Banking Resolution Documents
When setting up a business, most owners focus on registration, licenses, and opening accounts. But an important document often goes unnoticed: the banking resolution. Without it, businesses can face delays, compliance issues, or even trouble accessing their own funds. Let’s take a closer look at what a banking resolution is, and how can Syntax Solutions help you.
What is a Banking Resolution?
A banking resolution is a formal document created by a company’s owners, directors, or members that authorizes specific individuals to open and manage bank accounts on behalf of the business. It outlines who can sign checks, access funds, and make financial decisions.
Key Components of a Banking Resolution
01
Business Information
The legal name of the company, entity type (LLC, corporation, etc.), and primary address.
02
Authorization Statement
A clear statement granting specific individuals the authority to open, manage, and close bank accounts on behalf of the company.
03
List of Authorized Individuals
Full names and titles of the people allowed to act on behalf of the business in banking matters.
04
Signature Requirements
Rules regarding who must sign checks or authorize transactions (e.g., one signature required, or two for amounts over a certain limit).
05
Effective Date
The date the resolution is passed and takes effect.
06
Signatures of Company Officials
Signatures of directors, members, or officers approving the resolution, often with a corporate seal if applicable.
Why Your U.S. Business Needs a Banking Resolution?
A banking resolution is more than just a formality—it’s a crucial document for your company’s financial operations. Here’s why it matters:
- Bank Requirement. Most U.S. banks require it to open a business account.
- Proof of Authority. It clearly shows who is allowed to manage company funds.
- Internal Clarity. It helps avoid confusion about who can make financial decisions.
- Legal Protection. A banking resolution helps the company and individuals by formalizing responsibilities.
- Smooth Operations. It can make banking transactions faster and more secure.
How Can Syntax Solutions Help?
Customized Banking Resolutions
We create customized banking resolutions that align with your company’s ownership, management, and financial operations. Whether you’re a single-member LLC or a corporation with multiple directors, we ensure your document clearly outlines the authorized individuals and meets the expectations of your chosen bank.
Expert Guidance
Our team works closely with you to understand your business structure and banking needs. We guide you through selecting the right signatories, deciding on signature requirements, and ensuring that all critical details are included. If you are unsure what your bank needs, we can liaise directly with the bank to ensure compliance.
Quick and Hassle-Free Process
We make the process simple and fast. Once we gather your business information, we prepare and deliver your finalized banking resolution quickly, so you can move forward with opening or managing your business accounts without delays.
Ongoing Support
Need to update your banking resolution later as your business grows? Syntax Solutions offers ongoing support. Whether it’s adding a new authorized signer or amending your document for a new bank, we’re here to keep your business paperwork up-to-date and compliant.
A well-crafted banking resolution is a powerful tool that can streamline your business operations and protect your assets. Let Syntax Solutions draft a document that meets all your business needs!