Account Opening Resolution

WHENEVER ANY INDIVIDUALS START THEIR BUSINESS BY MAKING A COMPANY/LLP/PARTNERSHIP FIRM.THAT WILL BE TREATED AS SEPARATE LEGAL ENTITY.SO AFTER INCORPORATING THIS FORM OF BUSINESS THERE IS A NEED ARISE OF OPEN  A BANK ACCOUNT IN THE NAME OF THAT ENTITY BY WHICH TRANSACTIONS TAKE PLACE IN THE BUSINESS.AND FOR OPENING THAT BANK ACCOUNT THERE IS REQUIRED TO PASS A BOARD RESOLUTION FOR AUTHORISING ANY ONE OR MORE DIRECTORS/DESIGNATED PARTNERS TO OPEN AND OPERATE BANK ACCOUNT OF THE COMPANY OR LLP AS THE CASE MAY BE..

WITHOUT PASSING A BOARD RESOLUTION IN A PROPER BOARD MEETING NO ONE CAN OPEN A BANK ACCOUNT IN THE NAME OF COMPANY OR LLP.. BOARD RESOLUTION ON A PROPER LETTER HEAD OF THE COMPANY WITH SIGN AND STAMP OF DIRECTOR IS ONE OF MOST IMPORTANT DOCUMENT WHICH IS REQUIRED IN ADDITION OF ANY OTHER DOCUMENT FOR OPEN A BANK ACCOUNT.

IN CASE DIRECTORS WANT TO OPEN DIFFERENT BANK ACCOUNTS IN THE NAME OF COMPANY SO THERE IS A NEED OF SEPARATE BOARD RESOLUTION FOR EVERY BANK ACCOUNT BECAUSE ONE SINGLE BOARD RESOLUTION IS NOT WORKING IN THAT MANNER,BECAUSE IT IS PROVIDED TO THE PROPOSED BANK IN WHICH COMPANY OR LLP WANT TO OPEN THEIR BANK ACCOUNT BY THEIR AUTHORISED DIRECTORS OR DESIGNATED PARTNERS AS THE CASE MAY BE.

IN CASE OF COMPANY OR LLP , TO OPEN  A BANK ACCOUNT DECISION IS TAKEN IN THE FIRST BOARD MEETING OF COMPANY AFTER INCORPORATION.

FOR THE COMPANY OR LLP LEGAL DOCUMENTS RECORD THE DIRECTORS OR DESIGNATED PARTNERS RETAIN THE COPY OF THAT BOARD RESOLUTION AND SENT THE ORIGINAL BOARD RESOLUTION TO BANK FOR FURTHER PROCESS .

 

BASICS POINTS WHICH ARE COVERED IN THE BOARD RESOLUTION:

  • NAME OF THE COMPANY WITH THE ADDRESS OF REGISTERED OFFICE.
  • DATE AND PLACE OF PASSING RESOLUTION.
  • PROPOSED BANK NAME AND ADDRESS.
  • AUTHORISED DIRECTOR NAME.
  • BASIC TERMS AND CONDITIONS DECIDED BETWEEN BANK AND COMPANY .

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