Form with which a corporation may resolve to authorize an officer or representative to loan a specific amount of funds to another party.
Corporation Any Loan Without In Minnesota
State:
Multi-State
Control #:
US-0043-CR
Format:
Word;
Rich Text
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Any corporation that engages in the business of making consumer loans for personal, family or household use must be licensed. Before doing so, complete federal Form 1120-S and supporting schedules.There is no charge for filing the renewal unless the corporation is administratively dissolved, in which case there is a reinstatement fee. A corporation is a legal "person," but no lender will approve a loan without a personal guarantee. Entities must complete a corporate farm application and send it to the Minnesota Department of Agriculture (see application for mailing address).