Officers are appointed by the board of directors to run the day-to-day operations of the corporation. Commonly, and by law in many states, a corporation will have at least three officers:
- Treasurer or Chief Financial Officer
Officers do not have to be shareholders or directors, but they can be. There is no limit on the number of officers, and usually no limit on the number of offices any one person may hold. In fact, in most cases, the same person can hold all offices.
At the initial meeting of the board of directors, the stock is issued and the officers and board of directors are elected. The officers can be changed later by a meeting, and vote, of the board of directors.
It may seem like you’ll need a lot of people to start a corporation, but that isn’t necessarily true. In most states, a corporation can have one director (who can also hold all offices and own all the stock). This means it is possible for a single person to start a corporation and serve in all the roles - as the sole shareholder, the sole director, and as all the officers. As the corporation grows, other people could fill these roles, following the rules set out in the bylaws.