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Par value is the term that applies to all stock, whether it is Authorized, Issued, Treasury, or Outstanding.
How many shares should be authorized in the certificate of incorporation? I usually advise companies to authorize around 10 to 15 million shares of common stock. Around 8 or 9 million shares are issued to founders with a 1 million to 2 million share option pool, for a fully-diluted base of around 10 million shares.
Authorised shares are units of ownership in the company available to be issued to shareholders. Issued shares are the units of ownership already issued to shareholders.No par value means that there is no standard value attached to the shares.
Authorized stock is the maximum number of shares a company can issue.Issued stock is what the company has issued, which is less than the authorized stock. Each share of common stock represents an ownership interest, which is the ratio of the shares you hold to the outstanding shares.
However, a company commonly has the right to increase the amount of stock it's authorized to issue through approval by its board of directors. Also, along with the right to issue more shares for sale, a company has the right to buy back existing shares from stockholders.
Authorized stock refers to the maximum number of shares a publicly-traded company can issue, as specified in its articles of incorporation or charter. Those shares which have already been issued to the public, known as outstanding shares, make up some portion of a company's authorized stock.
If you know the number of shares issued and unissued, or those authorized but not sold to shareholders, you can calculate authorized shares: shares authorized = shares issued + shares unissued.