Among all the corporate resolutions made in a corporation’s formal meetings, the Corporate Banking Resolution is most commonly made at the initial incorporation to select commercial banking institutions and open bank accounts.
By extension, the Resolution also signifies the corporation as a separate entity from the principals. In effect, you or any of the members are not supposed to use personal bank accounts to conduct business. Corporations are explicitly prohibited from mixing business and private funds, including members, the board of directors, or shareholders.
What Is a Corporate Banking Resolution?
During the initial incorporation of a company, one of the first steps is taking care of all the banking procedures, for instance, which commercial, financial institution to use, and who are the people authorized to transact the funds.
All of the above can be accomplished with one or more Corporate Banking Resolutions to specify designated commercial banks for the company and authorized individuals who have access to the accounts.
Just like a Corporate Banking Resolution can be used to open a bank account, you can execute another resolution to close said bank account or remove an authorized individual.
Other Names for Corporate Banking Resolution
Depending on your state, a Corporate Banking Resolution may also be known as:
- Banking Resolution
- Board Resolution Regarding Banking Account
- Resolution of the Directors
- Banking Resolution of Corporation
Who Needs a Corporate Banking Resolution?
Every corporation in the United States, for-profit and nonprofit, should use a Corporate Banking Resolution to open a corporate bank account.
It is also necessary for issuing an authorization to make certain purchasing decisions. Another everyday use of a Corporate Banking Resolution is to authorize a loan application.
Why Use 360 Legal Forms for Your Corporate Banking Resolution?
Customized for you, by you
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Corporate Banking Resolution.
Specific to Your Jurisdiction
Laws vary by location. Each document on 360 Legal Forms is customized for your state.
Fast and easy
All you have to do is fill out a simple questionnaire, print, and sign. No printer? No worries. You and other parties can even sign online.
How to Create a Corporate Banking Resolution with 360 Legal Forms
The Corporate Banking Resolution is an important document to format correctly. Because you want everything to be in order, it may even be better to rely on a proven format.
Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.
What Information Will I Need to Create My Corporate Banking Resolution?
To create your document, please provide:
- Date and Location: The date and address where the resolution arrived at
- State: The state where the corporation was incorporated
- Company’s Name: Full legal name of the corporation
- Bank Information: Full name and address of the commercial bank designated in the resolution
- Information on Authorized Signatories: Full legal names and pertinent information, such as the position of the individuals authorized to sign checks and access the bank account for the corporation
- Information on Approving Group: The list of everyone who approved the resolution
- Certifying Officer: Name and title of the person to certify the document
Corporate Banking Resolution Terms
- Meeting Minutes: Everything that happened in a corporation’s formal meeting
- Motion: A formal proposal made by a member of the board in a formal meeting
- Agenda: A list of things to go over in a corporation’s formal meeting
- Waiver: The decision to abandon an absolute right or claim
- LLC Banking Resolution: The LLC’s version of the Corporate Banking Resolution
- Fiduciary: A person or entity obligated to act in the best interest of another
- Shareholder: A person or entity owning shares in a corporation
- Board of Directors: A group of directors retained by shareholders to act on their behalf
- Revenue: A corporation’s total annual receipts
Corporate Banking Resolution Signing Requirements
Before the secretary or another authorized officer signs the Corporate Banking Resolution, it is essential to review it with care. Check that the language is unambiguous and verify the date and location for accuracy.
What to Do with Your Corporate Banking Resolution
An authorized representative should sign the Corporate Banking Resolution. As an internal document, it does not need to be notarized or filed with a government body. Just keep a copy of the resolution in the minute book.
