The owners of a corporation are called "shareholders. " The persons who manage the business and affairs of a corporation are called "directors."We provide professionally written corporate bylaws for free with every incorporation filing. In Texas, a close corporation may be managed according to a shareholders agreement rather than bylaws or a board of directors. 9. What is a corporation? How is it different from a partnership? (a) If the corporation has a board of directors, a corporation may not have fewer than three directors. The entire process can be completed with board of director approval and no shareholder consent is necessary. There are some states that allow a corporation to operate without having a board of directors to run it. Committee and Board Meetings have returned to in person only.