corporate-law incorporation
What is the proper way of completing the stock purchase agreement?
<p>I recently set up my company (C-Corp). In order to complete the stock purchase agreement, I had to deposit a check in the company's bank account addressed to the company. </p>

<p>What I did: <em>I walked into my company's bank's local branch with the check filled out and addressed properly, gave it to the frontwoman telling her I needed to deposit this in the company's account as part of the stock purchase agreement. I am unsure as to whether she understood, given that she just added the deposit to the company's account with no special note (The note for deposits seen online).</em>
Note: I did keep a copy of the check for my own papers as well as the company's'. </p>

<p><strong>My question is:</strong> Did I do it properly? Should I now complete the stock purchase agreement paperwork, listing the date of the purchase?</p>

<p><em>Just to make it clear: I used my own check.</em></p>

<p>Take a look at this:
<a href="https://medium.com/rough-draft-ventures/a-rough-draft-of-the-legal-basics-part-3-issuing-equity-to-the-founders-important-tax-and-ab93ce623517" rel="nofollow noreferrer">https://medium.com/rough-draft-ventures/a-rough-draft-of-the-legal-basics-part-3-issuing-equity-to-the-founders-important-tax-and-ab93ce623517</a></p>

<p>It is up to the company to make the rules about it's stock, so you should put rules in writing if you intend to have more investors. Pay attention to the part of the article that talks about transferring intellectual property in exchange for shares. I think that is the best way to do it for you, if it applies to your business.</p>

<p>What you are doing is far more elaborate than would be customary and it sounds like you are misunderstanding the obligations that apply to you.</p>

<p>When you form a corporation, normally you simply set up a corporate bank account, issue shares to yourself, put money in the corporate bank account, and note in organizational minutes that X shares were issued in exchange for $Y as a contribution to capital. </p>

<p>A stock purchase agreement between a corporation and its sole shareholder would be an unusual way to handle this and I've never seen anyone actually do that, although I suppose that there is nothing actually improper about it.</p>
