Corporate resolution becomes one of the most important things in a company because it records the major decisions made by the shareholders and directors. Besides, it is also used for applying for a loan or before the company legitimately operating. Therefore, we provide you corporate resolution form for free that you can edit and customize.
What makes our page is better is that we have the sample forms of corporate resolution that you can learn from. It also covers any type of resolution to the shareholders and board can inspect, modify and scrutinize the decisions. Our templates allow you to edit it once the change has made. It comes to various formats such as PDF and Word forms.
What Is A Corporate Resolution Form?
Let’s recall the meetings. Maybe you already forgot a number of decisions made by the shareholders and boards last time? Maybe your company will acquire a company or maybe there is a decision or new ideas that were brought on the table and everyone skipped it? so, this is how the corporate resolution form works. This document will record every major decision of a company, and each of them even though it is a small business, this document is very crucial. Usually, the decisions made are from the owners, directors, managers or officers. In any kind of business field, this is required whether it is a non-profit or for-profit decision.
However, for the Limited Liability Companies such as (LLCs), they are not required to make this one, but sometimes it is also needed for the written documentation. This type of document offers a transparent understanding among staff and shareholders.
Typically, a board might use the corporate resolution for hiring new members, set up a bank account for the company, accept initial bylaws and many more. The following condition needs to be written in the corporate resolution:
- Designating corporate officers
- Buying and selling real estates
- Agreeing to enter a joint-venture
- Purchasing a new patent
- Applying for loan
- Establishing a location in certain areas or countries
- Obtaining government approval
- Negotiating a contract
- Hiring an employee
- Approving budget plan
How To Bring Resolution Before the Board?
As we have mentioned earlier, the corporate resolution is a decision of a board meeting. This process will include the following process:
- The board meeting is typically held in advance of the actual meeting itself. Therefore, there will be certain items to be included in the resolution and is also included in the agenda.
- In the meeting, the items that have been included will be brought up to the board members.
- After that, the board members will take a vote and these votes will be recorded.
- In this process, we still need the meeting minutes to write down and record the discussion and the outcomes.
So, what will happen when a corporate resolution has been made? Well, it doesn’t have to be submitted to the government agency. But it still needs to be kept as the corporate record. Besides, it should be easy to be accessed by the shareholders for example if a shareholder wants to understand the actions decided by the boards or it can be used when a financial institution requests this to process certain application such as a loan.
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