District of Columbia Approval of Restricted Share Plan for Directors with Copy of Plan
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Essentially, it is the role of the board of directors to hire the CEO or general manager of the business and assess the overall direction and strategy of the business. The CEO or general manager is responsible for hiring all of the other employees and overseeing the day-to-day operation of the business.
Chief Executive Officer (CEO): the highest-ranking executive of the corporation responsible for the corporation's operations at every level, the CEO reports directly to the Chairman of the Board.
The initial bylaws are adopted at the organizational meeting held after the Articles of Incorporation are filed. The bylaws may be amended thereafter by the shareholders or, in some cases, by the board of directors.
A corporation's business and affairs are managed by or under the direction of its board of directors. Although the board has the power to make all decisions on behalf of its corporation, many business decisions are actually made by the corporation's officers.
Typically, the articles must contain, at the very least: the corporation's name and business address. the number of authorized shares and the par value (if any) of the shares. the name and address of the in-state registered agent.
A corporation is a specific type of business structure, created and regulated by state law. More specifically, a corporation can be defined as a legal entity that is separate from its owners, or, its shareholders. What this means is that only the corporation itself can be held liable for corporate obligations.
The basic structure of a corporation includes shareholders who elect a team of directors (called the board of directors or simply the board) to manage the business. The directors appoint managers and officers to run the day-to-day affairs of the corporation.
Shareholders invest in a corporation by buying its stock and receive economic benefits in return. Shareholders are not involved in the day-to-day management of business operations, but they have the right to elect representatives (directors) and to receive information material to investment and voting decisions.