¶ … authorized to enter into contracts on behalf of a business organization?
Corporations and Limited liability Companies (LLCs) are recognized as legal entities in their own right, this means they have their legal identity, and can enter intro contracts in their own right. However, while the corporation has its own identity, it is still reliant on officers or agents of the company make agreements on its behalf. This paper examines how may be determined who can enter into contracts on behalf of a business organisation, why those people can undertake that task, and how it should be documented.
In general terms, an individual should be authorised by a company before signing contracts on behalf of the company. The authorisation regarding who this will cover should be addressed within the bylaws of the company, the resolutions of the board of directors (Schultz, 2010). Where authorisations are laid down in the bylaws, altering those authorisations can be problematic as it requires an amendment to those bylaws (Schultz, 2010). It is easier, and simpler if the authorisation signed contract is established by members of the board (Schultz, 2010). However, in order to establish this, it is necessary for the bylaws to grant these powers...
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