At the first meeting of the members (for an LLC) or the Board of Directors (for a corporation) establishing a company, a corporate resolution about banking details is often included. Although a company may agree on several different types of corporate resolutions during the meeting, the banking resolution is often the most commonly extracted corporate resolution from the general minutes of the meeting. The banking resolution can be agreed upon at any meeting after the first meeting, or altered, as directed, by the members or the Board of Directors. What is a Banking Resolution? Whether it be for a corporation or LLC, the banking resolution document is drafted and adopted by a company’s members or Board of Directors to define the relationship, responsibilities and privileges that the members or directors maintain with respect to the company’s banking needs. Banking resolutions are generally part of the process for opening a bank account for your company. Check with your bank to see what their requirements are. To authenticate it as a stand-alone document, the banking resolution is signed by the corporate secretary and stamped with the corporation's corporate seal. This corporate resolution form will often specify who may sign checks, borrow money or make banking decisions. It also typically states the date and location of the meeting in which the banking resolution was adopted. The members, or the Board, and the corporate secretary sign off on any changes made to the finalized corporate resolution form going forward. Do I need a Banking Resolution for my LLC or Corporation? This document is typically not required to be filed with your Registered Agent or your state of formation. However, it does make certain processes easier, like opening a bank account and assigning privileges or authorization. Once created, it is provided to the bank and then held internally within the company. What is a Banking Resolution Template? When opening a business bank account, the bank may often require a banking resolution. If you need a banking resolution template, you can download and print our free templates: If you have banking resolutions on file with the bank for a bank account or loan, be sure to update the bank on any changes within the company. The bank sometimes requires a new and original banking resolution when the Board or officers change or when renewing a loan. Although most people have their banking resolutions prepared before going to the bank, some banks require you to fill out their standard banking resolution template. Each bank will be different in this respect. If you apply for a loan, the bank will keep the banking resolutions on file along with the Certificate of Incorporation/Formation, and the bylaws/Operating Agreement. For all company formation documents. For any additional questions, please contact Harvard Business Services, Inc. at 1-800-345-2677. *Disclaimer*: Harvard Business Services, Inc. is neither a law firm nor an accounting firm and, even in cases where the author is an attorney, or a tax professional, nothing in this article constitutes legal or tax advice. This article provides general commentary on, and analysis of, the subject addressed. We strongly advise that you consult an attorney or tax professional to receive legal or tax guidance tailored to your specific circumstances. Any action taken or not taken based on this article is at your own risk. If an article cites or provides a link to third-party sources or websites, Harvard Business Services, Inc. is not responsible for and makes no representations regarding such source’s content or accuracy. Opinions expressed in this article do not necessarily reflect those of Harvard Business Services, Inc.

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 appointed and qualified {Insert Title} of _____________, a corporation duly formed pursuant to the laws of the state of ____________ and that the foregoing is a true record of a resolution duly adopted at a meeting of the ______________ and that said meeting was held in accordance with state law and the Bylaws of the above-named Corporation on _____________ ,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 __________ {Insert year}. We hope this download has brought you value! At InstantNonprofit.com, our mission is to help 10,000 nonprofit founders to create positive change across the globe - and we hope you’ll be one of them! If you’d like our help and are ready to get started, you can sign up here. If you have questions about our 501(c)3 service, we’re here to help! Simply click here to book a no-cost consult today!

This guide explores all aspects of the resolution for opening bank account, from its purpose and components to drafting tips and FAQs. A board resolution is a formal and legal decision passed during a board meeting of a company. When a company wishes to open a bank account, the board must approve the action through a resolution passed during such a meeting. This ensures that the decision is made collectively by the directors and is legally binding. The resolution for opening a bank account serves several purposes: Authorizes the bank in which the account is to be opened. Designates specific individuals or authorized signatories to manage the account. Defines the scope of activities the signatories can undertake, such as banking transactions. Ensures compliance with corporate governance and regulatory requirements. A standard board resolution includes: Name of the company and its registration details. Statement authorizing the opening of the account. Details of the bank and branch where the account will be opened. Names and roles of the authorized signatories. Signature and certification by the directors of the company. Statement binding the resolution on the company. The board of directors oversees the company’s major decisions, including financial operations. Their role in drafting a resolution to open a bank account ensures that: The action aligns with the company’s objectives. Authorized individuals can act on behalf of the company. Adequate controls are in place for managing funds. To draft a resolution for opening a bank account, follow these steps: Include the resolution’s title: “Board Resolution to Open Bank Account.” State the resolution’s purpose clearly. Specify the name of the bank and branch. Mention the authorized signatories and their roles. Conclude with a binding statement, such as, “This resolution shall be valid and effective until further notice in writing.” Banks often require the following: A certified copy of the board resolution. KYC documents for the company and signatories. A declaration on the letterhead of the business. Details of transactions on behalf of the company. Schedule a board meeting. Discuss the agenda and ensure a quorum is present. Pass the resolution with the required majority. Certify the resolution with the directors’ signatures. Submit the certified copy to the bank. Authorized signatories act on behalf of the company to: Perform banking transactions. Sign cheques and other negotiable instruments. Ensure compliance with the terms and conditions of the account. Duly: Properly or formally. Certify: Confirm the authenticity of a document. Hereby: By this resolution. Binding on the company: Legally enforceable by the company. The quorum refers to the minimum number of directors required to make a resolution valid. For most companies, this is outlined in their Articles of Association. Print the resolution on the company’s letterhead.

