What is a Board of Directors
What is a Board of Directors?

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What is a Board of Directors?

All Corporations are required to have a Board of Directors. Directors are the people who will set policies for the Corporation and manage the business and its resources. In the majority of small Corporations Directors are the owners. The Articles of Incorporation or Corporate Bylaws may define specific qualifications for Directors. The Board of Directors may consist of one or more persons.

The Board of Directors is responsible for creating rules, approving budgets and distributing profits to shareholders. One of the most important duties of the Board of Directors is electing Officers for the Corporation. The same person may be a Director and an Officer at the same time. Directors need not be residents of the state in which the business is incorporated or shareholders of the Corporation unless the Articles of Incorporation or Bylaws require it.

Normally Directors of a Corporation are elected for a term of one year. Elections are held at the annual meeting of Shareholders. The Directors serve until the next annual Shareholders meeting.
CORPORATE GLOSSARY
 
Administrative Dissolution
Agent for Service of Process
Apostille
Apportionment
Articles of Incorporation
Articles of Organization
Assumed Name
At Will LLC
Authorized Shares
B Corporation
Benefit Corporation
Board of Directors
Business Dissolution
Business Entity
Bylaws
Certificate of Existence
Certificate of Status
Certified Copy
Close Corporation
Common Stock
Conversion
Corporate Bylaws
Corporate Name Reservation
Corporate Stock
DBA
Disregarded Entity
Dividends
ESOP
Excise Tax
Federal Tax ID
Ficticious Name
Foreign Qualification
Franchise Tax
General Partnership
Good Standing Certificate
Incorporator
Involuntary Dissolution
IRS Form 966
ITIN
Limited Liability Company
Limited Partnership
Liquidation
LLC
LP
Majority Shareholder
Meetings
Merger
Nexus
Non-Stock Corporation
Nonprofit Corporation
Obligated Member LLC
Organizer
Paid-in Capital
Paid-in Surplus
Par Value
Personal Service Corporation
Preferred Stock
Privilege Tax
Professional Corporation
Professional Service
Proxy
Registered Agent
Registered Office
Reporting Requirements
Revocation
S Corporation
Series LLC
Service Mark
Shareholder
Sole Proprietor
Stated Capital
Statutory Agent
Stock Certificate
Term LLC
Trade Name
Trademark
Trust
Trustee
Winding Up
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