Appointing Directors - Directors make major policy and financial decisions for the
corporation. For example, the directors authorize the issuance of stock, appoint the
corporate officers and set their salaries, and approve loans to and from the
corporation. Directors are typically appointed by the initial owners (shareholders) of
the corporation before business begins. Often, the owners simply appoint
themselves to be the directors, but directors do not have to be owners.
Most state specifically permit a corporation to have just one director, regardless of
the number of owners. In other states, a corporation must h ave at least three
directors, except that a corporation with only one owner can have just one director,
and a corporation with only two owners can have two directors.
corporation. For example, the directors authorize the issuance of stock, appoint the
corporate officers and set their salaries, and approve loans to and from the
corporation. Directors are typically appointed by the initial owners (shareholders) of
the corporation before business begins. Often, the owners simply appoint
themselves to be the directors, but directors do not have to be owners.
Most state specifically permit a corporation to have just one director, regardless of
the number of owners. In other states, a corporation must h ave at least three
directors, except that a corporation with only one owner can have just one director,
and a corporation with only two owners can have two directors.
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