A corporation consists of all three: officers, directors and shareholders. Shareholders are the owners of the corporation and elect the directors. Directors guide and are involved in the fundamental decisions of the corporation on behalf of the shareholders. Officers are selected by the directors and run the day-to-day operations of the corporation. These do not need to be separate people. Any person can fill all three positions. In small businesses, one person can be the only shareholder, the only director, and the only officer.
Articles in this section
- What are the Differences Between Officers, Directors and Shareholders?
- Am I Required to Hold Corporate Meetings?
- How is a Corporation Managed?
- Is “Nonprofit” the Same as “Tax-Exempt”?
- How many Directors or Officers are Nonprofit Corporations required to have?
- May a Nonprofit Corporation Pay Compensation to its Officers, Directors and/or Employees?
- Where Should I Form my Nonprofit Corporation?
- How do I Choose a Name for my Nonprofit Corporation?
- What Steps Need to be Taken to Form a Nonprofit Corporation?
- What is a Nonprofit Corporation?