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Can someone please explain to me how do I write a resolution letter for a loan granted by the member to the close corporation to start the business and when can the cc repay this loan?
Hi Caden ...... welcome to the Forum . Perhaps you should introduce yourself first, tell us a bit about yourself first and you might then get some answers .......
A resolution letter is normally a short message / letter saying what decisions were taken at a meeting held by members or directors. It gives the date, the venue and a list of decisions taken and is signed my the chair of the meeting.
Your situation seems to be a decision made by the member in his personal capacity and not one made on behalf of the cc. So all you really need is a simple letter saying how much is being lent to the company, the terms of repayment, any interest to be charged. Try and cover unexpected situations such as what happens if the lender needs his loan repaid immediately, what happens if the cc wants to repay it all now, what happens if the cc refuses to repay the loan, etc. This letter is the agreement between the cc and the lender and should be signed by both parties. You can get a formal agreement contract drawn up by a lawyer, but its not essential.
When the cc repays the loan is negotiated between th cc and the lender and the decision recorded in your signed agreement.
Hi Caden ...... welcome to the Forum . Perhaps you should introduce yourself first, tell us a bit about yourself first and you might then get some answers .......
OOPS! Hi there.... My name is Caden and I am from Namibia. I have started a transport (tipper trucks) company recently and doing the bookkeeping part myself. I was googling various information and stumbled across this site and am astounded at the amount of information you have going here.
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