Form with which a corporation may resolve to alter its organization structure from a subchapter (s) corporation to another corporate form.
Delaware Terminate S Corporation Status - Resolution Form - Corporate Resolutions
State:
Multi-State
Control #:
US-0054-CR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
A corporate resolution is a document that formally records the important binding decisions into which a company enters. These decisions are made by such stakeholders as the corporation's managers, directors, officers or owners.
In fact, all states require C-corporations and S-corporations to issue corporate resolutions to document important board of director decisions. Resolutions are required even if you're the sole shareholder of your corporation and the only member of the board.
Delaware's General Corporation Law ("GCL") provides for voluntary dissolution through a stockholder vote at a stockholder meeting. Before the vote, your board of directors must adopt a resolution to dissolve, submit it to the stockholders, and call the stockholder meeting to vote on the matter.
They are only required when the board of directors makes a significant business decision. A corporate resolution creates a paper trail of an important decision in case it ever needs to be reviewed by shareholders, officers, or the IRS.
Resolutions are important for companies in that they aid the process of making decisions. However, it should be noted that board resolutions are not required by law and are less powerful than bylaws, which take precedence if any conflict occurs between the two.
How To Write a Corporate Resolution Step by StepStep 1: Write the Company's Name.Step 2: Include Further Legal Identification.Step 3: Include Location, Date and Time.Step 4: List the Board Resolutions.Step 5: Sign and Date the Document.
A resolution might outline the officers that are authorized to act (trade, assign, transfer or hedge securities and other assets) on behalf of the corporation. The resolution would outline who is authorized to open a bank account, withdraw money, and write checks.
A Corporate Resolution a written statement made by the board of directors detailing which officers are authorized to act on behalf of the corporation. It is also a record of any major decision made by shareholders or a board of directors during a meeting.
Other common actions that are likely to need a corporate resolution include the following: Purchase of real estate. Applying for loans or credit. The issuance of debt to raise capital or money, such as corporate bonds.
