Titles for LLC Officers
For small businesses organized as LLCs, all of the necessary officers, managers, and members have different roles that need to be filled. Understanding all of these titles – such as managing member, agent, corporate secretary, or treasurer – can help you make sure your business is operated effectively and legally.
President
The president is usually the most prominent officer of an LLC and is responsible for making sure that operations are running smoothly. Other duties can include signing checks, representing the LLC in public appearances, and hiring, firing, or promoting personnel. The president also has the authority to create other chairs and officers within the organization. The president is typically the managing member of the LLC, meaning that he or she is responsible for actively managing the company’s affairs and overseeing daily operations. This person may also be referred to as the chief executive officer (CEO) and is required to report finances to anyone involved with the business, such as shareholders or the board of directors. Since this position involves a lot of responsibility, it is important that the person chosen has prior experience in running similar organizations. The president has the authority to sign contracts, hire, and fire employees, make financial decisions, set prices for products or services, and is ultimately responsible for the overall success of the LLC. He or she may also be required to perform other duties as outlined in the company’s operating agreement. Depending on the size of the organization and its structure, presidents may also have a say in company policy regarding issues like vacation time or health benefits.
Vice President
The vice president typically supports the president in many of the responsibilities, but may also have specific duties as defined by the company. Common roles and responsibilities include overseeing operations, monitoring finances, and liaising with customers, clients, and stakeholders. In some cases, the vice president takes on additional responsibilities when the president is not available. It is important that the roles of both the president and vice president are laid out clearly in the company’s operating agreement. Both officers should have a full understanding of their duties, protocols for decision-making, levels of authority, and matters that require approval from the board or shareholders. The vice president should also be familiar with all relevant regulations, such as those governing operations in their state, to ensure compliance with all applicable laws. The vice president is not only in charge of second-in-command duties, such as filling in for the president when they are unavailable, but they also have their own responsibilities to attend to. The vice president may be responsible for aspects of budgeting, managing directors and staff on certain initiatives, acting as the legal representative of the LLC upon request, and handling a wide range of administrative tasks. The vice president should also be able to provide guidance to other officers and employees on matters related to their roles.
Secretary
The secretary is responsible for generating and managing company paperwork like meeting notices, contracts, resolutions, and board minutes. Duties may include filing required documents with the state/federal government, keeping records for all applicable stockholders or members, and making certain that appropriate laws are followed. Secretaries may also have additional responsibilities as determined by the board of directors. The secretary position is one of the most important roles in an LLC. This officer’s job is to provide information about the company to its members, as well as keep accurate records and make sure all legal compliance requirements are met. The secretary also serves a vital role in day-to-day operations, as they are usually responsible for setting up meetings and keeping records of documents like contracts and board or membership resolutions. It’s important that LLCs have clear policies describing who can be a secretary, their responsibilities, and any other additional roles they may have within the company. Although LLCs must have a secretary, the same individual can serve in other roles as well. For example, a company’s president or managing member may also be its secretary, the same person can serve as the treasurer, or an LLC’s employees of all levels can rotate through this position. It’s best to choose someone who is familiar with the company’s legal documents and board proceedings for this role and make sure that any secretary chosen has access to the necessary resources and support.
Treasurer
The treasurer is the officer responsible for overseeing a company’s financial operations. They are responsible for creating and managing the company’s budget and keeping accurate records of all income and expenses. Duties may include monitoring cash flows, preparing financial reports, maintaining compliance with local tax regulations, and providing guidance on sound fiscal policies. To properly fill their duties, the company treasurer must have knowledge of financial procedures and technologies, as well as a basic understanding of investments and other banking practices. They must also ensure that all regulations are being followed. The officer often works together with the president or CEO to handle any major decisions regarding budgets and expenditures. Furthermore, it’s likely that the treasurer will present regular financial reports to members of the Board of Directors or shareholders. As such, selecting a knowledgeable individual for this role is essential for the longevity of any LLC organization. As the title implies, the treasurer is usually responsible for managing financial funds and accounts. This means that he or she must monitor cash flow, debts, investments, and all other monetary transactions that come into the company. In larger LLC organizations, a chief financial officer (CFO) often takes over these duties in addition to providing guidance on finances. This personnel is generally hired from outside the organization and comes with experience dealing with more advanced monetary issues and auditing procedures.
Chairman of the Board of Directors
The Chairman of the Board of Directors (or “Chair”) is responsible for setting the direction and making decisions on behalf of LLCs. As such, it’s the Chair’s responsibility to ensure that the LLC is adhering to its mission and meeting both short-term and long-term goals. They also serve as a liaison between the directors and shareholders, presenting issues for discussion before board meetings. The Chair is typically appointed by the directors after consulting with shareholders, and it’s their job to ensure that all members of the board make decisions in accordance with the LLC’s objectives. The Chair also has a strong working relationship with the CEO, who they must be able to trust and collaborate efficiently. Since they are accountable for any actions taken on behalf of the board, this position requires impeccable decision-making skills and a deep understanding of proper governance protocols. The chair must also possess excellent communication and leadership skills in order to effectively fulfill its role within an LLC.
You can start an LLC in American Samoa today, from your phone, tablet, or PC. It is easy! Just go to https://llc.as.gov/ to file your documentation and create your American Samoa LLC today.