Incorporating is a big step for a co-op. It makes the business a legal entity, allows it to open a bank account, sell memberships, and operate. Once you’re incorporated, your steering committee becomes an official board of directors.
Being a member of a co-op’s first board comes with responsibilities. It’s about more than just going to meetings. As a board member, it’s your job to help the business succeed and ensure the co-op follows regulations.
Here are five things the board needs to do once your co-op is incorporated.