Corporate Account

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Corporate Account

According to the law, a corporation is a separate legal person. The majority of what a person may do, including creating bank accounts, is legal for it to accomplish. Despite its independence, a corporation must always appoint a representative, who need not always be the majority shareholder. For instance, the treasurer of the board of directors often opens corporate bank accounts. To finish the procedure, the treasurer takes the corporate resolution that gives him permission to open the account to the bank.

A list of authorized signers, who may or may not be shareholders, is often included on a business bank account. A typical business account, on the other hand, is frequently intimately associated with the company owners. Because a sole proprietorship is not a separate legal organization, the business bank account in this scenario is simply a personal bank account utilizing the business name.