Businesses that are incorporated or established in the city of Chicago must abide by often-complex corporate resolution processes. At its most basic level, a corporate resolution is a formal agreement or resolution authored by the board of directors of a corporation that is then recorded in the minutes of the board of directors. Corporate resolutions can also serve as important documents, such as attested contracts and bylaws, or as resolutions to modify the rules and regulations or to grant authority to a party or parties. In order to ensure that corporate resolutions are properly applied in the City of Chicago, understanding and adhering to the complex legal regulations is essential.

As a business owner in Chicago, it's important to be aware of the corporate resolution rules and regulations that are in place in your jurisdiction. In order to protect the interests of any corporation that is established in the city, it is critical to remain in compliance with the necessary regulations. While becoming familiar with the rules and statutes that pertain to corporate resolutions can be a time-consuming task, it is a crucial step toward successfully operating a Chicago-based business.

In general, corporate resolutions must include the names of the parties involved (including the corporation and any parties to any agreement being proposed) and the resolution must provide a thorough description of the action being proposed and the specific reasons for it. It is also important to note that the resolution must specify the specific date of entry and must provide the signatures of at least two of the directors of the corporation. Corporate resolutions must be kept in the corporation’s records book and copies must be filed with the secretary of the corporation.

It is important to be aware that different types of corporate resolutions require different types of documentation and approval procedures. For instance, if a corporate resolution is created to establish a new position within the company, the company must provide an official document describing the new position and describing the scope of duties associated with it. On the other hand, if the corporate resolution is being created to appoint an agent who will act on behalf of the corporation in a certain capacity, a letter of appointment must be provided and filed with the secretary of state in order for the appointment to be valid.

Understanding and adhering to corporate resolution requirements in Chicago requires specialized legal knowledge and assistance from experienced corporate law counsel. If you are a business owner in Chicago who is in need of legal counsel regarding the proper application of corporate resolutions, there are numerous experienced attorneys in the area. UpCounsel is an online platform specifically designed to connect businesses to freelance attorneys located in Chicago or elsewhere in the United States. Businesses can find experienced attorneys who have an average of 14 years of experience and profiles that display client ratings and reviews of recent work.

Topics:

Corporate Resolution,

Chicago,

UpCounsel