Significance

A board of directors is responsible for making corporate decisions and voting on various corporate issues. Individuals who serve on a company's board of directors are typically not involved in the day-to-day operations of the corporation.

Single Owner Corporation

In a single-owned corporation, the owner serves as the director, officer and is solely responsible for making all corporate decisions. In this type of corporate structure, there's only one person on the corporate board of directors.

Member-Operated LLCs

In a member-operated LLC, the members take part in the daily business activities of the company. Percentage of ownership is established amongst the members of the LLC, as opposed to distributing shares of stock.

Manager-Managed LLC

Manager-managed LLCs are operated by managers hired by members of an LLC. Managers may or may not be members of the LLC. In this sense, members of an LLC may act in similar fashion to a corporate board of directors.

Distinctions

States don't require LLCs to hold formal meetings like corporations. When you incorporate your business, you're required to keep detailed records of decisions reached by the board of directors and corporate minutes of the meeting.

Source:

Click&nc.com: Business Incorporation: FAQ's

Free Management Library: Free Complete Toolkit For Boards

Llrx.com: The Limited Liability Company

More Information:

Incorporate LLC Guildbook: Explanation of Limited Liability Company

Methven and Associates: Differences Between Corporations and Limited Liability Companies