Officers are responsible for carrying out a company's day to day business operations. In a corporation, the officers are hired and fired by the board of directors, may bind the company to contracts as the corporation's agent, and are subject to the same fiduciary duties are directors. Most states require corporations to name a President, Secretary and Treasurer. Other officers, like a Vice President, are usually optional, at the discretion of the board of directors.
Definition from Nolo’s Plain-English Law Dictionary
A person elected by a profit or nonprofit corporation's board of directors, or by the members or managers of a limited liability company, to manage the day-to-day operations of the organization. Officers generally hold titles such as president, secretary, or treasurer. Many states and most corporate bylaws or LLC operating agreements require a corporation or LLC to have a president, secretary, and treasurer. Election of a vice president may be required by state law.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:20 pm