How is a corporation structured?
A corporation is owned by its shareholders. A Board of Directors, elected by the shareholders, meets regularly to collectively make decisions as to how the business is run. They manage the business, making decisions concerning policy, personnel, compensation, dividends, and the like. Appointed by and under the direction of the Board of Directors, the corporation’s officers handle day-to-day business operations. The officers, who typically include a President, Vice President, Secretary, and a Treasurer, can legally bind the corporation.
