Non-corporate Boards
The role and responsibilities of a board of directors vary depending on the nature and type of business entity and the laws applying to the entity (see types of business entity). For example, the nature of the business entity may be one that is traded on a public market (public company), not traded on a public market (a private, limited or closely held company), owned by family members (a family business), or exempt from income taxes (a non-profit, not for profit, or tax-exempt entity). There are numerous types of business entities available throughout the world such as a corporation, limited liability company, cooperative, business trust, partnership, private limited company, and public limited company.
Much of what has been written about boards of directors relates to boards of directors of business entities actively traded on public markets. More recently, however, material is becoming available for boards of private and closely held businesses including family businesses.
A board-only organization is one whose board is self-appointed, rather than being accountable to a base of members through elections; or in which the powers of the membership are extremely limited.
Read more about this topic: Board Of Directors
Famous quotes containing the word boards:
“Strange that so few ever come to the woods to see how the pine lives and grows and spires, lifting its evergreen arms to the light,—to see its perfect success; but most are content to behold it in the shape of many broad boards brought to market, and deem that its true success! But the pine is no more lumber than man is, and to be made into boards and houses is no more its true and highest use than the truest use of a man is to be cut down and made into manure.”
—Henry David Thoreau (1817–1862)