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Articles Of Incorporation Close Corporation

Articles Of Incorporation Close Corporation Template for Pakistan

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Articles Of Incorporation Close Corporation

"I need Articles of Incorporation Close Corporation for a family-owned manufacturing business in Lahore, Pakistan, with four family member shareholders and strict share transfer restrictions limiting ownership to immediate family members only."

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Document background
Articles of Incorporation Close Corporation is a crucial document required for establishing a closely-held company in Pakistan under the Companies Act 2017. This document is particularly suitable for family-owned businesses, professional services firms, and small to medium-sized enterprises that wish to maintain a restricted shareholder base and greater control over ownership transfer. The Articles must be filed with the Securities and Exchange Commission of Pakistan (SECP) and include essential information about the company's structure, share capital, management framework, and specific provisions for close corporations such as share transfer restrictions. The document forms the foundation of the company's legal existence and governs its internal affairs, shareholder relationships, and corporate governance structure. It must comply with Pakistani corporate law while providing the flexibility needed for private business operations and protection of shareholder interests.
Suggested Sections

1. Name and Type of Company: States the company name and specifies it as a close corporation

2. Registered Office: Specifies the location of the registered office within Pakistan

3. Objects of the Company: Details the business purposes and activities the company is authorized to undertake

4. Limited Liability: Declaration of the limited liability nature of the company and shareholders

5. Share Capital: Details of authorized capital, types of shares, and initial paid-up capital

6. Restrictions on Transfer of Shares: Specific provisions limiting share transfers characteristic of close corporations

7. Shareholders Rights and Obligations: Detailed rights, responsibilities, and obligations of shareholders

8. Board of Directors: Composition, appointment, removal, and powers of the board

9. Meetings: Procedures for shareholder and board meetings, including voting rights

10. Corporate Governance: Basic governance structure and decision-making processes

11. Financial Matters: Provisions regarding accounts, audits, and financial management

Optional Sections

1. Pre-emptive Rights: Additional provisions for existing shareholders' rights to purchase new shares, used when shareholders want enhanced protection against dilution

2. Tag-Along Rights: Provisions protecting minority shareholders in case of share sales, recommended for companies with multiple shareholders

3. Dispute Resolution: Specific procedures for resolving internal disputes, recommended for companies with multiple shareholders or family-owned businesses

4. Non-Compete Provisions: Restrictions on shareholders engaging in competing businesses, useful for protecting company interests

5. Dividend Policy: Specific rules for dividend declarations and distributions, useful for companies with clear dividend expectations

6. Management Structure: Detailed management hierarchy and responsibilities, useful for larger close corporations

7. Exit Mechanisms: Procedures for shareholder exits or company dissolution, recommended for family businesses or partnerships

Suggested Schedules

1. Schedule I - Initial Subscribers: Details of founding shareholders including their shareholding and contact information

2. Schedule II - Share Capital Structure: Detailed breakdown of share classes, rights, and initial allocation

3. Schedule III - First Directors: Information about initial directors and their terms

4. Schedule IV - Company Secretary: Details of the appointed company secretary if applicable

5. Schedule V - Special Rights and Restrictions: Detailed provisions of any special rights attached to shares or shareholder classes

6. Appendix A - Form of Share Certificate: Template for share certificates to be issued by the company

7. Appendix B - Board Resolution Templates: Standard templates for common board resolutions

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions













































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Relevant Industries

Professional Services

Manufacturing

Retail

Technology

Family Businesses

Real Estate

Construction

Healthcare

Education

Hospitality

Trading

Consulting

Agriculture

Small and Medium Enterprises

Relevant Teams

Legal

Corporate Secretariat

Compliance

Finance

Executive Leadership

Risk Management

Corporate Governance

Administrative

Board of Directors

Relevant Roles

Chief Executive Officer

Company Secretary

Corporate Lawyer

Legal Counsel

Chief Financial Officer

Board Director

Compliance Officer

Managing Director

Business Owner

Corporate Governance Officer

Legal Administrator

Company Registrar

Risk Management Officer

General Counsel

Director of Operations

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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