Glossary of most frequent business formation terms

A B C D E F G H I J L M N O P Q R S T U V W

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Officers

Operating Agreement

Organizational Meeting

 

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Officers

An individual appointed by the director(s) of a corporation who are responsible for carrying out the board's policies and for making day-to-day decisions. Usually consist of President, Vice-President, Treasurer, Secretary, CEO, CFO, etc.  Although officer positions are distinct from that of director, officers can also hold the position of director. In most states, one person can hold all of these posts.

 

Operating Agreement

A contract among the members of a limited liability company, which governs the membership, management, operation and distribution of income of the company. It is analogous to corporate bylaws.

 

Organizational Meeting

The initial meeting of incorporators or initial directors that are held after the filing of the articles of incorporation to complete the organization of the corporation. At the organizational meeting a number of initial tasks such as: ratification of the articles of incorporation, issuance of the initial shares, election of officers, approval of bylaws, and authorization of the opening of bank accounts is passed.