[{"data":1,"prerenderedAt":533},["ShallowReactive",2],{"document-board-resolution-to-purchase-equipment-D71":3},{"document":4,"label":26,"preview":11,"thumb":27,"thumb600":28,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":29,"breadcrumb":33,"related":41,"customDescModule":183,"customdescription":6,"mdFm":184,"mdProseHtml":532},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":15,"keywords":25},"BOARD RESOLUTION OF [YOUR COMPANY NAME] TO PURCHASE EQUIPMENT DULY PASSED ON [DATE] PURCHASE OF EQUIPMENT WHEREAS, it is necessary to purchase certain equipment for the efficient operation of the business, be it: RESOLVED, to purchase a [DESCRIBE] from [NAME OF PROVIDER] for the purchase price of [AMOUNT]. RESOLVED, that the officers of this corporation are, and each acting alone is, hereby authorized to do and perform any and all such acts, including execution of any and all documents and certificates, as such officers shall deem necessary or advisable, to carry out the purposes and intent of the foregoing resolutions.",null,"Board Resolution to Purchase Equipment","1",27,"doc","https://templates.business-in-a-box.com/imgs/1000px/board-resolution-to-purchase-equipment-D71.png","https://templates.business-in-a-box.com/imgs/250px/71.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#71.xml",{"title":6,"description":6},[16,19,22],{"label":17,"url":18},"Business Plan Kit","/templates/business-plan-kit/",{"label":20,"url":21},"Board of Directors","/templates/board-of-directors/",{"label":23,"url":24},"Board Resolutions","/templates/business-resolutions/","board resolution to purchase equipment","Board Resolution to Purchase Equipment 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Agreement","/template/equipment-purchase-agreement-D1146","https://templates.business-in-a-box.com/imgs/250px/1146.png",{"label":55,"url":56,"thumb":57,"extension":10},"Board Resolution Approving Sale of Shares","/template/board-resolution-approving-sale-of-shares-D49","https://templates.business-in-a-box.com/imgs/250px/49.png",{"label":59,"url":60,"thumb":61,"extension":10},"Board Resolution Approving Sale of Assets","/template/board-resolution-approving-sale-of-assets-D48","https://templates.business-in-a-box.com/imgs/250px/48.png",{"label":63,"url":64,"thumb":65,"extension":10},"Board Resolution Approving Compensation for Board of Directors","/template/board-resolution-approving-compensation-for-board-of-directors-D39","https://templates.business-in-a-box.com/imgs/250px/39.png",{"label":67,"url":68,"thumb":69,"extension":10},"Non-Profit Board Resolution","/template/non-profit-board-resolution-D14017","https://templates.business-in-a-box.com/imgs/250px/14017.png",{"label":71,"url":72,"thumb":73,"extension":10},"Board Resolution Appointing Officers","/template/board-resolution-appointing-officers-D33","https://templates.business-in-a-box.com/imgs/250px/33.png",{"label":75,"url":76,"thumb":77,"extension":10},"Board Resolution Appointing an Auditor","/template/board-resolution-appointing-an-auditor-D32","https://templates.business-in-a-box.com/imgs/250px/32.png",{"label":79,"url":80,"thumb":81,"extension":10},"Board Resolution Approving Amalgamation","/template/board-resolution-approving-amalgamation-D35","https://templates.business-in-a-box.com/imgs/250px/35.png",{"label":83,"url":84,"thumb":85,"extension":10},"Board Resolution Approving Budget","/template/board-resolution-approving-budget-D38","https://templates.business-in-a-box.com/imgs/250px/38.png",{"label":87,"url":88,"thumb":89,"extension":10},"Board Resolution Approving Negotiation","/template/board-resolution-approving-negotiation-D5150","https://templates.business-in-a-box.com/imgs/250px/5150.png",{"description":91,"descriptionCustom":6,"label":92,"pages":8,"size":93,"extension":10,"preview":94,"thumb":95,"svgFrame":96,"seoMetadata":97,"parents":98,"keywords":105,"url":106},"BOARD RESOLUTION OF [YOUR COMPANY NAME] TO LOAN FUNDS DULY PASSED ON [DATE] lOAN OF FUNDS WHEREAS, [BORROWER NAME] a [DESCRIBE RELATIONSHIP] of [YOUR COMPANY NAME], has requested of this Corporation an advance and loan in the amount of [AMOUNT], and WHEREAS, [YOUR COMPANY NAME] has sufficient financial resources to make such loan without causing prejudice to its growth or profitability, and that said loan is deemed reasonably secure and in the best interests of [YOUR COMPANY NAME], be it: RESOLVED, that [BORROWER NAME] issue a loan to [NAME] in the amount of [AMOUNT], to be repaid within [NUMBER] months with interest of [RATE]% on the unpaid balance, and that the borrower execute to [YOUR COMPANY NAME] promissory notes evidencing said indebtedness.","Board Resolution Approving Loan of Funds",28,"https://templates.business-in-a-box.com/imgs/1000px/board-resolution-approving-loan-of-funds-D46.png","https://templates.business-in-a-box.com/imgs/250px/46.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#46.xml",{"title":6,"description":6},[99,101,103],{"label":17,"url":100},"business-plan-kit",{"label":20,"url":102},"board-of-directors",{"label":23,"url":104},"business-resolutions","board resolution approving loan funds","/template/board-resolution-approving-loan-of-funds-D46",{"description":108,"descriptionCustom":6,"label":109,"pages":8,"size":93,"extension":10,"preview":110,"thumb":111,"svgFrame":112,"seoMetadata":113,"parents":114,"keywords":118,"url":119},"BOARD RESOLUTION OF [YOUR COMPANY NAME] TO RETAIN A PROFESSIONAL CONSULTANT DULY PASSED ON [DATE] APPOINTMENT OF A CONSULTANT WHEREAS, [YOUR COMPANY NAME] requires professional assistance in the area of [DESCRIBE] be it: RESOLVED, to retain [NAME] of [FIRM NAME] as a business consultant for the above-stated purposes and that the terms of engagement shall be as contained in the consulting agreement annexed hereto.","Board Resolution to Retain a Professional Consultant","https://templates.business-in-a-box.com/imgs/1000px/board-resolution-to-retain-a-professional-consultant-D72.png","https://templates.business-in-a-box.com/imgs/250px/72.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#72.xml",{"title":6,"description":6},[115,116,117],{"label":17,"url":100},{"label":20,"url":102},{"label":23,"url":104},"board resolution to purchase a vehicle","/template/board-resolution-to-purchase-a-vehicle-D72",{"description":121,"descriptionCustom":6,"label":122,"pages":8,"size":93,"extension":10,"preview":123,"thumb":124,"svgFrame":125,"seoMetadata":126,"parents":127,"keywords":131,"url":132},"BOARD RESOLUTION OF [YOUR COMPANY NAME] TO TERMINATE A CONTRACT DULY PASSED ON [DATE] tERMINATION OF A CONTRACT WHEREAS, [YOUR COMPANY NAME] and [NAME] are presently engaged in an agreement dated [DATE], whereby said agreement summarily calls for [DESCRIBE] and WHEREAS, [YOUR COMPANY NAME] deems it to be in the best interests of both parties to terminate said agreement as to any non-performed part thereon, be it: RESOLVED, that [YOUR COMPANY NAME] herewith terminate said agreement on the terms contained as annexed hereto.","Board Resolution to Terminate a Contract","https://templates.business-in-a-box.com/imgs/1000px/board-resolution-to-terminate-a-contract-D75.png","https://templates.business-in-a-box.com/imgs/250px/75.