Banking Resolution for Virginia

WHEREAS, the Corporation is legally organized in and pursuant to the laws of Virginia.

WHEREAS, the of _____________ (the "Corporation"), in accordance with all Corporation bylaws and all applicable law, have determined that opening one or more bank accounts is in the Corporation's best interests.

NOW, THEREFORE, THE FOLLOWING IS RESOLVED:

  1. The Corporation is authorized to establish one or more accounts with any reputable financial institution (the "Institution"), which includes, but is not limited to, maintaining and funding savings, checking, and other financial accounts.
  2. The following Corporation agent (the "Authorized Agent") is authorized to endorse and make deposits, sign checks, withdraw funds, and otherwise operate such account on behalf of the Corporation:
  3. The Authorized Agent may not borrow money or obtain credit on the Corporation's behalf. However, such authority may be granted to the Authorized Agent by resolution at a later date.
  4. The Secretary is directed to update the corporate records with this resolution, as appropriate.
  5. This resolution may be executed in counterparts. Facsimile or scanned signatures are binding and are considered to be original signatures.
  6. This resolution is adopted on _____________.

[SIGNATURE PAGE TO FOLLOW]

Signatures

CERTIFICATE OF CORPORATE RESOLUTION



I, ____________________ (name), duly elected and qualified ____________________ (title), hereby certify that the attached is a true, correct, and complete copy of the resolution that was duly adopted on _____________.

I further certify that the aforementioned resolution is now in full force and effect without modification or rescission.

Signed this _______________ day of ____________________, _______________ (year).

Signature: ____________________

INSTRUCTIONS FOR YOUR BANKING RESOLUTION



A banking resolution is a document that formally records a corporation's authorization to open a bank account. Below are some helpful explanations of the key considerations when creating this document.

Entity Types

Corporate resolutions are necessary business documents for corporations, both for-profit and nonprofit. However, corporate resolutions for limited liability companies (LLCs), aka "company resolutions," are not legally required but are still often helpful for documenting important company decisions. This will be helpful for banks considering providing financial services to the LLC or for the LLC investors to obtain a transparent understanding the company.

Corporate Information

Enter the corporation's name exactly as it appears on your articles of incorporation or articles of organization filed, or to be filed, with the state.

Banking Resolution

Nearly every business will need a bank account, and this resolution concisely enables the corporation to authorize opening a bank account with a reputable bank for the corporation's sole use and benefit.

You can choose to designate a specific financial institution for the authorization; however, you can also leave this question blank if no institution has been chosen yet. In this case, your resolution will authorize opening one or more accounts with "any reputable financial institution."

Next, indicate which directors, officers, or other employees will be the authorized individuals on the account. Such people will be allowed to "endorse and make deposits, sign checks, withdraw funds, and otherwise operate such account on behalf of the Corporation." Typically, these individuals will not be authorized to borrow money on behalf of the company. However, you may choose to authorize this when prompted.

Resolution Approval

A corporate resolution can be made by the shareholders, board of directors, members, or board of managers depending on the corporation's entity type. Select the decision-maker for this resolution as appropriate for your corporation.

Resolution Adoption

Depending on your corporate rules and procedures as outlined in the articles of incorporation, bylaws, shareholder agreement, or LLC operating agreement, the decision-maker establishing this resolution may have several methods of passing a resolution. Select the option that describes how the resolution is being adopted.

  1. Most commonly, the resolution will be passed at a meeting. This is where the minimum number of decision-makers that must be present for the meeting to go forward are present and a sufficient number of the decision-makers voted in favor of the resolutions.
  2. However, the resolution could also be passed by written consent. This is where a meeting is not necessary because a sufficient number of decision-makers consented in writing to the corporation to approve the resolution.

Adoption Date

Enter the date that this resolution is adopted by the corporation's decision-makers. If the resolution was passed at a meeting that meets quorum, the adoption date is probably the meeting date, unless otherwise specified. If the resolution was passed by written consent, the adoption date may need to anticipate the time lapse that may occur until a sufficient number of necessary decision-makers have signed and returned their consent to pass a resolution.

Certification

The certificate included with your resolution is used to show that the resolution that has been approved by one or more corporate officers such as the Secretary, President, or other officers. Completing this certificate is optional if your bylaws do not require it. However, a certified corporate resolution is useful if a bank or other external organization ever requires verification to permit specific actions or powers. If you need to add additional signatures, simply add those below the signature line.

Please note that the language you see here changes depending on your answers to the document questionnaire.
Business Business Formation

Banking Resolution

A banking resolution is the simplest way for a company to authorize opening a bank account. This document is required to properly record company decisions and to prove to financial institutions that the person applying for an account is authorized to act on behalf of the company.

LegalNature’s intuitive form builder will quickly and easily guide you through each step of this resolution. Prepare your banking resolution now in just minutes.

Show Less
user guide icon Help Guide

This guide provides an explanation of the key terms and considerations when creating a banking resolution. Here we elaborate on the step-by-step guidance we provide you when answering our document questionnaire.

Read the Help Guide arrow
checklist icon Checklist

Review the basic steps you will need to follow before and after completing a banking resolution. This includes tips on gathering information, formally adopting the resolution, storing copies, and completing related documents.

Read the Checklist arrow

Why choose LegalNature?

No matter if you are a small business, a large corporation, or an independent landlord, we have you covered.

As seen on

Fulfill your legal needs

Sign up now and get instant access to our entire library of customizable legal documents.