What is a corporate charter?

A corporate charter is a legal document that is used to officially create a corporation. This document is an agreement between a business entity and the state in which it is located. In Missouri, the secretary of state is responsible for the franchise process and issuing the corporate charter. The corporate charter outlines the purpose of the corporation, the number of shares that can be issued, the names of the initial directors, and the registered agent for the company. It is important to make sure the corporate charter is accurate and up to date when setting up a business in Missouri, as the state will use it to determine the tax liability and other legal matters associated with the company. The corporate charter also provides the corporation with limited liability protection, which means that debts and other liabilities of the business are not the responsibility of the owners or shareholders. This means that if the business fails, the shareholders are not liable for any debts or other liabilities incurred by the company. In short, a corporate charter is a legal document that establishes a corporation and outlines its purpose, legalities, and ownership structure. Having an updated and accurate corporate charter is essential for any business set up in Missouri.

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What is a corporate charter?

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