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#75.xml",{"title":6,"description":6},[128,129,130],{"label":17,"url":100},{"label":20,"url":102},{"label":23,"url":104},"board resolution to terminate a contract","/template/board-resolution-to-terminate-a-contract-D75",{"description":134,"descriptionCustom":6,"label":135,"pages":8,"size":93,"extension":10,"preview":136,"thumb":137,"svgFrame":138,"seoMetadata":139,"parents":140,"keywords":146,"url":147},"MINUTES OF MEETING OF DIRECTORS [YOUR COMPANY NAME] Opening: Minutes of a meeting of the Board of Directors of [YOUR COMPANY NAME] duly called and held on [Date] at [Address], commencing at [Time]. Present were: [List of attendeeS] With the approval of the directors present, [Chairman name] acted as Chairman of the meeting and [Secretary name] recorded the minutes. ","Minutes of Meeting of Directors","https://templates.business-in-a-box.com/imgs/1000px/minutes-of-meeting-of-directors-D14.png","https://templates.business-in-a-box.com/imgs/250px/14.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#14.xml",{"title":6,"description":6},[141,142,143],{"label":17,"url":100},{"label":20,"url":102},{"label":144,"url":145},"Meeting Minutes","meeting-minutes","minutes meeting directors","/template/minutes-of-meeting-of-directors-D14",{"description":149,"descriptionCustom":6,"label":150,"pages":151,"size":152,"extension":10,"preview":153,"thumb":154,"svgFrame":155,"seoMetadata":156,"parents":158,"keywords":157,"url":165},"HOW TO OPEN A BUSINESS BANK ACCOUNT When you're starting a fresh business, setting up a bank account for the business is a crucial step. Using a separate account to your personal bank account for your business can help you get organized, track your expenses, and monitor your transactions easily. Opening a bank account requires only a few moments. However, it's vital to be ready with the documents needed and to know the kind of bank account you wish to open, and the preferred bank. In this article, we've put together a guide to help you with the process of opening your business's bank account. What is a Business Bank Account? A business account is highly similar to a personal bank account. You can use it to credit money, make transactions via a debit card, transfer money to several bank accounts, and establish bill payments. The only significant difference is that you open this bank account under your business's name. Additionally, possessing a business bank account allows you to gain authenticity and reflects the professional standards of your enterprise. On a different note, some merchants or small business owners might use their personal bank accounts instead of a business account. Nonetheless, you should confirm with your bank before initiating operations, as a few banks don't allow conducting business through personal accounts. By now, you must have gained an understanding of the importance of opening a separate bank account for your business. Let's dive into how you can do so! Select a Suitable Type of Account Online and offline banks and credit unions typically offer a wide range of accounts with different features, services, and fees. A few banks provide free accounts with no minimum credit, known as zero balance accounts, while others offer a waiver on monthly charges. On the other hand, online bank accounts usually don't charge a fee and are more suitable for businesses not involving any cash deposits. Mentioned below are the various types of bank accounts you can open for your business: Free Business Bank Account: Most banks charge a minimum fee for letting you open and maintain an account, but a few don't charge a periodic maintenance fee. Also, some banks present the criterion of keeping a minimum balance to avoid paying any fees. It's necessary to remember that having a free business bank account doesn't make you ineligible for certain service charges. The banks can still charge you for specific transactions, overdrafts, and wire transfers. Conventional Business Checking Account: A conventional business checking account bears a resemblance to a personal checking account. It consists of numerous features, including funding and withdrawal abilities, writing checks, processing digital fund transfers, and purchasing and withdrawing cash through a debit card. Generally, these features incur ATM fees, deposit fees, transaction fees, and maintenance fees. Online Business Checking Account: If you own a business that doesn't demand daily cash transactions or doesn't require visiting a physical bank branch, an online business checking account is well-suited to you. Such accounts don't allow account holders to deposit cash. Business Savings Accounts: A savings account is the most viable option for intelligent businesses, as it enables you to earn interest on the deposited money. If you're opting for a business savings account, you should select a bank after evaluating the account terms. These terms include account fees, balance requirements, and annual percentage yield (APY). Look for the Right Bank Since there are numerous options out there, looking for the right bank can be a daunting task","How To Open A Bank Account For A Business","7",513,"https://templates.business-in-a-box.com/imgs/1000px/how-to-open-a-bank-account-for-a-business-D13160.png","https://templates.business-in-a-box.com/imgs/250px/13160.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13160.xml",{"title":157,"description":6},"how to open a bank account for a business",[159,162],{"label":160,"url":161},"Finance & Accounting","finance-accounting",{"label":163,"url":164},"Business Banking","business-banking","/template/how-to-open-a-bank-account-for-a-business-D13160",{"description":167,"descriptionCustom":6,"label":168,"pages":151,"size":169,"extension":10,"preview":170,"thumb":171,"svgFrame":172,"seoMetadata":173,"parents":174,"keywords":181,"url":182},"EQUIPMENT LEASE AGREEMENT This Equipment Lease Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Lessor\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [COMPANY NAME] (the \"Lessee\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WITNESSETH that in consideration of the mutual covenants and agreements to be performed and kept during the terms hereof and of any renewal, the Lessor and the Lessee covenant and agree as follows: LEASE The Lessor hereby leases to the Lessee and the Lessee hereby leases from the Lessor the equipment described in [SPECIFY SCHEDULE] and in all other Schedules which may hereafter be executed by the [COMPANY NAME] for the purpose of adding equipment thereto, which equipment including all original and replacement items, parts, accessories, and additions relating thereto is hereafter called the \"Equipment\". EQUIPMENT DESCRIPTION The Lessee authorizes the Lessor to complete the description