Issued Shares

Issued shares is the total number of shares a corporation has actually issued to stockholders across the company's history. It is distinct from authorized shares (the legal maximum permitted by the charter) and outstanding shares (issued minus treasury shares), counted cumulatively before any reductions for repurchased or canceled shares. It is one of three closely-related but distinct share-count concepts that founders need to understand for accurate cap table management.

The three share-count concepts:

• Authorized shares: maximum permitted by the certificate of incorporation. The legal ceiling. Set at incorporation and amended via charter amendments.
• Issued shares: cumulative shares actually issued by the company over its hi...