Legal 101: Basics you should know as a start-up founder
THE HANGAR Booster Programme highlights: Company Constitution
Contributed by Rebecca Tan Li Qi
Recall the story of Steve Jobs being chased out of Apple?
That’s the power of a company constitution.
A company constitution is a document that specifies rules on how a company is organised and how it will be regulated, making it crucial for any company to have one. This week at THE HANGAR Booster Programme, we have Mr Ng Kim Tean, Chairman of Nanyang Law LLC, to share with us the basics of the company constitution.
How does one formalise his/her company constitution?
After drafting, the company constitution can be submitted to the Registrar. Subsequently, the board of directors and shareholders will be bound by the provisions of the company constitution.
It is important to draft the constitution properly to avoid any disputes on how the company should be run as this has an impact on the company’s growth and direction in the long run.
Stay tuned to this space for more updates on the current run of THE HANGAR Booster Programme (June intake)!
Want to take your start-up to the next level but missed the application for this run? Reach out to us at firstname.lastname@example.org to find out more about our next run in October 2021!