of the Equipment in [SPECIFY SCHEDULE] with the insertion of serial numbers and other details specifically identifying the Equipment, such schedule to be signed by both parties hereto and form part of this Lease. WARRANTIES BY LESSEE & LESSOR The Lessee and Lessor each represents and warrants that it has the power to enter into this lease, and that this lease is properly and lawfully authorized and executed by it. LESSOR'S WARRANTIES Lessor and Lessee acknowledge that there are no other warranties, conditions, terms, representations of inducements expressed or implied statutory or otherwise, save as are expressly contained in this lease. Lessor warrants that the equipment shall be delivered to the Lessee in accordance with the specifications contained in [SPECIFY SCHEDULE]. The Lessor makes no representations with respect to the suitability of the equipment to the Lessee's operations. Lessor's warranties shall not extend to any party assigned this Lease by Lessor pursuant to Clause [NUMBER] herein. WARRANTIES BY MANUFACTURERS Any warranties, conditions or guarantees by the manufacturers or suppliers of the Equipment are theirs alone and not the Lessor's but are for the joint and several benefit of and enforcement by the Lessee and the Lessor. Any claims of the Lessee in connection with manufacturer's warranties, conditions or guarantees shall be made directly by the Lessor (but not Lessor's assignee) on behalf of the Lessee against the manufacturer or supplier only. TITLE The Lessor covenants that it has good titles to the Equipment and the Lessee acknowledges the Lessor's ownership of and title to the Equipment and covenants to defend the same against any contrary claim. TERM The term of this lease with respect to each piece of Equipment shall commence on the date of acceptance thereof by the Lessee in accordance with Clause [NUMBER] herein and shall continue for the term specified in [SPECIFY SCHEDULE] hereto. Rental payments with respect to each piece of Equipment shall commence and accrue due to the Lessor on such date of acceptance of such piece of Equipment by the Lessee. POSSESSION, LOCATION The Lessee shall take and, when not in default hereunder, retain exclusive control of the Equipment from the Lessee's location shown on [SPECIFY SCHEDULE]. The Lessee shall not change such location without the Lessor's prior written consent, which will not be unreasonably withheld. PERSONAL PROPERTY, LANDLORD'S DISTRESS The Equipment is and shall remain personal and moveable property. The Lessee shall not affix the Equipment nor permit it to be affixed so that it becomes part of realty and shall notify the Lessee's, Landlords, mortgagees, insurers and all others who may have an interest in or claim against the premises where the Equipment is to be located. Any removal from such premises shall be at the Lessee's risk and expense. IDENTIFICATION PLATES The Lessor may affix plates, tags or markings to the Equipment showing its interest therein, and the Lessee may display its name and such other information as may reasonably promote its business, such Lessee's markings shall be mutually approved by the parties. All Lessee's markings must be removed by the Lessee upon termination of the lease. ORDER, DELIVERY, INSTALLATION Order and delivery and installations of the Equipment shall be entirely at the Lessor's risk and expense and shall be arranged by the Lessor on behalf of the Lessee in a manner and upon terms and conditions according to the Lessee's written instructions and, to the extent of such instructions are not provided for, according to the Lessor's sole discretion but still at the Lessor's risk and expense. The Lessor shall not be responsible for any costs, losses or damages suffered by the Lessee arising out of or in connection with delays in or refusal to accept delivery of equipment. INSPECTION The Lessee shall inspect the equipment prior to delivery and accept or reject it. Notice of rejections shall be received in writing within [NUMBER] hours by the Lessor and in the absence thereof, the Lessee shall be deemed conclusively to have accepted the Equipment. Rejection shall only occur if the equipment is not in accordance with the specifications contained in [SPECIFY SCHEDULE] or as the result of faulty materials or workmanship. RE-DELIVERY, REMOVAL AT TERMINATION Upon termination of this lease for any reason, the Lessee shall deliver the Equipment entirely at its own expense to an address as designated by the Lessor in the same condition as received, reasonable wear and tear from proper use only accepted, within [NUMBER] days of the date of termination. Brakes and tires will show no more than [PERCENTAGE %] wear for each year of the Lease has elapsed and the trailers must have all signage and customer specified paint removed and returned to a white color. All damages from accident and abuse must be repaired prior to the termination of the Lease in a manner approved by the Lessor. RENT: OTHER PAYMENTS: NO SET-OFF The Lessee shall pay to the Lessor rental in the amount and at the times shown in Schedule \"A\" hereto. The Lessee shall pay to the Lessor on demand all other amounts becoming payable hereunder. The Lessee shall make such payments to the Lessor at the address of the Lessor shown above or as otherwise designated by the Lessor, without any set-off or reduction whatsoever for claims the Lessee may assert against the Lessor. Any payment not paid by the due date shall bear interest thereafter at [PERCENTAGE %] per month. UNCONDITIONAL PAYMENT Lessee's obligation to pay rent and other amounts hereunder shall be absolute and unconditional under all circumstances and without limiting the generality of the foregoing, shall not be affected by the following: Failure of the Equipment to perform in the manner expected by the Lessee. Damage to or destruction of the Equipment so that it is either completely beyond repair or partially so and whether or not it is economically justifiable to repair. Theft of the Equipment or part thereof irrespective of whether the Equipment was insured by the Lessee or the Equipment is uninsured. Seizure of the Equipment by a third party (including landlord or mortgages of the premises on which the Equipment is located). USE: MAINTENANCE: REPAIR The Lessee shall comply with all applicable laws, rules and regulations of government or other authority, with all manufacturer's and Lessor's published operation and maintenance instructions and specifications, and with all terms of any insurance policy in connection with the Equipment. The Lessor may inspect the state of repair of the Equipment at any reasonable time. ALTERATIONS ETC. TO EQUIPMENT","Equipment Lease Agreement",71,"https://templates.business-in-a-box.com/imgs/1000px/equipment-lease-agreement-D1140.png","https://templates.business-in-a-box.com/imgs/250px/1140.