Can a BORs Document be e-signed?

Yes. Electronic signatures are generally enforceable under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted. Ensure the signer’s intent, consent to e-records, attribution, and reliable record retention are documented.

When is notarization required?

Notarization is required when a third party or state law demands a notarized acknowledgement; requirements vary by state and by the receiving entity’s policies.

Do remote notaries work for BORs?

Many states permit Remote Online Notarization (RON) with identity proofing, audio-video recording, and journal retention; verify the receiving party accepts RON and state-specific RON rules.

What happens if the signatory is named incorrectly?

Incorrect names commonly trigger re-execution requests from banks and counterparties and can delay transactions. Use exact legal names as shown on formation documents.

How should signed BORs be stored?

Store a signed copy in the corporate minute book and maintain an archived electronic copy with tamper-evident storage. Retain according to tax and regulatory rules.

Who can sign a BORs on behalf of the company?

Authorized signers are determined by the board or bylaws; the BORs Document should explicitly name officers and any limitations on authority to prevent disputes.

Electronic Signature
Templates
Miscellaneous
Business BORs Document

Business BORs Document

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BUSINESS BORS DOCUMENT

This Business BORs Document (the Agreement) is entered into by and between:

Client Name: Client Address: Consultant Name: Consultant Address:

Effective Date:

RECITALS

WHEREAS, Client engages Consultant to prepare, compile, review and submit Business Beneficial Ownership Reports and related filings (collectively, BORs) for the entities identified by Client and to provide advisory services necessary to satisfy applicable reporting obligations; and

WHEREAS, Consultant represents that it has the professional qualifications, experience, and personnel required to perform the services described in this Agreement and will perform such services in accordance with applicable law and professional standards; and

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the parties agree as follows:

SCOPE OF WORK

Consultant shall provide the following services in connection with Client's BORs: prepare required ownership disclosures, verify beneficial owner information, assemble supporting documentation, prepare submissions to relevant authorities, respond to routine inquiries related to submitted BORs, and provide up to the number of hours indicated below for advisory and remediation assistance.

Detailed Scope / Deliverables: Estimated Hours Included:

PAYMENT TERMS

Client shall pay Consultant for services performed in accordance with the following fees and schedule.

Total Fee: Retainer (if any): Payment Schedule / Milestones: Invoice Submission / Payment Terms: Late Fee / Interest on Past Due Amounts (% per month):

All fees are exclusive of taxes. Client shall reimburse Consultant for reasonable out-of-pocket expenses incurred in performing services if pre-approved in writing by Client.

TERM AND TERMINATION

This Agreement shall commence on and shall continue in effect until unless earlier terminated as provided herein.

Either party may terminate this Agreement for convenience upon providing written notice to the other party no fewer than days prior to the effective date of termination. Consultant may terminate immediately for non-payment of undisputed fees, or if Client materially breaches any provision and fails to cure within 15 days of written notice.

Upon termination, Client shall pay Consultant for all services rendered and expenses incurred through the effective date of termination and shall receive any completed deliverables subject to full payment.

CONFIDENTIALITY

Each party acknowledges that during the course of performance it may receive Confidential Information of the other party. "Confidential Information" means non-public business, financial, technical or proprietary information disclosed in any form. The recipient shall (i) use Confidential Information only to perform its obligations under this Agreement; (ii) protect Confidential Information with at least the same degree of care it uses to protect its own confidential information, but in no event less than reasonable care; and (iii) not disclose Confidential Information to any third party except to its employees, agents or subcontractors having a need to know and who are bound by confidentiality obligations no less restrictive than those set forth herein.

Confidentiality obligations shall not apply to information that: (a) is or becomes publicly available other than through breach of this Agreement; (b) was lawfully in the recipient's possession prior to disclosure; or (c) is required to be disclosed by law or valid legal process, provided the recipient gives prompt written notice to the disclosing party and cooperates to seek protective measures. The obligations of confidentiality shall survive termination of this Agreement for after termination.

