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Resolution to Purchase Motor Vehicle

Sample Corporate Resolution

Certain prerequisites may be offered once a director is appointed in a company. These may include, but are not limited to, salary, allowances, and financing a car.

In order to finance a car in the name of the director, a meeting and vote must be passed by the shareholders to create a corporate resolution to purchase a motor vehicle. This corporate resolution includes details covering a description of the vehicle, its purchase price, and the name of the seller. Approval of the resolution allows the company to purchase the car in the name of and for use by the appointed director.

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How do our sample corporate resolutions work?

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2

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Replace the highlighted sections of the document with the details relevant to your business.

3

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Sample Corporate Resolution to Purchase Motor Vehicle
(Text Only Version)

COMPANY NAME

Resolution to Purchase Motor Vehicle

WHEREAS, a motor vehicle is necessary for the operation of the business, be it:

RESOLVED, to purchase the motor vehicle described as VEHICLE DESCRIPTION, License Number LICENSE NUMBER, V.I.N. VIN NUMBER from SELLER NAME for the purchase price of PRICE ($PRICE NUMERICAL).

The undersigned hereby certifies that he/she is the duly elected and qualified Secretary and the custodian of the books and records and seal of COMPANY NAME,a corporation duly formed pursuant to the laws of the state of YOUR STATE and that the foregoing is a true record of a resolution duly adopted at a meeting of the DIRECTORS/MEMBERS and that said meeting was held in accordance with state law and the Bylaws of the above-named Corporation on MEETING DATE,and that said resolution is now in full force and effect without modification or rescission.

IN WITNESS WHEREOF, I have executed my name as Secretary and have hereunto affixed the corporate seal of the above-named Corporation this DAY OF THE WEEK, CURRENT MONTH of CURRENT YEAR.

SECRETARY NAME, Secretary


What kind of information do I need to create a resolution to grant power of attorney?

The purpose of any corporate resolution is to document the actions the board of directors will take on behalf of a corporation. When you create a resolution to purchase a motor vehicle, you need to include the following information:

  1. The legal name of the corporation
  2. Vehicle description, including license number and V.I.N. number
  3. Seller name
  4. Purchase price
  5. The state where the business is formed
  6. Information about the directors/members
  7. The date on which the agreement to purchase a vehicle is made
  8. The current day, month, and year when the agreement is signed

This resolution must document the actions that are authorized to be taken by the business and should be stored along with your corporate records.

Frequently asked questions

Power of attorney is a legal status. It may be granted to one person, known as the agent or attorney-in-fact, who has the power to act for another person known as the principal. The principal or the agent may sign a POA document to make decisions regarding the principal's property and finances. This document must be signed with a notary present.

Yes, a corporation may grant power of attorney. They may grant another professional or business, such as a law firm, the authority to execute deeds or additional documents on behalf of the corporation.

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