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Making a Corporate Resolution
A Corporate Resolution is the record of any major decision made by shareholders or a board of directors during a meeting. Corporate Resolutions can cover a wide variety of actions. Commonly, they are written when a new member of board is voted in, but they can also be used when the company decides to hire employees, sell shares, purchase an existing patent, or when any other big decisions are made. They serve as important compliance documents and give your company a concrete record of the choices your directors or shareholders have made.
Making a Corporate Resolution using Rocket Lawyer is simple. You just need the following information:
With this information, you will be able to automatically generate your Corporate Resolution. Once the document is created you can edit, print, download, or share it online. Make sure you keep a copy for your records.
A corporate bank resolution details who has the authority to make specific banking-related decisions for your corporation or LLC. Some of these decisions can include who may sign checks, borrow money, open a bank account, etc. Typically, a corporate bank resolution will be agreed upon during the first meeting of an LLC's members or a corporation's board of directors.
LLC's are not required to validate major decisions through resolutions. That said, there are instances when it could be a good idea to create an LLC resolution. For example, if you make a major financial decision like obtaining a bank loan.
No. An Articles of Incorporation document establishes the existence of a corporation while a corporate resolution records the actions and decisions of a corporation's board of directors.