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What is a Banking Resolution and Why Do I Need One? A banking resolution is the simplest way to authorize someone to open a bank account and provide signature for the business. This document is created by the owners for a limited liability company (LLC) or the board of directors for a corporation.
Date, time, and place of the meeting. Owners or members present. The nature of business or resolution to discuss, including members added or removed, loans made, new contracts written, or changes in business scope or method.
1Date, time, and place of the meeting.2Owners or members present.3The nature of business or resolution to discuss, including members added or removed, loans made, new contracts written, or changes in business scope or method.LLC Resolution Template Collective\nwww.collective.com > guides > business-formation > llc-resolution-template
Upon a motion duly made and unanimously carried, it was: RESOLVED, that the officers of this corporation be authorized and directed to open a bank account in the name of the corporation.
A banking resolution is a necessary business document for corporations, both for-profit and nonprofit. While resolutions for LLCs are not legally required, they may still be needed in order to document the company decisions.