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Module Guides15 min read

Formation Studio

Operational guide to the formation readiness checklist, AI-drafted Articles and Bylaws, the first ratification vote, and keeping formation records.

The Formation Studio Module

The Formation Studio is designed to take cooperative startups from initial concepts to legally incorporated entities. It provides a filing roadmap, AI-drafted governing documents, and a readiness view of your formation packet.

1. Filing Checklist & Readiness

The studio tracks the steps to incorporation. Tick each item off as your team completes it:

1
File with the Secretary of State: Submit your Articles of Incorporation to the state corporate registry, using the draft generated in the studio as your starting point.
2
Request an EIN: Obtain a federal Employer Identification Number from the IRS for tax filing and business banking.
3
Open a Business Bank Account: Present your bylaws and EIN at a credit union or cooperative-friendly bank. You can then link the account to the Financial Core through Plaid to import transactions.
4
Fund Initial Member Buy-Ins: Have members contribute their buy-in capital and record the payments in the Member Ledger.

Alongside the checklist, a readiness panel shows whether your member classes, Articles and Bylaws drafts, first member vote, and initial board packet are in place.

2. AI Bylaws & Articles Drafting

The studio's wizard drafts Articles of Incorporation and Bylaws from your chosen cooperative model, filing state, entity wrapper, board structure, and member classes (50 AI credits per document set). Open a draft to review it, switch to edit mode to customize terms such as quorum, board composition, and dispute resolution, and save. Drafts carry a notice to review them with a qualified advisor.

3. Ratification & Corporate Records

When the drafts are ready, create the first member vote to ratify the formation packet and compile the initial board packet. Signing then happens in the Legal Hub, where Articles and Bylaws need attorney approval and a board resolution first. Afterwards, keep your corporate record book in the Document Vault:

  • Executed Articles and Bylaws, sealed with a content hash when signed.
  • Text of state filing confirmations and annual report receipts, archived as records.
  • Board resolutions and other agreements executed in the Legal Hub.

Formation actions are recorded in the audit log, helping the co-op prepare for audits, tax checks, or lending inquiries.