The Roles of Individuals When You Start a Nevada Corporation
The ability to start a Nevada Corporation is not easy and harder yet is to be able to run it smoothly. To run your corporation typically you need to employ a number of key individuals at different stages of the business. Here is a list of those individuals and a brief of the important role that they play in the running of a business corporation.
Board of Directors
These are the supreme body of authority in such a legal entity. When you start a Nevada corporation the original directors of the corporation are designated through the Articles of Incorporation the document given to the State. The role of these directors is simply put on a whole taking a look at the running of the business and to make sure that it runs smoothly and follows the letter and spirit of law.
The duty that is owed by the directors to the business is a fiduciary one. They are expected to act in the benefit of the corporation in way that helps it achieve its bets interests. The directors are typically answerable to the shareholders of the business and its investors at the annual general meetings. Typically the share holders will have their own representative on that board to empower the decision making process.
These are the employees of a business. They are hired and can be fired by the board of directors on their watch. The highest of these officers is typically a CEO, a treasurer, a secretary or a President. Their duties are not as high as that of the directors. However they will be expected to grow and benefit the business in every possible way that their job allows them to.
These people are part owners of the business. These are the people that have are given shares by the corporation in return for the contribution that they made in favor of the corporation. This contribution can be both monetary or in terms of services provided by the business.
They will be paid back by the business each year in the form of dividends. The important thing to remember about shareholders is that they are not in charge of the decision making them but through the board of directors. In any case, one of the reasons why people want to start a Nevada corporation is because it ensures that the share holders are not liable for any losses to the business or if it defaults on its loans.
There are other individuals in a corporation apart from this as well.