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Board Resolution to Open a Bank Account

Corporate Resolution Sample

During the first meeting of the members (LLC) or Board of Directors (Corporation), it is common for a business to establish a board resolution to open a bank account. An LLC banking resolution is often one of the most necessary, as a business cannot generally create a bank account without one.

Depending on the rules of the bank, you may be required to fill in an additional proprietary form before creating a business bank account. Either way, it is always a good idea to prepare a corporate resolution to open a bank account to add to the record of approved business activities.

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Board Resolution for Opening Bank Account | Corporate Resolution Templates

(Text Only Version)

COMPANY NAME

Board Resolution to Open a Bank Account

WHEREAS, the Board of Directors has determined it to be in the best interest of the Corporation to establish a banking resolution with BANK, be it:

RESOLVED, that the Corporation execute and deliver to said bank a duly signed original of the completed banking resolution as is annexed thereto, and that the authority to transact business, including but not limited to the maintenance of savings, checking and other accounts as well as borrowing by the Corporation, shall be as contained in said resolution with the named officers therein authorized to so act on behalf of the Corporation as specified hereto.

The undersigned hereby certifies that he/she is the duly elected and qualified Secretary and the custodian of the books and records and seal of COMPANY NAME,a corporation duly formed pursuant to the laws of the state of YOUR STATE and that the foregoing is a true record of a resolution duly adopted at a meeting of the DIRECTORS/MEMBERS and that said meeting was held in accordance with state law and the Bylaws of the above-named Corporation on MEETING DATE,and that said resolution is now in full force and effect without modification or rescission.

IN WITNESS WHEREOF, I have executed my name as Secretary and have hereunto affixed the corporate seal of the above-named Corporation this DAY OF THE WEEK, CURRENT MONTH of CURRENT YEAR.

SECRETARY NAME, Secretary


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What Is Banking Resolution?

A banking resolution is a formal document passed by a corporation or LLC's board of directors authorizing specific individuals to manage the company's bank accounts. This includes the ability to open accounts, sign checks, and handle other banking tasks. It's an essential document for establishing official banking authority within an organization.

Do I need a Banking Resolution for my LLC or Corporation?

Yes, a banking resolution is necessary to formally assign banking responsibilities to specific individuals.

What is a Banking Resolution Template?

A banking resolution template is a pre-designed document that outlines the key information required to authorize individuals to handle banking matters for your business. It typically includes details about the individuals being granted authority, their specific roles, and the board's approval of the resolution.

What kind of information do I need to create a resolution to open a bank account?

The purpose of any corporate resolution is to document the actions the board of directors will take on behalf of a corporation. When you create a resolution to open a bank account, you need to include the following information:

  1. The legal name of the corporation
  2. The name of the bank where the account will be created
  3. The state where the business is formed
  4. Information about the directors/members
  5. The date on which the agreement to open a bank account is made
  6. The current day, month, and year when the agreement is signed
  7. Signature and date signed

This resolution must document the actions that are authorized to be taken by the business, and should be stored along with your corporate records.

Frequently Asked Questions

Since an incorporated business is a separate legal entity, a resolution to open a bank account is required in order to open a business bank account. A separate resolution is required for every bank account a business will open, and is most often the first resolution created after a business is incorporated.

In order to write an effective resolution to open a bank account, you need to include the name of the bank where you will create your account, the legal name of the business, the state in which your business is incorporated, the date in which the resolution will take effect, and the signature of the Secretary.

Banks usually require LLCs to have a banking resolution on file. This document serves as an official verification of the identities of individuals authorized to perform financial transactions on behalf of the LLC.

Banks implement this as a protective measure to ensure that they only deal with appointed representatives of the LLC, thereby reducing the risk of fraudulent transactions. By mandating a banking resolution, banks promote financial transparency, improve operational efficiency, and maintain proper records of authorized individuals, making it an essential part of an LLC's banking procedure.

An LLC must have a banking resolution in place to avoid potential problems. The absence of this document can cause confusion and disagreements over who is authorized to handle financial matters, which may lead to mismanagement or fraudulent activities.

Furthermore, many financial institutions require a banking resolution before an LLC can open a bank account. Having a banking resolution can also help an LLC avoid legal complications by providing evidence of who is authorized to conduct banking transactions on behalf of the company. Without a banking resolution, an LLC's financial transparency and accountability may be hindered.

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