The Illinois Increase Surplus Account — Resolution For— - Corporate Resolutions is a legal document used in the state of Illinois to authorize the increase of the surplus account of a corporate entity. This resolution form allows corporations to formally document their decision to allocate additional funds to their surplus account. Keywords: Illinois, increase surplus account, resolution form, corporate resolutions. This form serves as an official record of the corporation's intention to increase its surplus account, which is an accounting term referring to the amount of retained earnings that exceed the par value of issued shares. By increasing the surplus account, a corporation can strengthen its financial position and demonstrate its ability to generate long-term profits. The Illinois Increase Surplus Account — Resolution For— - Corporate Resolutions is an essential document for any corporation seeking to comply with legal requirements and align its financial strategies. By completing this form, corporations ensure that the decision to increase the surplus account is duly authorized by the board of directors and in accordance with applicable corporate laws and regulations. The details included in this resolution form may vary depending on the specific circumstances and requirements of the corporation. However, the general contents of the form typically include: 1. Corporation's Name: The legal name of the corporation that intends to increase its surplus account. 2. Date: The date on which the resolution is being adopted. 3. Board of Directors: The names and titles of the board members who are present and voting on the resolution. 4. Resolution: A statement of the resolution itself, clearly indicating the intent to increase the surplus account. 5. Purpose: A brief description of the reasons and objectives behind the decision to increase the surplus account. 6. Amount: The specific amount by which the surplus account is intended to be increased. 7. Method: A description of the method or mechanism through which the surplus account will be increased, such as additional capital contributions, retained earnings, or a combination of both. 8. Effective Date: The date on which the increase of the surplus account will take effect. It is important to note that while the described form is referred to as the "Illinois Increase Surplus Account — Resolution For— - Corporate Resolutions," there might not be different types of this specific form. However, it is advisable to consult with legal professionals or corporate advisors to ensure compliance with Illinois state laws and to verify if there are any specific templates or variations of this form that may be required for different types of corporations or specific situations.
Illinois Increase Surplus Account - Resolution Form - Corporate Resolutions
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How To Write a Corporate Resolution Step by StepStep 1: Write the Company's Name.Step 2: Include Further Legal Identification.Step 3: Include Location, Date and Time.Step 4: List the Board Resolutions.Step 5: Sign and Date the Document.
Board resolutions should be written on the organization's letterhead. The wording simply describes the action that the board agreed to take. It also shows the date of the action and it names the parties to the resolution.
A corporate resolution form is used by a board of directors. Its purpose is to provide written documentation that a business is authorized to take specific action. This form is most often used by limited liability companies, s-corps, c-corps, and limited liability partnerships.
How to Write a ResolutionFormat the resolution by putting the date and resolution number at the top.Form a title of the resolution that speaks to the issue that you want to document.Use formal language in the body of the resolution, beginning each new paragraph with the word, whereas.More items...?
What kind of information do I need to create a resolution to open a bank account?The legal name of the corporation.The name of the bank where the account will be created.The state where the business is formed.Information about the directors/members.The date on which the agreement to open a bank account is made.More items...
A resolution can be made by a corporation's board of directors, shareholders on behalf of a corporation, a non-profit board of directors, or a government entity.
All Resolved clauses within a resolution should use the objective form of the verb (for example, Resolved, that the American Library Association (ALA), on behalf of its members: (1) supports...; (2) provides...; and last resolved urges....") rather than the subjunctive form of the verb (for example, Resolved,
How To Write a Corporate Resolution Step by StepStep 1: Write the Company's Name.Step 2: Include Further Legal Identification.Step 3: Include Location, Date and Time.Step 4: List the Board Resolutions.Step 5: Sign and Date the Document.
Types of Corporate Resolutions A resolution might outline the officers that are authorized to act (trade, assign, transfer or hedge securities and other assets) on behalf of the corporation. The resolution would outline who is authorized to open a bank account, withdraw money, and write checks.
