How authority and accountability are delegated within a company as well as how ownership is divided.
Certificate of Incorporation
Issued by a state upon approval of articles of incorporation. Together they form the corporate charter which establishes a corporation.
Rules governing the internal management of a company drawn up at the time of incorporation.
Document recording a decision by the board of directors for action.
Board of Directors来源：考试大
Persons elected to develop company policy and ensure that a corporation acts within the scope of its corporate charter.
Checks and Balances
System in which each level of authority is “checked” by the others to make sure that power is balanced between them.
Chief Executive Officer (CEO)
Officer of a firm principally responsible for its day to day operations, usually the chairman of the board or president.
Chain of Command
A system wherein authority is passed down from top to bottom through a series of executive positions each of which is accountable to the one above it.