Michigan Corporate Resolution for Nonprofit Organizations
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How to fill out Corporate Resolution For Nonprofit Organizations?
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FAQ
Corporations are not required to adopt bylaws in Michigan. However, setting forth a comprehensive set of bylaws will benefit the corporation greatly by outlining the manner in which directors and officers are appointed, how meetings are scheduled, and policies regarding profit distribution.
Nonprofit corporations often deal with government agencies on issues of public concern, which may involve applying for grants, loans or other governmental approvals. In many situations, the government agency requires a corporate resolution to verify the board's approval for making the government application.
Examples of Actions that Need Corporate ResolutionsApproval of new board members and officers.Acceptance of the corporate bylaws.Creation of a corporate bank account.Designating which board members and officers can access the bank account.Documentation of a shareholder decision.Approval of hiring or firing employees.More items...
A board of directors, also known as a nonprofit board, is the governing body of a nonprofit. The members of a nonprofit board focus on the high-level strategy, oversight, and accountability of the organization. This contrasts with employees or managers who oversee the day-to-day operations of the nonprofit.
The state governments take primary responsibility for regulating nonprofit organizations. In at least 39 U.S. states, nonprofits must register with the state by filling out an application and filing a charter.
Traditionally, when starting a nonprofit, the best choice for legal structure is to form a nonprofit corporation at the state level and to apply for 501(c)(3) tax exemption at the federal level.
In general, the SEC guidelines permit resolutions only from shareholders who have continuously held at least $2,000 of the company's stock for a year or longer. If a shareholder meets these requirements, then the board can choose to bring up the resolution for a vote at the next shareholder meeting.
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. The length of the resolution isn't important. It only needs to be as long as what you need to say.
Labeling a vote a resolution means that the board believed the issue was important enough to separate it from standard voting issues. A resolution is considered an official board action and it requires a quorum. Board directors must document all official board actions, including resolutions, in their meeting minutes.
Information on starting a nonprofit is available through the Michigan Nonprofit Association. Michigan's Department of Licensing and Regulatory Affairs (LARA) also has information on their requirements at their website. 7.
