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:
“If you would be a leader of men you must lead your own generation, not the next. Your playing must be good now, while the play is on the boards and the audience in the seats.... It will not get you the repute of a good actor to have excellencies discovered in you afterwards.”
—Woodrow Wilson (1856–1924)