Yes, there’s often a standard format to follow. It’s like following a recipe – if you stick to it, you’ll get the desired results!
Yes, you can amend it if needed, but it’s best to get it right the first time. Just check with your corporate legal advisor on how to proceed with any changes.
It depends on the corporation's internal processes, but generally, once submitted, it can be reviewed and approved fairly quickly, like a well-oiled machine.
You’ll need to include details like the current surplus amount, the proposed increase, and a brief rationale for the decision, essentially making your case for why this move is beneficial.
Increasing the surplus account can offer a financial cushion for your company, much like saving for a rainy day. It helps you prepare for unexpected expenses or new opportunities.
The resolution form needs to be filled out by the corporation’s board of directors or authorized officers who have the green light to make financial decisions.
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