INDEMNIFICATION; LIMITATION OF LIABILITY

Client shall indemnify, defend and hold Consultant harmless from claims, losses or liabilities arising from Client's failure to provide accurate information or from Client's breach of this Agreement. Consultant shall indemnify Client for claims arising from Consultant's gross negligence or willful misconduct. Except for liability arising from gross negligence, willful misconduct or breaches of confidentiality, neither party shall be liable to the other for consequential, incidental, special or punitive damages. Consultant's aggregate liability for any claim arising out of or related to this Agreement shall not exceed the total fees paid by Client to Consultant under this Agreement during the 12 months preceding the event giving rise to the claim.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of without regard to principles of conflicts of law. The parties consent to the exclusive jurisdiction and venue of the state and federal courts located in for resolution of disputes.

ENTIRE AGREEMENT; AMENDMENT

This Agreement, including any attachments or exhibits executed by the parties, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings and communications, whether written or oral. Any amendment or modification to this Agreement must be in writing and signed by authorized representatives of both parties.

MISCELLANEOUS PROVISIONS

Assignment: Neither party may assign this Agreement without the prior written consent of the other party, except that Consultant may assign to an affiliate or in connection with a sale of substantially all of its assets. Severability: If any provision is held invalid, the remaining provisions shall remain in full force. Notices: Notices shall be in writing and delivered to the addresses set forth above or such other address as a party designates in writing.

Additional Terms / Special Instructions:

Client:

By:

Date:

Consultant:

By:

Date:

What the Business BORs Document Is and When It’s Used

A Business BORs Document records formal board resolutions or corporate authorizations used to document decisions, assign signing authority, approve transactions, or confirm officer duties. It typically includes a resolution title, effective date, identified signatories, and any attached exhibits. Organizations use this document to provide proof of corporate action for banks, counterparties, government filings, and internal records. When completed correctly it becomes part of the corporate minute book and may be required to open accounts, execute contracts, or satisfy third-party due diligence procedures. Electronic completion and storage are acceptable under U.S. signature law when requirements are met.

Why a Clear BORs Document Matters for Your Business

A precise BORs Document creates clear legal authority, reduces disputes about who may sign, and documents corporate intent. It supports banking and contracting processes and strengthens internal controls while enabling faster approvals when paired with compliant electronic signing and secure retention.

Who Typically Prepares and Uses a BORs Document

Small and large companies alike prepare BORs to record board decisions and delegate authority internally or to third parties.

Corporate officers and directors who must document board approvals for transactions or policy changes.
In-house legal or outside counsel responsible for drafting resolutions and ensuring statutory compliance.
Banks, lenders, and counterparties that require proof of authority to sign or bind the company.

The document is useful across finance, legal, operations, and compliance functions and is frequently requested by external counterparties and regulators.

Typical Roles That Interact with BORs Documents

Corporate Secretary

The corporate secretary drafts and maintains the resolution language, coordinates board approvals, and files the signed BORs with the company minute book. Accuracy preserves corporate formalities and supports audit and compliance reviews, reducing later challenges to authority.

Bank Compliance Officer

Bank compliance teams review BORs to verify signing authority for account changes or loan closings. They assess the document for effective dates, identified signatories, and notarization where required to meet KYC and AML policies.

Core Parts of a Professional BORs Document

A well-structured BORs Document contains defined sections that make authority and context clear to banks, counsel, and regulators.

Resolution Title

A concise title describing the action approved, such as 'Authorization to Open Bank Account' or 'Approval of Lease Agreement,' to avoid ambiguity in future reviews.

Effective Date

A clearly stated effective date indicating when the authorization begins, which controls the timing of permitted actions and any statutory limitations.

Identified Signatories

Full legal names and titles of officers authorized to act, plus any limits on transaction value or scope to prevent overbroad authority claims.

