What legal document outlines the basic purposes and powers of a corporation?

The Articles of Incorporation are a vital legal document that serves to establish a corporation's existence in the eyes of the law. This document outlines key information about the corporation, including its name, purpose, registered agent, and the number of shares authorized for issuance. By filing the Articles of Incorporation with the appropriate state agency, a corporation is officially created and becomes a separate legal entity. This document not only defines the fundamental purposes and powers allocated to the corporation but also serves as a public record that provides essential information to shareholders, potential investors, and regulatory authorities.

While other options like the bylaws and corporate charter also relate to the governance of a corporation, the Articles of Incorporation specifically address the basic framework and legal foundation of the corporation itself. Operating agreements, on the other hand, are typically associated with limited liability companies (LLCs) rather than corporations. Thus, the Articles of Incorporation play a critical role in defining a corporation’s existence and its operational scope.