Role of Vice President in Limited Liability Company

Although some corporations (particularly newer ones) simply appoint a president and secretary, a limited liability company (LLC) generally has a vice president and a president, secretary, and treasurer. If a corporation has significantly developed and officials' responsibilities have increased, appointing a vice president may be helpful. The officers do not have to be LLC members. They are rarely compensated, however there are exceptions. During board meetings, the vice president usually acts as a facilitator.

Duties of Vice President

The LLC decides the particular functions of its vice president and other executives, which are described in the organization’s bylaws. A firm can designate multiple vice presidents, each with a different specialty. A vice president of marketing, for example, could be an officer. A corporation may also assign another vice president to each part of its operations, ensuring that someone is there to sign paperwork. In addition, specialized or location-specific vice presidents may offer reports or suggestions concerning their areas of expertise during a board meeting. Outside of the duty to remain on-call to fill in for the president, the vice president may have loosely defined responsibilities if he or she does not have a particular area of focus.

Representing President

Unless the firm has selected an official chairperson, board meetings are presided over by the LLC's president. If the president is unable to attend a meeting, the vice president takes over as president. This means that the vice president chairs the meeting and keeps it on track by ensuring that the group covers all of the topics on the agenda. Before the meeting, the vice president and the secretary may collaborate to draft the plan. The vice president asks the board members if they have any further items of business to discuss at the start of the meeting.

Overlapping Roles

Officers' tasks may overlap, especially in smaller firms, with one officer doing many functions. For example, secretarial duties, maintaining financial records and making this information available at meetings, taking meeting notes, and providing meeting notices to board members are all possible responsibilities for the vice president.

Other Considerations

If the president resigns or dies, the vice president position does not automatically lead to an appointment as president. Who will succeed the president is decided by the board of management, which appoints the officers? The board of directors has the authority to fire any of the officers at any time. Until a new president is selected, the vice president serves as president.