Who owns the company?
During the initial corporation filing, there is no designation of ownership. The owners do not appear on the filing receipt. The inner structure of the company and owners are laid out in the corporate kit-the record book which contains by-laws, stock certificates and stock transfer ledger. By-laws are the regulations and routine conduct contract among members to assist the business regulate its corporate functions. By-laws often record the memberships, officers, board of directors and their duties.
When a corporation is formed in New York the general standard is 200 shares of stock, no par value. No par value means the stocks are not at set value and can be sold for any amount. If the incorporator selects to choose a different amount of shares they may do so or they may also choose to designate a value for each stock. For example, if the stock is set at $100 par value, it cannot be sold for less than $100 per stock. Par value is the minimum value designated to a share.
Whoever holds the shares of stock are considered the owners of the company. When a share of stock is sold or transferred it is recorded in the transfer ledger book. The stockholder register is the official record of the shareholders and should be kept updated. It is the official record of the company’s owners.
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