Corporate Resolution Form Illinois
A corporate resolution form Illinois records the details of a business matter, documents the decision, and is signed by the board of directors.2 min read
A corporate resolution form Illinois records the details of a business matter, documents the decision, and is signed by the board of directors.
Two Types of Corporate Resolution Forms
Corporate resolutions come in two types: one used for internal documentation purposes and one used for external transactions. The company may require that specifics of the resolutions be included for internal documentation; however, a simplified version can be used externally. To conduct a business item in question, only a record of the board being in agreement is necessary. Transactions that require a corporate resolution form include:
- Opening financial accounts
- Leasing facility equipment
- Executing contracts
How to Write a Corporate Resolution Form
The top of the page should have the legal name of your company and the company's governing body — e.g., the board of directors. Next, add another way the company can legally be identified, such as the date it was incorporated. Complete the top section with the board meeting's location, date, time, and a list of attendees (optional).
Note the resolutions in the body of the document. For example, "RESOLVED: The board directs that a new checking account will be opened at XYZ Bank." Each detail will be a separate resolution; however, the inclusion of discussions surrounding the matter and voter results are optional.
The end of the document should be the attestation of the truth of the information provided, the date, and the identities and signatures of the chairman of the board, vice chairman, corporate secretary, and corporate treasurer.
You should consider creating a corporate resolution any time your S corporation, LLP, LLC, or corporation makes a business decision because the legal record will be useful should a lawsuit be filed or the decision be questioned. The history of resolutions can also be helpful to reference when developing new business protocols.
Standard corporate resolution forms can be found online and are similar from state to state. Although corporate resolutions are legally straightforward, it's important to have your attorney examine your template before enacting any critical resolutions.
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