A corporation whose shares are held by a single shareholder or a closely-knit group of shareholders (such as a family) is known as a close corporation. The shares of stock are not traded publicly. Many of these types of corporations are small firms that in the past would have been operated as a sole proprietorship or partner¬ship, but have been incorporated in order to obtain the advantages of limited liability or a tax benefit or both. This type of employment agreement might be in order for the chief operating officer of such a corporation.
Title: Virginia Employment of Executive or General Manager in a Closely Held Corporate Business Introduction: The employment of an executive or general manager in a closely held corporate business in Virginia plays a crucial role in the successful operations of the company. This article aims to provide a detailed description of this role, its significance, and the different types of employment within this domain. Keywords: Virginia, employment, executive, general manager, closely held corporate business 1. Understanding the Role of an Executive or General Manager: In a closely held corporate business, the executive or general manager holds a key position overseeing day-to-day operations, developing strategies, managing teams, and ensuring the company's overall success. Their responsibilities often include financial planning, resource allocation, goal setting, and decision-making. 2. Significance of the Executive or General Manager Role: The executive or general manager serves as the leader and visionary of the closely held corporate business, steering it towards growth, sustainability, and profitability. They are responsible for setting the company's direction, maintaining a positive work culture, fostering innovations, and establishing strong relationships with stakeholders. 3. Skills and Qualifications: Virginia-based executive or general managers in closely held corporate businesses are typically expected to possess specific skills and qualifications. These may include leadership abilities, strategic thinking, financial acumen, problem-solving skills, effective communication, and a strong understanding of the industry. 4. Types of Employment for Executive or General Managers: a) Full-Time Employment: Many closely held corporate businesses in Virginia employ executive or general managers on a full-time basis. These managers dedicate their time and efforts exclusively to the company's operations, ensuring its growth and success. b) Part-Time Employment: In some cases, closely held corporate businesses may opt for part-time executive or general managers. This arrangement allows for cost-effectiveness while still benefiting from the expertise of experienced professionals. Part-time managers often collaborate remotely or curtail working hours based on specific business requirements. c) Contractual or Interim Employment: Closely held corporate businesses may engage executive or general managers on a contractual or interim basis. This type of employment allows companies to benefit from an executive's expertise for a specific project or short-term period, making it a flexible and resource-efficient solution. d) Outsourced Employment: In certain situations, closely held corporate businesses in Virginia may choose to outsource the executive or general manager role. This could involve hiring external consultants or management firms to handle the managerial responsibilities, thereby providing expertise that may be lacking internally. Conclusion: Virginia employment of executive or general managers in closely held corporate businesses is a critical aspect of maintaining successful operations, driving growth, and ensuring long-term profitability. Businesses may employ full-time, part-time, contractual, or outsourced managers depending on their specific needs and resources. The presence of competent and qualified executives or general managers is vital for navigating the complexities of today's competitive business landscape.
