Free Corporate Banking Resolution

A legal document that outlines where the business funds will be held, as well as who has the authority to access and use the account(s).

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You have a newly formed corporation and now you need a plan for your company’s banking procedures. Do you know which financial institution you want to establish accounts with? Do you know which individuals associated with the company will have the authority to act on the corporation’s behalf for banking purposes? If the answer to both of those is yes, your next step will be to create a Corporate Banking Resolution. 

Using the Corporate Banking Resolution clarifies the banking procedures of your company and grants authority to specific individuals to maintain accounts. In addition to its function as an internal company document, it’s also used to represent to the chosen bank that the decision to establish an account and the authorization given to the specified signatories are the official actions of the corporation.

Frequently Asked Questions

 

A corporate banking resolution is a legal document that outlines where the business funds will be held, as well as who has the authority to access and use the account(s).

 

Corporations are a separate legal entity from the individuals that establish the company. Corporations are prohibited from commingling of business’s funds with personal assets of shareholders.

 

Generally, banks and other financial institutions will require evidence that it is the official action of the corporation to create account(s) in its name. This Corporate Banking Resolution is a written representation to the bank affirming that decision.

 

As an internal record (i.e. one that is kept by the Corporation), the resolution communicates to the shareholders, directors and officers exactly how the company’s banking procedures will be handled, including all powers and limitations given to the authorized individuals.

Additionally, the resolution provides an added layer of security for your company’s funds by limiting who may manage the companies funds, and providing a sample of each of the authorized individuals’ signatures to prevent fraudulent access.

 

To create your resolution, provide:

  • Corporation Details:  name, type, and state of formation of the corporation;

  • The Approving Group: names of parties who approved this resolution (shareholders and/or managers);

  • Adoption Method: how the resolution was passed (at a meeting or by written consent);

  • Bank Information: name and address of the  proposed corporate bank 

  • Authorized Signatories: names of all those authorized to interact with the bank on behalf of the corporation;

  • Extent of Authorization: Specify whether the signatories may open a safe deposit box or night deposit box on behalf of the corporation;

  • Certifying Representative: name and title of the officer certifying this resolution.

 

Our propriety form generator will assist you in creating your customized Corporate banking resolution within minutes. Answering the questions is not complicated – you only fill in the requested information and we will put it together for you.

Once you complete the questionnaire and place your order, it will be available for immediate download in either PDF or Word document from your secure online account including a step-by-step guide on how to use your document.   

 

Generally, a banking resolution does not need to be notarized – the certified representative only needs to sign the document to make it legally enforceable.