What Is Corporate Resolution Form?
When the shareholders or board of directors major make decisions, it will be recorded into a corporate resolution form. This is a very important decision because the Securities and Exchange Commission will ask the corporate resolution before these decisions are legitimately running. Besides, banks also need this when a company is applying for a loan.
The decision taken by the board of directors is mostly about what steps need to be taken by the company. This will decide the company’s future for the long term, such as buying a smaller business, property or even taking some loan. And then, these decisions are voted and then it will be recorded in this form.
When Do We Need The Corporate Resolution Document?
You will need to use the resolution document when you are in the following situation:
- You have the need to record the decision of the board of directors meeting.
- You have the need to record the decision of the shareholders.
Remember that the corporate resolutions can be about large actions. Typically it is written when a new member of the board of directors has been chosen. Or it can also be written when the company is planning to hire an employee, purchase an existing patent, sell shares of the corporation, and other big things.
However, this document doesn’t have to be submitted to the government agency or anything of the sort. This document is kept in the book so it can be one of the most valid references if an important shareholder wants to do an action. Also, note that this document can be kept along with your meeting minutes and it will be treated as the legally binding decision made by the company.
What Are The Type Of Corporate Decision Forms?
There are some types of corporate decision forms are available on this page which you can choose depending on the action taken.
- Corporate Authorization Resolution – It is used when a member also acts as the agent of the corporation which is given the authority to stipulate power.
- Corporate Borrowing Resolution – It is used when the agent is authorized by the board to do the transaction with the bank such as a loan or securing payment of a liability of the company.
- Corporate Board of Directors Resolution – It is used for any kind of resolution, depends on the subject, but it is usually for the company’s benefit.
In conclusion, the company resolution forms are basically a document that keeps the company’s decision and files. However, it still depends on the country or states which they apply different rules.
To help you record this, we provide you a number of templates you can download for free. It is available in many formats and layouts that you can edit too. You can add details on your document and separate the files based on the decision categories. In the future, you will need this document for several purposes. Download our template now and record any important decision in your company.
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