Define: Corporator

A corporator is an individual who holds shares or membership in a corporation and has certain rights and responsibilities as a result.

The rights of a corporator typically include the right to attend and vote at shareholder meetings, the right to receive dividends or distributions, and the right to inspect corporate records.

The responsibilities of a corporator may include paying any required fees or assessments, complying with the corporation’s bylaws and policies, and acting in the best interest of the corporation.

In general, a corporator is not personally liable for the debts or obligations of the corporation. However, there are certain circumstances where a court may “pierce the corporate veil” and hold individual corporators personally liable, such as in cases of fraud or improper conduct.

Yes, a corporator can be removed from their position under certain circumstances. This may occur if the corporator violates the corporation’s bylaws, engages in misconduct, or fails to fulfill their responsibilities.

In most cases, a corporator can transfer their shares or membership in the corporation to another individual or entity. However, this transfer may be subject to certain restrictions outlined in the corporation’s bylaws or shareholder agreements.

Yes, a corporator can also hold positions as a director or officer of the corporation. However, this may be subject to the corporation’s bylaws and any applicable laws or regulations.

In some cases, a corporator may receive compensation for their role in the corporation, such as through director fees or dividends. However, this will depend on the specific circumstances and the corporation’s policies.

There are generally no restrictions on a corporator being a minor or non-resident. However, it is important to review the specific laws and regulations of the jurisdiction in which the corporation is incorporated, as there may be certain requirements or limitations.