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1140.xml",{"title":6,"description":6},[175,178],{"label":176,"url":177},"Production & Operations","production-operations",{"label":179,"url":180},"Equipment Agreement","equipment-agreement","equipment lease agreement","/template/equipment-lease-agreement-D1140",false,{"seo":185,"reviewer":197,"legal_disclaimer":201,"quick_facts":202,"at_a_glance":204,"personas":208,"variants":233,"glossary":262,"clauses":295,"how_to_fill":341,"common_mistakes":382,"faqs":407,"industries":435,"comparisons":460,"diy_vs_lawyer":474,"jurisdictions":487,"related_template_ids_curated":508,"schema":519,"classification":520},{"meta_title":186,"meta_description":187,"primary_keyword":188,"secondary_keywords":189},"Board Resolution To Purchase Equipment Template (Free Word)","Free board resolution template to authorize equipment purchases. Covers approval details, financing terms, and signatory requirements. Used in 190+ countries. Free Word and PDF download.","board resolution to purchase equipment template",[190,191,192,193,194,195,196],"board resolution equipment purchase","corporate resolution to purchase equipment","board resolution template word","equipment purchase authorization resolution","corporate board resolution template","resolution to buy equipment","board resolution free download",{"name":198,"credential":199,"reviewed_date":200},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":203,"legal_review_recommended":201,"signature_required":201,"notarization_required":183},"medium",{"what_it_is":205,"when_you_need_it":206,"whats_inside":207},"A Board Resolution to Purchase Equipment is a formal corporate document in which a company's board of directors officially votes to authorize the acquisition of specific equipment — whether bought outright, financed, or leased. This free Word download gives you a structured, ready-to-sign resolution you can edit online, tailor to your purchase details, and export as PDF for corporate records, lenders, or vendors in minutes.\n","Use it whenever a capital expenditure on equipment requires formal board approval — typically when the purchase exceeds your company's internal authorization threshold, when a lender or lessor requires documented board consent, or when corporate bylaws mandate a recorded vote before significant asset acquisitions.\n","Company and meeting details, a recitals block explaining the business rationale, the formal resolution granting purchase authority, equipment description and purchase price, financing or lease terms if applicable, authorized signatories, and a certification block with officer signatures and date.\n",[209,213,217,221,225,229],{"title":210,"use_case":211,"icon_asset_id":212},"Corporate officers and CFOs","Documenting board-approved capex to satisfy lender and audit requirements","persona-cfo",{"title":214,"use_case":215,"icon_asset_id":216},"Small business owners with a board","Authorizing a major equipment purchase while maintaining proper governance records","persona-small-business-owner",{"title":218,"use_case":219,"icon_asset_id":220},"Startup founders","Creating a board-approval paper trail before committing to a financed equipment deal","persona-startup-founder",{"title":222,"use_case":223,"icon_asset_id":224},"Corporate secretaries","Formalizing and filing the board's unanimous consent in the minute book","persona-corporate-secretary",{"title":226,"use_case":227,"icon_asset_id":228},"Operations directors","Getting documented authorization to proceed with a vendor contract for new machinery","persona-operations-director",{"title":230,"use_case":231,"icon_asset_id":232},"Equipment financing managers","Providing lenders with required board authorization before loan or lease closing","persona-finance-manager",[234,238,242,246,250,254,258],{"situation":235,"recommended_template":236,"slug":237},"Purchasing equipment outright with no financing","Board Resolution To Purchase Equipment (Cash)","board-resolution-to-purchase-equipment-D71",{"situation":239,"recommended_template":240,"slug":241},"Financing equipment through a bank loan","Board Resolution To Obtain a Loan","board-resolution-approving-loan-of-funds-D46",{"situation":243,"recommended_template":244,"slug":245},"Leasing equipment under an operating or finance lease","Board Resolution To Enter Into a Lease Agreement","board-resolution-to-terminate-lease-D77",{"situation":247,"recommended_template":248,"slug":249},"Authorizing an officer to sign a vendor contract for equipment","Board Resolution To Authorize a Signing Officer","board-resolution-amending-the-signing-of-checks-D31",{"situation":251,"recommended_template":252,"slug":253},"Approving a broad capital expenditure budget rather than a single item","Board Resolution To Approve Annual Budget","board-resolution-approving-budget-D38",{"situation":255,"recommended_template":256,"slug":257},"Disposing of or selling existing equipment","Board Resolution To Sell Assets","board-resolution-approving-sale-of-assets-D48",{"situation":259,"recommended_template":260,"slug":261},"Authorizing the purchase of a vehicle specifically","Board Resolution To Purchase a Vehicle","board-resolution-to-purchase-a-vehicle-D72",[263,265,268,271,274,277,280,283,286,289,292],{"term":47,"definition":264},"A formal written record of a decision made by a company's board of directors, which creates an official and legally binding authorization.",{"term":266,"definition":267},"Unanimous Written Consent","A method of passing a board resolution without a physical meeting, where all directors sign a written consent document agreeing to the decision.",{"term":269,"definition":270},"Quorum","The minimum number of directors who must be present or participating for a board meeting to be valid and its decisions binding.",{"term":272,"definition":273},"Capital Expenditure (Capex)","Spending on the acquisition or improvement of long-term physical assets such as machinery, equipment, vehicles, or technology infrastructure.",{"term":275,"definition":276},"Authorized Signatory","A person specifically named in a resolution as having the legal authority to sign contracts, loans, or other documents on behalf of the company.",{"term":278,"definition":279},"Corporate Minute Book","The official record-keeping binder or file maintained by a corporation containing all resolutions, minutes, share registers, and governance documents.",{"term":281,"definition":282},"Recitals","The 'whereas' clauses at the top of a resolution that state the background facts and business justification supporting the decision.",{"term":284,"definition":285},"Financing Terms","The agreed conditions of a loan or lease arrangement covering principal amount, interest rate, repayment schedule, and any security interest granted.",{"term":287,"definition":288},"Security Interest","A lender's legal right to take possession of the purchased equipment if the borrower defaults on a financing agreement secured by that asset.",{"term":290,"definition":291},"Corporate Seal","An embossed or stamped impression used by a corporation to authenticate official documents, required in some