This is a statement that, to the best of my experience, has no proper answer.

In the corporations I've seen, you would usually issue a huge number of shares at an itty-bitty price.

Something like 3,000,000 shares at a par value of $.01.

This means that you'll issue $30,000 worth of stock for this company.

The "type" is normally "Common".

All that being said, if you need to ask these questions -- you need an attorney. This is the wrong place to scrimp.