Managing Director owns the company, if there is shares in the company then the person who holds the majority of shares is Managing Director and others will be called Directors.
Not true.
Directors may not even be shareholders sometimes. But in the context of a small business then usually a Director is a shareholder. The Directors vote on who the MD or Company Secretary is and all the other directorships.
The shareholders vote for and appoint the directors. The majority shareholder has most "clout" but needs 51% of the shares to make decisions without the agreement of the others.
When I was a shareholder of a ltd company I had first 25% then 33.3% of the shares. Although I was a director (financial then added sales and company secretary) I was not the MD. But the MD or any other (Director) had to get the agreement of at least 2 including himself to get a decision passed.
It all sounds very grand but I was financial director over an accounts staff of two part timers, a sales director over one salesman plus the MD who was also a salesman whereas I was subject to the service director in all matters to do with engineering.
Basically it was three guys and their wives and four staff muddling along...