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. Templates Work? Select the document you need from our list of over 60 free corporate resolution samples. Replace the highlighted sections of the document with the details relevant to your business. Once completed, you can download your resolution as a word document or print directly from the browser. 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 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: This resolution must document the actions that are authorized to be taken by the business, and should be stored along with your corporate records. + Is a resolution required for opening a business bank account? 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.

Resolved, that the financial institution named above is designated as a depository for the funds of this corporation, which may be withdrawn on checks, drafts, advices of debit, notes, or other orders for payments bearing any officer or authorized employee of this corporation. Further Resolved, that the financial institution will accept and pay on, without further inquiry, any checks or debits drawn against any of the corporation’s accounts. The checks or debits will be honored by the financial institution whether the item has been drawn or endorsed to the order of any authorized officer or employee signing; tendered by the authorized officer or employee for the purpose of cashing or payment; or for deposit to the officer’s or employee’s personal account. The financial institution will not be required to inquire as to the use of any check or debit signed in accordance with the resolutions contained herein. Further Resolved, that the officers or authorized employees may execute other agreements, including, but not limited to, special depository agreements, and arrangements concerning the manner, condition, and/or purposes for which funds, checks, debits, or items of the corporation may be deposited, collected, or withdrawn, as long as these other agreements are not contrary to the provisions contained in this resolution. Further Resolved, that the power granted to the corporation’s officers or authorized employees will remain in full force and effect until written notice has been delivered and received by the financial institution at each location where an account is maintained. The financial institution will be indemnified and held harmless from any losses suffered or liabilities incurred by continuing to act in accordance with this resolution. I Further Attest that the persons named below occupy the stated positions, as indicated by their signatures, and that the resolutions contained in this document are recorded on the books of the corporation, and these resolutions are in full force and effect and have not been altered in any way. I Agree to all of the above on this ______ day of ___________________________, 20________.

A corporate resolution records an action made by the board of directors of a corporation. It serves as a legal record of the board's decision and is a required document in certain circumstances, such as obtaining a line of credit. All types of corporations use corporate resolutions, including S-corporations, C-corporations, and nonprofit entities. Board Resolution – used by LLCs. When is a Corporate Resolution Required? There are some instances in which a corporate resolution is required, such as: 1. Legal Purpose It is legally required to create a corporate resolution when: If a corporation wants to enter into a relationship with another entity. 2. Banking When a corporation needs to open an account for corporate funds, board members can authorize it through a vote. Corporate banking resolutions will typically identify the bank that will hold the account, the nature of the account being opened, and any restrictions that may be placed on the account. 3. Signing Authority Signing authority can empower a person, usually, an officer like a company president or vice president, to sign and act on behalf of the corporation in particular instances, such as beginning large ventures or in anticipation of litigation. They can specify that the person’s signature and receipt of documents are akin to the corporation itself. 4. Other Uses Whether or not it is required, creating corporate resolutions is a good practice. It maintains the “veil” of separation between a corporation and its owners, protecting them from liability in the case of lawsuits. Here are some other instances in which corporate resolutions are created: Corporate resolutions are typically written and signed by the corporation’s secretary or another corporate officer. The fundamental components are: Explanations of what action the board is taking, typically preceded by the word “Resolved.” Explanations of the circumstances or reason the board is taking the action, known as a preamble. Preamble statements are typically preceded by “Whereas.” The resolution must state the circumstances under which the board reached its decision. Traditionally this could only happen at a meeting of the board of directors, one at which a quorum of directors were present and voted for the resolution under the margin required in the corporation’s bylaws. But advances in communications technology have hastened the speed of business, and sometimes action is needed before a quorum can be assembled.

A corporate resolution to open a business bank account is a document that clearly shows the bank who has the authority to start an account on behalf of your corporation. If this information isn’t specifically covered in your Articles of Incorporation or bylaws, your bank may require a resolution. We offer a free template for a resolution to open a corporate bank account. Sometimes corporate bylaws don’t explicitly assign someone the power to open a bank account. Sometimes bank tellers or officers don’t understand what corporate bylaws are. Sometimes a bank just chooses to require a corporate resolution granting an individual power to open an account. For these situations, we’ve got the form you need. Just fill in the information requested in the blanks, sign and date the resolution, and you should be able to open a bank account for your corporation without any issues. Like all our forms, this template is intended for individual use. At Northwest, we offer a lot more than free forms. We provide registered agent service in every state for $125 a year. You can even hire us for annual report compliance. We also form corporations for $100 plus state fees. Let Us Help You Maintain Your Corporation! What should a resolution to open a corporate bank account include? A resolution to open a corporate account needs to include information about your corporation, the bank, the account and the authorized users. The resolution should cover exactly what actions are authorized and how changes can be made. Our free corporate bank account resolution includes all this and more. Our resolution includes spaces to enter the following information: The text of the resolution itself contains statements certifying the following: Does Northwest have any other corporate forms? We do! We have templates for bylaws, Articles of Incorporation and more. Free corporate resolution to open a bank account. Free template provided by Northwest Registered Agent, LLC.

