Most entrepreneurs fear the presence of the Board of Directors as a sign that they might lose governing power over their own companies.It's true that is not a must,and that you can govern your company by yourself, but is not the most advisable thing to do.

You can put in independent directors and managers on the Board. Think of it solely as a body of counselors, which are undeniably useful especially for a startup company like yours.

Having a Board of Directors will make it easy for you to gain funding for your company when you need it. On the other hand, most investors may be reluctant to put in funds on companies governed by “loose cannons.”

Anybody can incorporate just about any kind of business from Yahoo to a lemonade stand so, no not all corporations have a board of directors. The words "board of directors" sounds more legitimate and worthy of the respect that is necessary in negotiations and represents stability in governance.

Not all startup corporations have a "board of directors"(bod). Some have partners with voting rights that act more like a bod. Some have an actually bod with the founder having the most voting rights of the group. It all depends if you want people for checks and balances or if you can held the same load on your own.

This depends on the laws of the state in which a business has been incorporated. Most states have a requirement that a corporation have a board of directors. For example, in Delaware, there is a requirement that the corporation must have a board of directors, which must have at least one person.

Practically, when an entrepreneur sets up a company, it will only be one person who performs the function of shareholder, officer, and director of the corporation. States know this, and most of them allow one person to satisfy all of the roles listed above. Check the state laws of your corporation's home jurisdiction for specifics.