Changes

There are three classes of management in a formal corporate enterprise:  1) The Board of Directors, 2) Officers and 3) Managers.

There are three classes of management in a formal corporate enterprise:  The Board of Directors, Officers, and Managers.

The Board of Directors are elected by the Shareholders to provide broad oversight and guidance to the Officers of the Corporation.  Boards will have various committees with specific duties, such as the Audit Committee to liaise with the company's auditors, the Compensation Committee to determine the appropriate compensation for various senior managers, and many other ad hoc committees depending upon the needs of the business at the time.

The Board of Directors are elected by the Shareholders to provide broad oversight and guidance to the Officers of the Corporation.  Boards will have various committees with specific duties, such as the Audit Committee to liaise with the company's auditors, the Compensation Committee to determine the appropriate compensation for various senior managers, and many other ad hoc committees depending upon the needs of the business at the time.

The duties of the board and officers are specified in the documents used to incorporate the company, the laws the corporation is registered in and the laws of the jurisdictions in which it operates.  Each state in the [[United States]] has rules for incorporating companies.  In Canada, each province has rules and it is also possible for a corporation to obtain a federal charter.

The duties of the board and officers are specified in the documents used to incorporate the company, the laws the corporation is registered in and the laws of the jurisdictions in which it operates.  Each state in the [[United States]] has rules for incorporating companies.  In Canada, each province has rules and it is also possible for a corporation to obtain a federal charter.

[[Category:Business]]

[[Category:Business]]