typically be a paper share certificate and/or a ledger indicating the shareholder's name, number of shares owned and the class of shares. Answer 'Yes' if your company has formally issued shares and has corresponding share certificates or ledgers.
Has the company formally appointed a president?
To formally appoint a president, there will be an accompanying Director's Resolution that is signed by all Directors of the company. If you know who the president is, but haven't completed the paperwork, indicate 'No'.
Does the company have corporate resolutions?
Corporate resolutions are written statements created by the shareholders and directors of a company. If you don't have formal corporate resolutions prepared for past actions, answer 'No'.