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In general terms, the principals of a corporation are the owners or investors, referred to as shareholders or stockholders. The agents of the corporation are generally considered to be the board of directors, officers or other persons the corporation authorizes to act on its behalf.
Similarly regarding a corporation, one person can also hold all of the offices in the corporation, and be the only stockholder. Even a one person corporation should follow formalities and have bylaws and a stock certificate. One reason for this is because disregarding corporate formalities is one way to pierce the corporate veil and hold the stockholder personally liable for the corporationâs liabilities.