Legal Question in Business Law in New Jersey

Re: New Company

In most States, a corporation must have a president and a secretary (who sometimes can be the same person). The president is the officer who has the plenary power to conduct the ordinary business of the corporation. Some corporations designate someone in addition to the president to also have the full authority to exercise the powers of the president and sometimes additional powers (that usually are reserved for the directors). Frequently, that person is titled the "Chief Executive Officer." The title "President and Chief Executive Officer" is usually redundant when it refers to one person. Using the CEO title without having a designated president is a technical noncompliance with the corporation statute.

LLCs will frequently use the title "president" to mean one of the managers or the managing member. Such a title gets by in informal usage. A bank or title company would look more closely into the business organization and require some formal document to tie the title to LLC statutory titles and the operating agreement.

See also: http://info.corbettlaw.net/lawguru.htm

Re: New Company

CEO means Chief Executive Office which is the head of the Board Of Directors of a corporation. The Board of Directors meets to discuss and set policy of the Company. The President is the head of the Company and is involved with running the day to day operations of the Company. The President reports to the Board of Directors. Often, in small corporations the President and the CEO are the same person.