Officers of corporations are appointed by the directors sitting on the board. The directors decide how many officers to install and the role each officer performs for the company. There are no specific requirements for being a corporate officer. Officers can also serve as company shareholders or directors.Know More
Officers are expected to run the daily operations of the company. Examples of officer positions are chief executive officer, president, chief operating officer, secretary and treasurer. The board can create as many officer positions as it deems necessary to run the business. In smaller companies, one person may hold several officer positions. When a single person takes on the role of several offices, this increases that person's duty liabilities.
Directors and shareholders trust officers to carry out their duties competently. Officers are held liable for specific duties they are assigned. For example, the treasurer, or chief financial officer, is tasked with ensuring the company has enough funds to pay employees. Failure to carry out this important duty can lead to serious legal trouble for the officer in charge.
Officer roles are functional. For example, the role of a corporate secretary is to create, manage and maintain detailed records of company operations. This officer also records minutes for board meetings and keeps the company event calendar updated.Learn More
All bishops are appointed by the pope. The pope may select anyone he chooses. However, there is a process established in the Catholic Church that results in recommending a list of candidates to be presented to the pope for appointment.Full Answer >
Managing a supermarket is a challenging responsibility that requires thoroughness, keenness and professionalism on the part of management and the entire workforce of the business. Supermarket resources must be of standard quality, and the management must ensure they are used to profit the entity. A well-managed supermarket must have a smooth flow to its operations and a well-coordinated workforce.Full Answer >
The first step to form an LLC in Colorado is to file a document to establish a new record of business with the secretary of state’s office. The document requires you to submit the name of your prospective LLC with one of the following terms or abbreviations included: Limited Liability Company, LTD. Liability Company, Limited Liability Co. Ltd. Liability Co., Limited, L.L.C., LLC, Ltd.Full Answer >
In business and finance, keeping records is crucial for a variety of reasons, including monitoring the progress of a business, preparing tax returns, identifying various receipt sources and keeping track of deductible expenses. In addition, having an updated database is a key resource for planning new marketing and sales strategies.Full Answer >