jurisdictions and by some lenders.",{"term":293,"definition":294},"Ultra Vires","A Latin term meaning 'beyond the powers' — an act taken by a corporation or its officers without proper authorization, which may be void or unenforceable.",[296,301,306,311,316,321,326,331,336],{"name":297,"plain_english":298,"sample_language":299,"common_mistake":300},"Corporation identification and meeting details","States the full legal name of the corporation, the date and type of meeting (regular, special, or written consent), and confirms a quorum was present.","The Board of Directors of [CORPORATION LEGAL NAME], a [STATE/PROVINCE] [ENTITY TYPE], held a [special / regular / annual] meeting on [DATE] at [TIME], at which a quorum of directors was present and acting throughout.","Using a trade name or DBA instead of the registered corporate name. Lenders and auditors require the exact legal name from the articles of incorporation, and a mismatch can delay or void a financing transaction.",{"name":302,"plain_english":303,"sample_language":304,"common_mistake":305},"Recitals (whereas clauses)","Sets out the background facts and business justification for the purchase — why the equipment is needed and how it benefits the company.","WHEREAS, the Corporation requires [EQUIPMENT DESCRIPTION] to [BUSINESS PURPOSE]; and WHEREAS, the Board has reviewed the proposed acquisition and determined it to be in the best interests of the Corporation;","Skipping recitals entirely and jumping straight to the resolution. Without documented justification, the resolution looks procedurally thin and provides less protection if the decision is later challenged by shareholders or auditors.",{"name":307,"plain_english":308,"sample_language":309,"common_mistake":310},"Resolved clause — purchase authorization","The core operative clause formally authorizing the company to purchase the specified equipment, setting a maximum purchase price.","RESOLVED, that the Corporation is hereby authorized to purchase [EQUIPMENT DESCRIPTION], from [VENDOR NAME], for a total purchase price not to exceed [$ AMOUNT], on terms acceptable to the authorized officer.","Omitting a maximum dollar cap on the authorized purchase. Without a cap, the resolution could be interpreted to authorize unlimited expenditure on any equipment of that type.",{"name":312,"plain_english":313,"sample_language":314,"common_mistake":315},"Equipment description","Identifies the equipment being purchased with enough specificity — make, model, serial number if available, and quantity — to be unambiguous in the corporate record.","[QUANTITY] [YEAR] [MAKE/MODEL] [EQUIPMENT TYPE], Serial No. [SERIAL NUMBER IF KNOWN], to be used for [INTENDED USE] at [LOCATION].","Using a generic description like 'office equipment' or 'machinery.' Vague descriptions create disputes about what was actually authorized, which can complicate insurance claims, depreciation schedules, and future sale or disposal.",{"name":317,"plain_english":318,"sample_language":319,"common_mistake":320},"Financing or payment terms","Specifies whether the purchase will be made by cash, bank financing, or lease, and authorizes the corporation to enter into the related financing agreement on stated terms.","RESOLVED FURTHER, that the Corporation is authorized to enter into a financing agreement with [LENDER NAME] in the principal amount of $[AMOUNT], bearing interest at [RATE]% per annum, repayable over [TERM] months, secured by the purchased equipment.","Authorizing the purchase without separately authorizing the financing. Lenders require a resolution that explicitly references the loan or lease agreement — a purchase-only resolution is insufficient for most equipment financing closings.",{"name":322,"plain_english":323,"sample_language":324,"common_mistake":325},"Designation of authorized officer","Names the specific officer — by title and name — who is authorized to execute all documents, agreements, and payments necessary to complete the purchase.","RESOLVED FURTHER, that [OFFICER TITLE], [OFFICER NAME], is hereby authorized and directed to execute and deliver, on behalf of the Corporation, any and all agreements, instruments, and documents required to complete the acquisition described herein.","Authorizing 'any officer' without naming a specific individual. Vendors and lenders often require a named signatory that matches the signing line on their agreements, and a mismatch can cause a closing to fail.",{"name":327,"plain_english":328,"sample_language":329,"common_mistake":330},"Ratification of prior acts","Confirms and ratifies any actions already taken by officers in connection with the purchase before the resolution was formally adopted — covering preliminary agreements, deposits, or letters of intent.","RESOLVED FURTHER, that all actions taken by officers of the Corporation prior to the date hereof in connection with the transactions contemplated by this resolution are hereby ratified, confirmed, and approved.","Omitting ratification language when a deposit or letter of intent has already been signed. Without it, those prior acts may be characterized as unauthorized, creating potential personal liability for the officer who signed.",{"name":332,"plain_english":333,"sample_language":334,"common_mistake":335},"Certification block","A statement by the corporate secretary or an officer certifying that the resolution was duly adopted, that a quorum was present, and that the resolution remains in full force.","I, [CORPORATE SECRETARY NAME], Secretary of [CORPORATION NAME], hereby certify that the foregoing is a true and correct copy of a resolution duly adopted by the Board of Directors on [DATE], and that the same is in full force and effect.","Having the same person who benefited from or advocated for the purchase certify the resolution. The certifying officer should be the corporate secretary or another officer not directly involved in the transaction.",{"name":337,"plain_english":338,"sample_language":339,"common_mistake":340},"Director signatures","Signature lines for each consenting director with their printed name, title, and date of signature — confirming each director's individual approval.","IN WITNESS WHEREOF, the undersigned, being all of the directors of [CORPORATION NAME], have executed this Resolution as of [DATE]. [DIRECTOR NAME] ___________________ [DIRECTOR NAME] ___________________","Collecting only one signature when bylaws require a majority or unanimous consent of the full board. Resolutions signed by fewer directors than the bylaw-required threshold are void, even if every signing director approved.",[342,347,352,357,362,367,372,377],{"step":343,"title":344,"description":345,"tip":346},1,"Enter the corporation's full legal name and jurisdiction","Use the exact legal name as it appears on your articles of incorporation or certificate of formation. Include the state or province of incorporation and entity type (corporation, LLC, etc.).","Cross-reference your corporate registry filing before filling in