What must corporate directors do in their first meeting?
It really does depend, and I kind of hate that answer, and as a lawyer it's an answer I tend to give a lot. It depends on A: What have you done in the past that you might need to memorialize in your very first meeting minute, what you intend to do in the immediate future, what you are doing right now, and what has been done by the incorporator. So if the incorporator has already elected directors, and the incorporator has already adopted bylaws, you don't need to redo those things over again. However, if you have been running a business before you had incorporated it, and you had signed a very big, major contract with a supplier or a vendor, you might want to ratify that contract. Additionally you might want to set out the corporate bank account and authorize it, ratify any employment agreements, identify what the corporation's fiscal year is going to be, how accounting is going to be done. I mean, they're pretty endless. And what it really comes down to is you should take a look at A: Common sense -- what things do I know I need to do, and let's put those in there, and then I would always suggest talking to a legal professional -- an attorney, typically -- who would have some ideas of some other things that you might want to include in there, and if you ever have a doubt as to whether or not there is something you need to ratify, or not ratify, whether it's in a first meeting, or any meeting, an attorney would be the person who would give you that answer.
