| Corporate Resolutions are the record of the actions, | | | | opening and using accounts. |
| motions or proceedings undertaken in the Board | | | | 10 Authorization of Corporate Account and Designate |
| Meeting and the shareholder meeting. Generally, | | | | of Authorized Signer. |
| companies record the decisions, taken in the meeting | | | | 11 Appointment of law compliance committee. |
| of the Board of Directors or shareholder meeting, for | | | | 12 Authorization for issuance of shares of stock. |
| future reference. Recording of the proceedings isn't | | | | 13 Assignment of lease. |
| mandatory but it is a good idea. The Board of | | | | 14 Assignment of loan funds. |
| Directors, the shareholders or sometimes, both the | | | | 15 Obtainment of a corporate credit card. |
| Board of Directors and the shareholders, must pass a | | | | After the first corporate resolution the shareholders |
| resolution. | | | | and the Board of Directors resolve that each meeting |
| The shareholders must approve all resolutions such as | | | | be properly notified in advance. This also becomes a |
| the introduction of any changes in the articles of a | | | | corporate resolution. |
| company, filing for bankruptcy, dissolution of a | | | | Application of Corporate Resolutions: |
| company, or a change in the Board of Directors. | | | | The subsequent board meetings and corporate |
| Generally, routine decisions taken by the Board of | | | | resolutions can cover the following subjects and |
| Directors, for the normal functioning of a company, | | | | more. |
| do not require the approval of the shareholders. A | | | | · Appoint or terminate of Directors and Officers. |
| majority must favor a resolution for it to take affect. | | | | · Introduce new articles, bylaws, or amendments |
| The company records passed resolutions in the | | | | to existing articles or bylaws. |
| company records. | | | | · Amend the existing operating agreements. |
| Types of Corporate Resolutions: | | | | · Discuss encumbrance by lending. |
| The first corporate resolution is decided upon after | | | | · Adopt corporate loan documents |
| the incorporation of the company and the | | | | · Adopt additional resolutions |
| introduction of the bylaws. After the adoption of | | | | Additional Help |
| company's bylaws, the company passes its first | | | | Absence of the records of corporate resolutions can |
| corporate resolution. This can be for anything from | | | | lead to dire consequences for not only the company |
| the appointment of directors to organization of the | | | | but also the board of directors making, them |
| corporation. Below is a list of the first corporate | | | | vulnerable to financial penalties and other legal |
| resolutions that must be resolved before a | | | | entanglements. The recording of the minutes of |
| corporation becomes fully operational. | | | | board meetings and the subsequent corporate |
| 1 Approval of bylaws. | | | | resolutions can be a cumbersome job and is prone to |
| 2 Appointment of directors. | | | | human error. Some innovative companies have come |
| 3 Appointment of officers. | | | | forward to free companies from this lurking problem |
| 4 Selection of corporate seal. | | | | by designing customized software. This software |
| 5 Establishment of executive office. | | | | offers a variety of services, which can help the |
| 6 Securing various government approvals. | | | | company maintain the records, creating desired |
| 7 Schedule of Board of Directors meetings. | | | | documents and streamlining the functioning of the |
| 8 Schedule for Annual Meeting of Shareholders. | | | | company. |
| 9 Authorization of Treasurer/Administrator/CFO for | | | | |