# Board of directors

Concept · [Fundraising and equity](https://ecosystem.samcarlton.com/fundraising)

Also called: board, the board, director, directors, board seat, board member, board meeting

The group that a [corporation](https://ecosystem.samcarlton.com/c-corp)'s shareholders elect to oversee the company. The board makes the largest decisions, such as hiring or removing the CEO and approving a sale or a new round.

**For example:** After a [Series A](https://ecosystem.samcarlton.com/series-a), a company's board has three [seats](https://ecosystem.samcarlton.com/per-seat-pricing): one [founder](https://ecosystem.samcarlton.com/founder), one investor and one independent member. The board votes to approve the annual budget.

## Connects to (11)

- [Fiduciary duty](https://ecosystem.samcarlton.com/fiduciary-duty): A legal duty to act in someone else's best interest and not your own.
- [C-corp](https://ecosystem.samcarlton.com/c-corp): C corporation.
- [Lead investor](https://ecosystem.samcarlton.com/lead-investor): The investor who negotiates the terms of a round with the founders and usually puts in the largest share of the money.
- [Term sheet](https://ecosystem.samcarlton.com/term-sheet): A short document that lays out the main terms of a proposed investment, such as the amount, the valuation and the investor's rights.
- [Nonprofit](https://ecosystem.samcarlton.com/nonprofit): An organization that exists to serve a mission and does not pay profits out to owners.
- [Techlahoma board](https://ecosystem.samcarlton.com/techlahoma-board): The volunteer board that, with staff, runs the Techlahoma Foundation through the year.
- [Bylaws](https://ecosystem.samcarlton.com/bylaws): The internal rules an organization, such as a nonprofit or corporation, adopts for how it is run: how the board is chosen, how votes…
- [Leadership Tulsa](https://ecosystem.samcarlton.com/leadership-tulsa): A Tulsa nonprofit, founded in 1973, that runs community leadership programs such as LT360, workshops and civic events, with a network of…
- [Oklahoma Center for Nonprofits](https://ecosystem.samcarlton.com/oklahoma-center-for-nonprofits): A 501(c)(3) nonprofit that works to strengthen Oklahoma's nonprofit sector, with locations in Oklahoma City, Tulsa and Durant.
- [Get on Board](https://ecosystem.samcarlton.com/get-on-board): TYPROS and Leadership Tulsa prepare young professionals for nonprofit board service through an application-based board internship.
- [Interim executive](https://ecosystem.samcarlton.com/interim-executive): A leader who fills a role full time for a limited period, for example after someone leaves and before a permanent hire.

> This glossary is plain-language orientation, not legal or financial advice. Before you decide on a company structure, a contract, taxes or a fundraising deal, talk with a lawyer or an accountant.

Map view: https://ecosystem.samcarlton.com/board-of-directors