Partnership Firm Resolution For Opening Bank Account Template for England and Wales

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Partnership Firm Resolution For Opening Bank Account

"Need a Partnership Firm Resolution For Opening Bank Account for our 5-partner medical practice, with three partners designated as signatories and internet banking authorization, to be implemented by March 2025."

Document background
A Partnership Firm Resolution For Opening Bank Account is essential when partnerships in England and Wales seek to establish banking relationships. This document is required by financial institutions as proof that the partnership has properly authorized the opening of bank accounts and designated specific individuals to operate them. The resolution must comply with the Partnership Act 1890 and current banking regulations, including Money Laundering Regulations 2017. It typically includes details of authorized signatories, operating mandates, and specific banking services required by the partnership.
Suggested Sections

1. Title and Date: Resolution date and partnership firm details

2. Present Partners: List of partners present at the meeting

3. Resolution Declaration: Statement declaring the meeting was properly convened

4. Bank Account Details: Specified bank and type of account to be opened

5. Authorized Signatories: Named partners authorized to operate the account

6. Operating Instructions: Signing authorities and operation rules

Optional Sections

1. Additional Services: Authorization for internet banking, cards and other banking services when required

2. Special Instructions: Any specific operational requirements or conditions for account operation

3. Borrowing Powers: Authorization for overdraft or lending facilities when credit facilities are needed

Suggested Schedules

1. List of Partners: Complete details of all partners including addresses and contact information

2. Specimen Signatures: Signature specimens of authorized signatories

3. Partnership Deed Extract: Relevant extracts showing authority to open bank accounts

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Industries

Partnership Act 1890: Primary legislation defining partnerships, partners' rights, governing relationship between partners, and outlining authority of partners to bind the firm

Banking Act 2009: Regulates banking services in the UK and sets requirements for bank account opening procedures

Financial Services and Markets Act 2000: Provides regulatory framework for financial services and impacts banking relationships and requirements

Money Laundering Regulations 2017: Covers KYC (Know Your Customer) requirements, due diligence obligations, and identity verification requirements for financial transactions

Companies Act 2006: While primarily for companies, contains provisions that may be relevant for partnerships, including documentation requirements

GDPR and Data Protection Act 2018: Outlines requirements for handling personal data and privacy considerations in business operations

Limited Partnerships Act 1907: Specific legislation applicable if the partnership is structured as a limited partnership

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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