What is the primary purpose of Articles of Incorporation?

The primary purpose of the Articles of Incorporation is to define the corporation's structure and rules. This foundational document establishes the existence of a corporation and outlines essential information such as the company's name, purpose, location, and the specifics of its share structure. It serves as a legal framework that guides the corporation's operations, governance, and compliance with applicable laws and regulations.

In establishing the corporation's structure, the Articles of Incorporation delineate how the organization will be run, including details about the board of directors, the rights of shareholders, and any other rules that govern the internal management of the corporation. By providing this clear framework, the Articles help ensure that the corporation operates effectively and in accordance with legal requirements, thereby protecting both the owners and stakeholders involved.

The other options do not fulfill the primary function of the Articles of Incorporation. While listing shareholders may occur in other documents, it is not a function of the Articles themselves. Financial reports are separate documents entirely, typically generated annually for compliance and information purposes. Tax obligations are determined by various tax laws and regulations, rather than specifically outlined in the Articles of Incorporation.