A corporation can be incorporated in the state of Alaska to serve any lawful purpose. In the state of Alaska, a corporation has all the powers of a natural person for carrying out its business activities. The corporation can sue and be sued in its corporate name. It has perpetual succession. The corporation can buy, sell or otherwise acquire an interest in a real or personal property. It can conduct business, carry on operations, and have offices and exercise the powers in a state, territory or district in possession of the United States, or in a foreign country. It can appoint officers and agents of the corporation for various duties and fix their compensation.
The articles of incorporation should contain the name of the corporation. It should contain the purpose of organization of the corporation, the address of the registered office and its agents, and also the classes of stock and shares.
The name of the corporation should have in full or abbreviation, any of the words “corporation”, “company”, “incorporated”, or “limited.” The name should not contain any word such as “city”, “borough”, or “village” or otherwise imply that the corporation is a municipality. The corporation’s name should not be deceptively similar to the name of another corporation incorporated in the same state.
A corporation is incorporated by one or more natural persons who have completed the age of 18. This is done by signing the articles of incorporation and delivering it to the concerned government agency.
Once the corporation gains existence, an organizational meeting is conducted by the incorporators or the board of directors. It can be held inside or outside Alaska. This meeting is essential, primarily for adopting the bylaws for the corporation and to elect directors. The meeting shall be conducted after 20 days notice.
Bylaws prescribe the rules for daily administration and running of the corporation. The power of adoption, amendment, or repeal is vested with the shareholders or the board of directors as restricted by the articles of incorporation. The bylaws must state the number of directors of the corporation. If the articles of incorporation provide for the number of directors, it may only be changed by an amendment to the articles.
Generally, meetings of the shareholders are to be held inside or outside the state of Alaska. If there is no special provision providing for a meeting place, it shall be held at the registered office of the corporation. Meetings of the shareholders are to be held annually. In case the annual meeting is not held in 13 months, the superior Court can order a meeting on application from the shareholders.
The rules for formation and governance of corporations are prescribed by the Alaska Corporations Code.
To learn more about Alaska corporations, please visit the Alaska Division of Corporations website.