Who manages a corporation?

One of the key differences between franchising and chain stores is the amount of risk involved. When a company chooses to expand with chain stores, it assumes all of the risk on its own. It funds the entire expansion project. By comparison, when a company franchises, it passes some of the risk onto other investors. Franchising represents less risk for the parent company, but it shifts the risk to the franchisee.

The correct answer is: "the Board of Directors".

The Board of Directors constitutes the upper strata in the organization chart of a corporation. Managers and owners are differenced in corporations and both groups usually have certain separate interests.

A Board of Directors is a group of managers who jointly supervise the activities of a corporation, seeking for maximizing its profits and for other objectives included in the organizations' own constitution or values.