this field — a single word difference from the registered name can cause issues with lenders.",{"step":348,"title":349,"description":350,"tip":351},2,"Record the meeting date, type, and quorum confirmation","Specify whether this is a regular board meeting, a special meeting called for this purpose, or a unanimous written consent in lieu of meeting. Confirm that the required quorum of directors was present.","If passing by written consent rather than a meeting, check your bylaws and state law to confirm unanimous consent is permitted for this type of transaction.",{"step":353,"title":354,"description":355,"tip":356},3,"Complete the recitals with the business justification","Describe in two to three 'whereas' clauses why the equipment is needed, how it supports company operations, and that the board reviewed and approved the purchase as being in the company's best interests.","Concrete justifications — 'to replace aging machinery that has caused three production shutdowns in the past six months' — are more defensible than generic language if the decision is later reviewed.",{"step":358,"title":359,"description":360,"tip":361},4,"Describe the equipment with specificity","Enter the make, model, quantity, approximate serial number or product SKU if known, and the location or department where the equipment will be used. Attach the vendor quote as an exhibit if available.","Attach the vendor's purchase order or quote as Exhibit A so the resolution and transaction documents are tied together in the minute book.",{"step":363,"title":364,"description":365,"tip":366},5,"Set the purchase price cap and payment method","Enter the maximum authorized purchase price. If the purchase is financed, add the financing resolved clause with the lender name, principal amount, interest rate, and repayment term.","Set the cap at 10–15% above the quoted price to avoid needing a second resolution if final pricing increases slightly during negotiations.",{"step":368,"title":369,"description":370,"tip":371},6,"Name the authorized officer","Enter the specific officer's full name and title who is authorized to sign purchase agreements, financing documents, and any related instruments on behalf of the corporation.","Confirm that the named officer's authority is consistent with your bylaws — some bylaws require two officers to co-sign transactions above a certain dollar amount.",{"step":373,"title":374,"description":375,"tip":376},7,"Include ratification language for prior acts","If any officer has already signed a letter of intent, paid a deposit, or entered negotiations with the vendor before the resolution was adopted, include the ratification clause to formalize those actions retroactively.","When in doubt, include the ratification clause even if you are not aware of prior acts — it adds no risk and provides a safety net.",{"step":378,"title":379,"description":380,"tip":381},8,"Execute, certify, and file in the minute book","Collect signatures from the required number of directors, have the corporate secretary certify the resolution, and file the executed original in the corporate minute book alongside any related vendor or lender documents.","Provide a certified copy to your lender, vendor, and bank account manager if the purchase involves a wire transfer — they will each need it before processing.",[383,387,391,395,399,403],{"mistake":384,"why_it_matters":385,"fix":386},"Using a trade name instead of the registered corporate name","Lenders and auditors require the exact legal entity name from the articles of incorporation. A mismatch between the resolution and the financing agreement can void the authorization and delay or kill a closing.","Pull the exact legal name from your certificate of incorporation or state corporate registry before drafting, and use that name verbatim throughout the resolution.",{"mistake":388,"why_it_matters":389,"fix":390},"Omitting a maximum dollar cap on the authorized purchase","Without a ceiling, the resolution could be read to authorize an officer to spend any amount on that equipment category, exposing the company to unauthorized expenditure and board liability.","Always state a specific not-to-exceed dollar amount in the resolved clause, set slightly above the expected final price to allow for minor cost increases without requiring a new resolution.",{"mistake":392,"why_it_matters":393,"fix":394},"Failing to separately authorize the financing agreement","A resolution that authorizes only the purchase, not the loan or lease used to fund it, is insufficient for most lenders and will stall the financing closing.","Add a separate 'resolved further' clause that explicitly authorizes entering into the financing agreement, names the lender, states the principal amount and key terms, and grants the officer authority to execute all related loan documents.",{"mistake":396,"why_it_matters":397,"fix":398},"Collecting fewer director signatures than required by the bylaws","A resolution signed by fewer directors than the bylaw-mandated threshold is legally void, even if a majority of those who signed approved it — leaving the purchase unauthorized and the officer personally exposed.","Review your bylaws before circulating the resolution for signature, confirm the required consent threshold (majority, supermajority, or unanimous), and collect signatures from the correct number of directors before proceeding.",{"mistake":400,"why_it_matters":401,"fix":402},"Passing the resolution after the purchase agreement is already signed","An after-the-fact resolution does not provide prior authorization — it only ratifies. Some lenders and courts distinguish between prospective authorization and post-hoc ratification, particularly if the company later faces insolvency or shareholder challenge.","Pass and date the resolution before the officer executes any binding purchase or financing agreement. If pre-signing action was already taken, include explicit ratification language and ensure the resolution is adopted as early as possible.",{"mistake":404,"why_it_matters":405,"fix":406},"Vague equipment description in the resolution","A description like 'manufacturing equipment' or 'IT hardware' does not tie the resolution to a specific asset, creating ambiguity for depreciation schedules, insurance claims, and future disposal or refinancing.","Include make, model, quantity, and serial number or product reference, and attach the vendor's quote or purchase order as an exhibit referenced in the resolution body.",[408,411,414,417,420,423,426,429,432],{"question":409,"answer":410},"What is a board resolution to purchase equipment?","A board resolution to purchase equipment is a formal written record of the board of directors' decision to authorize a specific equipment acquisition. It identifies the equipment, sets a maximum purchase price, designates the officer authorized to sign purchase and financing documents, and is filed in the company's corporate minute book. It serves as both an internal governance record and external evidence of authorized corporate action for lenders, vendors, and auditors.