Creation of a corporation begins when its organisers, called the incorporators, obtain a charter from the state. The charter includes the authorisation for the corporation to issue a certain number of shares, which represent the ownership in the corporation. The incorporators pay fees, sign the charter, and file the required documents with the state. The incorporators agree to a set of bylaws, which act as the constitution for managing the corporation. Bylaws are the
that guides the corporation.
The control of the corporation rests with the
, who normally receive one vote for each share they own. The stockholders elect the members of the
, which sets policy for the corporation and appoints the officers. The board elects a
, who usually is the most powerful person in the corporation. The board also appoints the president, who manages day-to-day operations. Most corporations also have
in charge of sales, operations, accounting and finance, and other