"Authorized shares" refers to the number of shares the corporation is allowed to issue under its certificate or articles of incorporation. Issued shares, on the other hand, refer to the portion of authorized shares that the company has already allocated to shareholders.Outstanding shares are shares of stock that have been issued. How can we help you? There is a difference between "authorized" shares and "issued" shares. Authorized stock is the maximum number of shares that a corporation is legally permitted to issue, as specified in its articles of incorporation. Authorized shares are the number of shares specified in a corporation's charter as the maximum number of shares the corporation may legally issue. Authorized stock is a term that refers to the total number of shares of stock that a corporation is authorized or allowed to issue to shareholders.