Help Me With Sign Texas Terms of Use Agreement

Signature directors agreement

if you receive the request from the sba asking you to provide it with a resolution or a certification relating to your eid alone and you're not sure what it is i'm going to explain why you received this request and what you should do about it in this video coming up [Music] hey guys if we're just meeting my name is vitale volpov i'm a practicing attorney an active real estate investor and a part owner of a real estate brokerage in upstate new york on this channel i discuss relevant legal concepts as well as best strategies and tips for real estate investing and personal finance if you're new to the channel consider subscribing and hitting notification bell so that youtube notifies you of all my future content if you enjoyed the content in this video hit the like button and comment down below and as always whenever i'm discussing legal concepts just remember nothing that i say in this video should be construed as legal or financial advice i provide this information for educational and entertainment purposes only and you should always consult with your own attorney and your own advisor before making any legal or financial decisions last but not least the views and opinions that i expressed in this video are my own alone and don't necessarily reflect those in my law firm or any of my business partners so a lot of people that have accepted eid loans a few months ago are now receiving emails from sba case managers and attorneys asking them to provide certifications or resolutions relating to their loans in those emails the sba representatives inform borrowers that the document that they're supposed to provide should include several points of information relating to the authorization of that borrower's acceptance of the sba loan the first question that a lot of people have asked is whether these emails are legitimate well one way you can tell whether an email is legitimate or not is by the email address from which it comes if the address ends in sba.gov chances are that this is a legitimate email and generally speaking this type of request from the sba is within the parameters of the loan documents that the borrowers have signed specifically on the last page of the loan authorization and agreement there is a paragraph which reads resolution of board of directors that paragraph says borrow a shell within 180 days of receiving any disbursement of this loan submit the appropriate sba certificate and or resolution to the u.s small business administration office of disaster assistance and provides the address now since the sba did not provide us with any guidance at the time that these documents were being signed by borrowers a lot of borrowers have overlooked this requirement and now that the 180 day deadline is coming due a lot of the borrowers are receiving emails from the sba asking for this document so who are the borrowers that are receiving this email well all borrowers who are llc's or corporations should be receiving this email and should be providing this type of a document independent contractors and sole proprietors technically should not be receiving this document because they're not corporations or companies though it's possible that some independent contractors and sole proprietors could get some modified version of this request and if anyone watching this video who is a sole proprietor or an independent contractor who does not have a company a corporation or an llc and has received this type of request please let me know and share it in the comments below the reason that the sba included this requirement in its loan documents is because the sba wanted assurances that at the time that the borrower borrowed the sloan if it was an entity it had the proper authorization to do so see unlike individuals who have individual capacity to engage in business transactions corporations and llcs do not have that ability unless their governing bodies allow them to do so and the way governing bodies such as boards of directors for corporations allow corporations to engage in business transactions is through official action that is recorded in a resolution or some other official document without that a corporation's agreement to engage in a business transaction such as borrowing an sba loan can be negated if it could be shown that it didn't have the proper authorization to begin with and so to ensure that all the loan terms in the eid loan documents are enforceable the sba wants borrowers to provide it with this type of document failure to provide this document would result in a default under the loan terms so it's very important that every borrower responds to this email and provides the appropriate document that's being requested by the sba so what exactly is the sba looking for in this document well each email from an sba representative that i have seen has included the specific requirements that it's looking for they include a statement that the llc or the corporation held a meeting of its board of directors for a corporation or its members or managers for an llc a statement that the llc or the corporation authorized the acceptance of the sba loan and specifying in the document the loan amount and the loan application number a statement designated a person or persons by name and title authorized to sign the sba loan closing documents and last but not least the requirement that this document the resolution or the certification be signed and dated by at least one member manager managing member if it's an llc or a member of the board of directors some requests that i have seen have referred to this document as a certificate which they described as nothing more than a letter signed by a representative containing this information while other requests have asked for a more formal document in the form of a resolution regardless of what document the sba has asked you for you should definitely not ignore this request you should respond and provide the sba with the appropriate requested document now this is something that you can certainly do on your own as long as you include all of the relevant requested information but if you don't know exactly what you're doing and you need help you should consult with an attorney my colleagues in the corporate practice group of my law firm would be happy to help you with this document and it wouldn't cost very much probably only a few hundred dollars if you're interested in hiring my law firm to help you with this document i will include my law firm email in the description below when you email me please include your full name the full name of the borrowing entity the mailing address and your phone number and a short explanation of what it is that you're looking for so that's going to do it for this short video guys if you have any questions drop them in the comments down below and i will do my best to answer them if you enjoyed this video do me a favor and hit the like button if you haven't yet subscribed to my channel definitely subscribe so you don't miss any of my future content thank you again for watching and i'll see you in the next one take care you