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Hi. Lee Phillips again. This is part of my series on the formalities that are required in an LLC or a corporation in order to make sure that we get the corporate shield, we protect you from what happens in the company. One of the formalities is resolutions or approval of the company for things to the officers and directors do in the corporation. Or we call them a manager in an LLC. Those major acts, opening up a bank account, signing a mortgage, whatever it is-- and by the way, this is all written down in your bylaws or your operating agreement for the LLC. This is all written down. But you have to have the members approval or the boards approval in order to have the director or the manager execute this thing. And like I say, when you get down to the bank to open up your first bank account for the company, theyre going to say, well, wheres the resolution from the members? Wheres your authority? And you need to produce a piece of paper that says that the company resolves that John
