Purchase Item - Resolution Form - Corporate Resolutions
Overview of this form
The Purchase Item - Resolution Form is a legal document that allows the directors of a corporation to authorize the purchase of a specific item intended for the corporation's benefit. This form is essential for ensuring that the purchase is properly documented and complies with corporate governance requirements, distinguishing it from informal purchase agreements or resolutions not formally recognized by the corporation's board of directors.
Key parts of this document
- Resolution header indicating the specific nature of the resolution.
- Identification of the corporation and the type of corporation.
- Details of the item to be purchased, including its description.
- Purchase price of the item, with both numerical and written formats.
- Dates for the resolution and signatures of the directors.
- Certificate of Secretary confirming the resolution's authenticity.
When this form is needed
This form is used when a corporation needs to officially document a decision made by its directors regarding the purchase of an item essential for its operations. Common situations include acquiring new equipment, securing inventory, or investing in other corporate assets necessary for enhancing business efficiency.
Intended users of this form
- Corporate directors responsible for making purchasing decisions.
- CFOs or financial officers needing to formalize purchases.
- Secretaries of the corporation who must maintain official records.
Instructions for completing this form
- Identify the corporation by inserting its name and type.
- Describe the specific item to be purchased in detail.
- Enter the purchase price both in figures and words.
- Fill in the date of the resolution and signatures of the directors.
- The corporation's Secretary should complete the Certificate of Secretary at the end.
Is notarization required?
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
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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.
Typical mistakes to avoid
- Failing to properly identify the corporation's name or type.
- Omitting signatures from the required directors.
- Not including all necessary details about the item being purchased.
Why complete this form online
- Convenience of downloading and printing the form immediately.
- Editability allows users to customize the document to suit specific needs.
- Reliability ensured by having forms drafted by licensed attorneys.
Legal use & context
- The resolution serves as official documentation of the board's decision.
- Ensures compliance with corporate formalities, avoiding disputes over purchases.
- Provides evidence of authorization for the transaction, which can be important for financial audits.
Quick recap
- This form is essential for corporate directors approving purchases.
- It helps formalize decisions and maintains corporate governance standards.
- Filling out the form accurately ensures legal compliance for the purchase.
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FAQ
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.
No need to notarize a corporate resolution.
Write the Name of the Company. State at the top of the page, the governing body and the legal name of the organization making the corporate resolution. Add Further Legal Identification.
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.
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.
Sometimes the conflict is resolved in a way that is painful for characters, but ultimately, the conflict is resolved. Examples of Resolution: Two friends fight over a boy, but in the end, they realize that friendship is more important, and the boy ultimately moves away from the town anyway.
Step 1: Place a Resolution Number. Step 2: Write a Title for the Resolution. Step 3: Use Formal Language. Step 4: Clearly Indicate the Voted Resolution. Step 5: Include a List of Voting Board Members. Step 6: Have the President Sign the 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.