\n",{"question":412,"answer":413},"When is a board resolution required for an equipment purchase?","A board resolution is typically required when the purchase amount exceeds the dollar threshold set in your corporate bylaws for officer-level approval, when a lender or equipment lessor requires documented board consent before funding, or when your company's internal controls mandate board approval for all capital expenditures. Even when not strictly required, passing a resolution creates a clean governance record that protects officers from claims of unauthorized action.\n",{"question":415,"answer":416},"Can a board resolution be passed without a formal meeting?","Yes. Most corporations can pass a resolution by unanimous written consent — where all directors sign the document outside of a formal meeting — provided the company's bylaws and applicable state or provincial corporate law permit this method. Unanimous written consent is the most common approach for routine authorizations like equipment purchases where shareholder controversy is unlikely. Check your bylaws and jurisdiction before using this method.\n",{"question":418,"answer":419},"What information does a lender need from a board resolution?","Lenders typically require the resolution to contain the corporation's full legal name and jurisdiction, the date the resolution was adopted, confirmation that a quorum acted, the specific authorization to enter into the loan or financing agreement, the principal amount and general terms of the financing, and the full name and title of the officer authorized to sign loan documents. Many lenders also require a certification block signed by the corporate secretary.\n",{"question":421,"answer":422},"Does a board resolution to purchase equipment need to be notarized?","Notarization is generally not required for a board resolution to be valid as a corporate governance document. However, some lenders, international vendors, or government contracting authorities may request a notarized or apostilled copy when the transaction involves significant sums or cross-border elements. Check with your lender or counterparty before closing to confirm their specific requirements.\n",{"question":424,"answer":425},"How specific does the equipment description need to be?","As specific as the information available at the time of the resolution allows. At minimum, include the type of equipment, make and model, quantity, and intended use or location. If a serial number or product SKU is known, include it. Attaching the vendor's quote or purchase order as an exhibit to the resolution is best practice and ties the governance record to the transaction document unambiguously.\n",{"question":427,"answer":428},"Can one resolution authorize multiple equipment purchases?","Yes, a single resolution can authorize the purchase of multiple pieces of equipment, provided each item is described with reasonable specificity and a combined or individual dollar cap is stated. Many companies pass an annual capital expenditure resolution that covers a list of approved equipment purchases for the fiscal year, subject to individual and aggregate spending limits.\n",{"question":430,"answer":431},"What happens if equipment is purchased without a board resolution?","A purchase made without required board authorization is technically an ultra vires act — one taken beyond the officer's actual authority. The consequences can include the contract being voidable by the corporation, personal liability for the officer who signed, rejection of the transaction by the company's auditors, and a breach of lender covenants if the company has credit agreements that require board approval for capital expenditures above a threshold.\n",{"question":433,"answer":434},"Do I need a lawyer to prepare a board resolution to purchase equipment?","For a straightforward domestic equipment purchase of moderate value, a well-structured template reviewed against your bylaws is typically sufficient. Engage a lawyer when the purchase involves complex financing structures, cross-border elements, security interests over significant assets, or when the acquisition is large enough to require shareholder approval in addition to board approval. A one-hour legal review typically costs $200–$400 and is worthwhile for any purchase that involves a significant loan commitment.\n",[436,440,444,448,452,456],{"industry":437,"icon_asset_id":438,"specifics":439},"Manufacturing","industry-manufacturing","Authorizing CNC machinery, production lines, or industrial equipment purchases that trigger lender covenant reviews and require precise asset descriptions for depreciation schedules.",{"industry":441,"icon_asset_id":442,"specifics":443},"Healthcare","industry-healthtech","Medical device and diagnostic equipment purchases often require board authorization to satisfy both corporate governance and regulatory compliance documentation requirements.",{"industry":445,"icon_asset_id":446,"specifics":447},"Construction","industry-construction","Heavy equipment acquisitions — excavators, cranes, and paving equipment — are typically financed and require lender-compliant board resolutions before loan closing.",{"industry":449,"icon_asset_id":450,"specifics":451},"Technology / SaaS","industry-saas","Server infrastructure, data center equipment, and specialized hardware purchases above capex thresholds require board authorization to maintain clean governance records for investors and auditors.",{"industry":453,"icon_asset_id":454,"specifics":455},"Retail / E-commerce","industry-retail","Point-of-sale systems, warehouse automation equipment, and refrigeration units often require financing that mandates a board resolution before the lender disburses funds.",{"industry":457,"icon_asset_id":458,"specifics":459},"Professional Services","industry-professional-services","Office fit-out equipment, specialized professional hardware, and fleet vehicles purchased by partnerships or incorporated firms require a resolution to authorize the signatory and satisfy lender requirements.",[461,464,466,470],{"vs":240,"vs_template_id":462,"summary":463},"board-resolution-to-obtain-a-loan-D62","A board resolution to obtain a loan authorizes the company to borrow funds generally and designates the signing officer for loan documents, but does not specify what the funds will be used to purchase. A board resolution to purchase equipment authorizes a specific asset acquisition and may incorporate financing terms within the same document. When equipment is financed, lenders often require both resolutions — one for the loan and one for the purchase — or a single combined resolution that covers both authorizations.",{"vs":260,"vs_template_id":261,"summary":465},"A vehicle purchase resolution is a narrower document tailored to motor vehicle acquisitions, which typically involve DMV registration, title transfer, and fleet insurance considerations not