Declare None - Resolution Form - Corporate Resolutions
Overview of this form
The Declare None - Resolution Form is a legal document that allows the directors of a corporation to officially resolve that no dividend will be paid to shareholders for a specific period. This form is essential for corporations that decide to withhold dividend payments, ensuring that shareholders are notified and that the decision is documented legally.
Form components explained
- Whereas clause explaining the basis for not declaring a dividend.
- Resolution statement canceling the scheduled dividend payment.
- Authorization for the President to communicate the decision to shareholders.
- Signature lines for directors/shareholders to execute the resolution.
- Certification section for the Secretary to validate the resolution.
When this form is needed
This form should be used when a corporation's board of directors decides not to distribute dividends to its shareholders. Situations may include retaining earnings for reinvestment, facing financial challenges, or when the Executive Committee recommends against dividend distribution for specific periods.
Who should use this form
Eligibility for this form includes:
- The board of directors of a corporation.
- Corporate secretaries responsible for documenting corporate resolutions.
- Shareholders needing to be informed of dividend cancellation decisions.
Steps to complete this form
- State the specific reason for not declaring the dividend in the "Whereas" clause.
- Enter the date the resolution is proposed for cancellation.
- Fill in the scheduled date for the canceled dividend.
- Ensure signatures are provided by all directors/shareholders participating in the resolution.
- The Secretary must complete the certification section verifying the resolution.
Does this form need to be notarized?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to provide a clear reason in the "Whereas" clause.
- Not securing all required signatures from directors/shareholders.
- Omitting the certification by the Secretary, which may invalidate the resolution.
Benefits of completing this form online
- Easy access to downloadable forms, simplifying the preparation process.
- Instant editing capabilities to tailor the form to your corporation's needs.
- Reliability, as templates are drafted by licensed attorneys to meet legal standards.
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FAQ
The name of the organization; The maximum and minimum loan amounts; The names, titles, and signatures of four officers referred to this Resolution; The place of the meeting during which the Resolution was adopted; The exact date of that meeting;
Format the resolution by putting the date and resolution number at the top. Form a title of the resolution that speaks to the issue that you want to document. Use formal language in the body of the resolution, beginning each new paragraph with the word, whereas.
A corporate resolution is generally required to document actions taken by the corporation, but when it comes to LLCs, resolutions are not mandated. Because of this, there is no specific or required way to draft an LLC resolution.
A corporate resolution form is used by a board of directors. Its purpose is to provide written documentation that a business is authorized to take specific action. This form is most often used by limited liability companies, s-corps, c-corps, and limited liability partnerships.
Format the resolution by putting the date and resolution number at the top. Form a title of the resolution that speaks to the issue that you want to document. Use formal language in the body of the resolution, beginning each new paragraph with the word, whereas.
No need to notarize a corporate resolution.
A corporate resolution is a written document created by the board of directors of a company detailing a binding corporate action. A corporate resolution is the legal document that provides the rules and framework as to how the board can act under various circumstances.
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.
