Q: Hi, We want to nominate a person who will deal with all the banking needs on behalf of our corporation, how?
Hi,
We are a Colorado based corporation, and we want to nominate a person who will deal with all the banking needs on behalf of our corporation in another state.
The bank in another state (Virginia) is asking us to provide some evidence that this person has authorization to open a business cheking account on company behalf.
How can we appoint this individual to be in charge of our banking needs and open/manage a bank account?
Can this authorization be given by executing minutes and stating that: The named individual is authorized by the board to open and manage bank accounts on the behalf of ZXY corporation?
Thanks,
Andy
A: Your idea can work. There are other more formal ways to achieve this too, but this will take time and money. Check with the bank, to see what they would like to see for "authorization".
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