Glossary: President

President

President - Next to the Chairman of the Board, the President is the highest ranking officer of a corporation. In a small private corporation, the President and the Chairman of the Board are often the same person. Subject to the authority and direction of the Board of Directors, who appoints the President, the President is responsible for managing the day to day business operations and for executing contracts, corporate filings, Certificates of Stock (with the Treasurer), etc. The laws of some states such as California require that to be binding on a corporation, a contract must be executed by at least two officers such as the president and Secretary. The President often presides over meetings of the shareholders as the meeting chairman, although that position may be taken by the Chairman of the Board or by someone elected by the shareholders at a particular meeting. The President and Secretary are the two corporate officer positions required at a minimum pursuant to the laws of most states.

Disclaimer: The foregoing is intended to provide general information and may not be suitable in specific instances. The glossary information is not intended to be exhaustive, but rather to illustrate typical considerations. The material is provided with the understanding that it is not legal, accounting, tax or any other professional advice.

Copyright © 2003-2010 LawVantage.com, LLC. All rights reserved.
Important LawVantage.com, LLC and its website, CorporateBoardMinutes.com, do not render any legal, accounting or other consulting advice.
For legal advice, you should always consult with a qualified attorney-at-law.

Website development by

Vine Design.