This banking resolution template is designed for corporations to formalize their banking authority. It provides a clear framework for board-authorized transactions. Ensure compliance by following the instructions included. How do I fill this out? To fill out this banking resolution template, start by gathering necessary corporate information. Ensure all relevant board members review the document. Replace placeholders with specific names and details where indicated. How to fill out the Banking Resolution Template for Corporations? Download the banking resolution template. Replace placeholders with your corporation's information. Have the appropriate board members sign the document. Affix the corporate seal if required. Store the signed resolution in your corporate records. Who needs the Banking Resolution Template for Corporations? Corporations looking to open a bank account. Nonprofit organizations needing formal banking authority. Businesses requiring compliance with legal banking procedures. Startups establishing financial operations. Trusts needing to manage financial assets. At PrintFriendly.com, you can edit, sign, share, and download the Banking Resolution Template for Corporations along with hundreds of thousands of other documents. Our platform helps you seamlessly edit PDFs and other documents online. You can edit our large library of pre-existing files and upload your own documents. Managing PDFs has never been easier. Edit your Banking Resolution Template for Corporations online. Editing this PDF on PrintFriendly is simple and user-friendly. Start by uploading your document to our platform, then utilize our intuitive editing tools. You can modify text, add signatures, and more to personalize the document. Add your legally-binding signature. A banking resolution is a formal document that authorizes designated individuals to conduct business on behalf of a corporation. How do I fill out this resolution? Start by replacing the placeholders with specific information about your corporation and have it signed by authorized individuals. Can I edit this PDF? Yes, this PDF can be easily edited using PrintFriendly's tools. How do I sign this document? You can sign the document digitally within the PrintFriendly platform. What if I need to make changes after downloading?

RESOLVED, that the ACCOUNT in the name of : __________________________________________________________________ be opened with STERN INTERNATIONAL BANK LLC (hereinafter the “BANK”) subject to Bank’s Regulations/ Policies. (Individual who signs Stern Bank Application Form) (Position within “ENTITY” – Director, Officer or as in Capacity of Authorized Signatory for Corporate Director) is authorized to sign and execute any documents, forms, declarations, undertakings etc. as may be prescribed by Bank’s Regulations/ Policies, from time to time and that his/her signature/s will bind the “ENTITY”. RESOLVED, that the “BANK” can rely on said resolution, until notice has been made through a certified copy that this resolution is modified or revoked by a later resolution from the governing body of this “ENTITY.” RESOLVED, that this resolution will remain in full force and effect until the “BANK” has received notice in writing of any amendment or annulment, and the receipt of such a notice by the “BANK” will not affect any action that the “BANK” has taken in advance of said notice. RESOLVED, that the “BANK” will not be held responsible for the “ENTITY” and will be indemnified and protected by this “ENTITY” from any claim, lawsuit, expense, loss, or damage resulting from the “BANK” accepting or honoring the signature of any official granted signing privileges by this “ENTITY” ; or other person who appears in a valid resolution at the moment of any action taken by the “ BANK” ; or if the “BANK” refuses to honor or accept any signature that does not appear properly identified and registered or that has been reversed by virtue of a posterior amendment or modification, or one in full force at the moment of any action taken by the “BANK.” RESOLVED lastly, that the undersigned official of the “ENTITY” is hereby duly authorized to notify the “Bank” with a certified copy, that this resolution and the provisions of this resolution are in agreement with the documents that govern the “ENTITY.” I also certify that no document that governs the “ENTITY,” nor any applicable laws, exists with any provisions that may limit the powers and authority of the officials of the “ENTITY” to comply with this resolution, and that this resolution is in complete agreement with said documents that govern the “ENTITY.” IN WITNESS WHEREOF, I sign this document with my name and affix herein the seal of the “ENTITY” today, the _____ of ____________________ , in _______________, _______________.

(as set forth below) at which a quorum was present. This resolution appears in the Company’s minute book and has not been modifie received and accepted by the Financial Institution. Any and all prior resolutions adopted by the board of directors of the Company relating to the Financial Institution as governing the operation of the Company’s account(s), are, and shall continue (except as expressly modified hereby), in full force and effect, until the Financial Institution receives and acknowledges express written no ice of its revocation, modification or replacement. Any revocation, modification or replacement of a resolution must be accompanied by documentation, satisfactory to the Financial Insti Company and have all of the powers indicated above. Each Authorized Person may independently bind the Comp ny without the need of any other Authorized Person. The Financial Institution is hereby authorized to rely on any of the signatures subscribed hereto relating to borrowing/pledging/gua notifies Financial Institution as provided herein. To the extent this resolution conflicts with any Corporate Authorization Resolution on file with the Financial Inst