present in general equipment purchases. Use the vehicle-specific resolution when acquiring cars, trucks, or commercial vehicles; use the equipment resolution for machinery, hardware, and other capital assets.",{"vs":467,"vs_template_id":468,"summary":469},"Board Resolution To Enter Into a Contract","board-resolution-to-enter-into-a-contract-D73","A general contract authorization resolution empowers an officer to execute any type of agreement on the company's behalf but lacks the asset-specific and financing-specific language that lenders and auditors require for equipment acquisitions. Use a general contract resolution for services agreements, leases, or vendor contracts; use the equipment purchase resolution when acquiring a physical asset with a defined purchase price.",{"vs":471,"vs_template_id":472,"summary":473},"Minutes of Board Meeting","minutes-of-a-board-of-directors-meeting-D42","Board meeting minutes are a narrative record of everything discussed and decided at a meeting — agenda, attendees, motions, votes, and outcomes. A board resolution is the operative authorization document extracted or adopted from that meeting. Lenders and counterparties request the resolution, not the full minutes, because it states the specific authorization in a compact, certifiable form. Both should be filed in the minute book.",{"use_template":475,"template_plus_review":479,"custom_drafted":483},{"best_for":476,"cost":477,"time":478},"Standard domestic equipment purchases with straightforward cash or single-lender financing below $500K","Free","15–30 minutes",{"best_for":480,"cost":481,"time":482},"Equipment purchases involving complex financing structures, security interests over significant assets, or cross-border vendors","$200–$400 (1-hour lawyer review)","1–2 business days",{"best_for":484,"cost":485,"time":486},"Large-scale acquisitions requiring shareholder approval, multi-lender syndications, or regulated-industry asset purchases","$800–$2,500+","3–7 business days",[488,493,498,503],{"code":489,"name":490,"flag_asset_id":491,"note":492},"us","United States","flag-us","Corporate authorization requirements are governed by state corporation law — Delaware, Nevada, and most other states permit unanimous written consent in lieu of a meeting for routine resolutions. The Model Business Corporation Act (adopted in whole or part by most states) requires that resolutions be consistent with the corporation's articles and bylaws. UCC Article 9 governs security interests in equipment, and lenders routinely require a board resolution as a condition to funding under their loan covenants.",{"code":494,"name":495,"flag_asset_id":496,"note":497},"ca","Canada","flag-ca","Federal corporations governed by the Canada Business Corporations Act and provincial corporations under equivalent statutes (e.g., Ontario's Business Corporations Act) may pass resolutions by unanimous written consent without a meeting. Quebec civil law corporations follow the same principle but require French-language governance documents for Quebec-regulated entities. Equipment financing lenders in Canada typically require a certified resolution and sometimes a corporate profile report from the relevant provincial registry.",{"code":499,"name":500,"flag_asset_id":501,"note":502},"uk","United Kingdom","flag-uk","Under the Companies Act 2006, private limited companies may pass ordinary resolutions by written resolution signed by the requisite majority of shareholders or directors without a physical meeting. Board resolutions for equipment purchases are typically passed by a simple majority of directors unless the company's articles require a higher threshold. For asset finance arrangements, UK lenders commonly request a certified board resolution confirming authorization and the named signing officer.",{"code":504,"name":505,"flag_asset_id":506,"note":507},"eu","European Union","flag-eu","EU member states each maintain their own corporate governance frameworks, but most permit resolutions by written consent for private companies on routine matters such as equipment acquisitions. German GmbH rules, French SAS governance, and Dutch BV law all have specific procedural requirements for documenting board decisions. GDPR considerations are generally not triggered by an equipment purchase resolution itself, but any financing arrangement involving personal data of guarantors or directors should be handled with appropriate privacy notices.",[241,261,509,510,511,512,513,514,515,516,517,518],"board-resolution-to-terminate-a-contract-D75","minutes-of-meeting-of-directors-D14","how-to-open-a-bank-account-for-a-business-D13160","board-resolution-D78","equipment-lease-agreement-D1140","purchase-order-D1411","funding-request-form-D13696","non-disclosure-agreement-nda-D12692","corporate-governance-policy-D13943","bill-of-sale-D1229",{"emit_how_to":201,"emit_defined_term":201},{"primary_folder":521,"secondary_folder":522,"document_type":523,"industry":524,"business_stage":525,"tags":526,"confidence":531},"business-administration","board-governance","resolution","general","all-stages",[527,528,529,530],"governance","board-resolution","equipment-purchase","corporate-authorization",0.95,"\u003Ch2>What is a Board Resolution to Purchase Equipment?\u003C/h2>\n\u003Cp>A \u003Cstrong>Board Resolution to Purchase Equipment\u003C/strong> is a formal written document in which a corporation's board of directors officially votes to authorize the acquisition of specific equipment — whether purchased outright, financed through a bank loan, or acquired under a lease arrangement. It records the corporate decision, identifies the equipment being acquired, sets a maximum authorized purchase price, designates the officer empowered to sign purchase and financing documents on the company's behalf, and is filed in the corporate minute book as the permanent governance record of the transaction. The resolution functions as the bridge between the board's strategic decision and the officer's legal authority to execute binding agreements in the company's name.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Without a board resolution, an officer who signs an equipment purchase agreement or financing contract may be acting beyond their actual authority — exposing themselves to personal liability and giving the company grounds to void the transaction. Lenders and equipment financing companies routinely require a certified board resolution as a condition to funding; missing or defective authorization is one of the most common reasons equipment loan closings are delayed. For audit and tax purposes, a resolution ties a capital expenditure to a documented business decision, supporting the depreciation schedule and satisfying internal controls requirements. This template gives you a clean, lender-ready resolution in under 30 minutes — with the recitals, operative clauses, financing authorization, and certification block that counterparties actually need to proceed.\u003C/p>\n",1781186031172]