What is a corporate banking resolution document? At the first meeting of the members, for an LLC, or the Board of Directors, for a corporation, establishing a company, a resolution about banking details is often included. You?ll need a Corporate Resolution for Opening Bank Account Template to get started.
The banking resolution can be agreed upon at any meeting after the first meeting, or altered, as directed, by the members or the Board of Directors.
There will be several resolutions during the first meeting, but the banking resolution is often the most necessary resolution from the general minutes of the meeting. Banks will require this document to open up a bank account.
The Corporate Resolution for Opening Bank Account Template document will often specify who may sign checks, borrow money or make banking decisions. The members, or the Board, and the corporate secretary sign off on any changes made to this document going forward.
Although most people have their banking resolutions prepared before going to the bank, some banks require you to fill out their standard form. Each bank will be different in this respect. If you apply for a loan, the bank will keep the banking resolutions on file along with the Certificate of Incorporation/Formation, and the bylaws/Operating Agreement.
COPY/PASTE OUR Corporate Resolution for Opening Bank Account Template:
CORPORATE RESOLUTION OF
{ INSERT CORPORATE NAME }
Banking Accounts ? Use Bank Resolution to Open Account
WHEREAS, the Board of Directors has determined it to be in the best interest of the Corporation to establish a banking resolution with { INSERT BANK NAME }, be it:
RESOLVED: That the Company execute and deliver to said bank a duly signed original of the completed banking resolution as is hereto attached, and the authority to transact business, including but not limited to the maintenance of savings, checking and other accounts as well as borrowing by the Company, shall be a contained in said resolution with the named officers therein authorized to so act on behalf of the Company as specified hereto.
THE UNDERSIGNED hereby certifies that he is the duly elected, qualified and acting secretary of { INSERT COMPANY NAME } (?The Company?) and that the foregoing resolution was submitted to and approved and adopted by the Board of Directors at a meeting held on { INSERT MEETING DATE }, and that said resolution is now in full force and effect without modification or recession as permitted under the bylaws of the Company and in accordance with the provisions of state law under which the Company was incorporated.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand effective this _________ day of _____________________, 20__________.
______________________________________________________ Vice President
If you have any questions about our Corporate Resolution for Opening Bank Account Template, please let us know in the comments. This one worked well enough when opening up our bank account for Warfare Marketing, Inc.
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Originally published at https://businessgrowthnetwork.org on June 27, 2017.
