The type of legal structure you choose to utilize in the formation of your business lays the foundation for how your business will operate, be taxed, and proceed in court. Although that is a challenging enough proposition to begin with, especially because there are many options, the matters relating to business formation don't stop there. Instead, a new business owner must consider things like funding, supply chains, human resources, and establishing contracts with pertinent parties.
For corporations, another issue that must be addressed is choosing a board of directors. This group is elected by shareholders to oversee corporate management and make major decisions that affect the business. Although private corporations are not required to have a board of directors, public corporations are. Even private corporations can find benefits in appointing a board of directors, though.