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Corporations • Formation Requirements
CORP#009
Legal Definition
As broad as you want. A general purpose and perpetual duration is presumed, and businesses can and often do state their purpose as "any lawful activity in perpetuity."
Plain English Explanation
If you want to over complicate your life when you incorporate, you're welcome to limit yourself narrowly and state your purpose as "Only meeting on Wednesdays to discuss the needs of kittens in Morocco." If you do so, however, you'll be held to it and, if you attempt to discuss puppies on Tuesdays, you'll be in breach of your own business purpose. Thus, it is more common to simply be as broad as possible and state your business purpose as "any lawful activity in perpetuity," which means "we can do whatever we want, so long as it is legal, for as long as we want to do so."
Related Concepts
Are bylaws required to form a corporation, and who is allowed to create and modify them?
In what instances will courts pierce the corporate veil?
What are the requirements for articles of incorporation?
What are ultra vires activities and their consequences?
What is a corporation by estoppel and when does it apply?
What is a de facto corporation?
What is a de jure corporation and how is it formed?
What is a foreign corporation and how does it gain the ability to operate?
What is "piercing the corporate veil"?
What is the legal significance of corporate formation?
Why are courts more willing to pierce corporate veils for tort victims?
