What should the Board of Directors do at their first meeting?

The Board of Directors should try to accomplish the organizational resolutions of the corporation by adopting them in their first meeting. Generally, they should authorize the adoption or ratification of the bylaws, the election of the initial officers, the designation of the principal officer, the designation of the corporation's banks, the selection of the calendar or fiscal year, the selection of a specimen stock certificate for the common stock, the issuance of stock to initial shareholders, the payment procedure of the organizational expenses, and the possible election of the S corporation status.