Scope and Limits

Explicit description of authorized activities, monetary thresholds, and conditions under which the authorization expires or requires board reapproval.

Exhibits and Attachments

Referenced exhibits such as signature blocks, specimen signatures, contractual terms, or supporting board minutes to provide context and evidentiary support.

Notary / Witness Lines

If required by a third party, include notary acknowledgements or witness lines and make clear whether remote online notarization (RON) is acceptable.

Step-by-Step: Prepare, Approve, and Record a BORs Document

Follow a consistent process to minimize errors and provide a defensible record of board action.

01

Draft Resolution: Prepare language stating action, scope, and effective date.
02

Board Approval: Obtain required quorum and vote, and record minutes.
03

Sign and Notarize: Have authorized officers sign; notarize if external parties require it.
04

Distribute and File: Send copies to stakeholders and file in the corporate minute book.

Digital Workflow Settings for Online Completion

Configure a repeatable e-sign workflow to ensure consistent routing, authentication, and retention.

Field	Configuration
Signature Type	Electronic signature or wet signature fields as required
Authentication	Email verification, SMS code, or stronger KBA as needed
Order of Signers	Sequential or parallel signing defined by role and priority
Retention Setting	Automatic archival period and export to secure storage

Technical Considerations for eSigning and Submission

Ensure the platform supports required file formats, signer authentication, and retention controls before sending for signature.

File Formats: PDF, DOCX supported
Integrations: CRM and cloud storage
Access Controls: Role-based permissions

Typical Online Signing Flow for a BORs Document

A standard eSigning flow reduces turnaround and preserves an audit trail for each action and signer.

Upload Document: Sender uploads the resolution file to the signing platform
Place Fields: Add signature, date, and notary fields where required
Invite Signers: Send secure links or emails to authorized signatories
Complete Audit: Platform captures timestamps, IPs, and certificate of completion

Key Timing Considerations and Typical Deadlines

While BORs have no universal filing deadline, align preparation with transaction milestones and third-party requirements to avoid delays.

Board Meeting Scheduling:

Plan notice and quorum timing per bylaws; allow sufficient lead time

Bank Account Changes:

Provide BORs to bank before requested account modifications

Loan or Closing Dates:

Complete approvals and signatures prior to scheduled closings

Regulatory Filings:

File any accompanying reports by agency deadlines when required

Record Retention Start:

Treat the signed date as the starting point for retention periods

Consequences of an Incorrect or Incomplete BORs Document

Invalid Authority: Third parties may refuse to act without clear authorization

Contract Unenforceability: Contracts signed without proper corporate approval risk challenge

Bank Refusal: Banks may deny transactions or accounts for insufficient documentation

Fiduciary Breach: Officers could be exposed to claims if authority exceeded

Regulatory Penalties: Failure to produce records on demand can trigger fines

Audit Findings: Inadequate records lead to adverse audit or due diligence findings

Common Preparation Mistakes to Avoid

Using an informal or vague title that fails to describe the approved action, which leads to misinterpretation during review or enforcement.
Listing an incorrect signatory name or title; small variations from formation documents commonly cause banks to request corrected paperwork.
Omitting an effective date or failing to specify when authority expires, producing uncertainty about the authorization period and possible disputes.
Skipping notarization or witness lines when a third party explicitly requests them, resulting in transaction delays or rejection.

eSignature Pricing and Feature Snapshot for BORs Workflows

Compare common vendor price points and core capabilities for signing, bulk sending, and compliance to choose a platform that meets authentication and retention needs.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	Yes, 7-day trial	Varies by vendor	Varies by vendor	Varies by vendor	Varies by vendor
Bulk Send	Yes	Yes	Yes	Yes	Limited
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

Frequently Asked Questions About BORs Documents

Answers to common questions about execution, electronic signatures, notarization, and storage for BORs Documents used in U.S. business contexts.

Need help? Contact support

Can a BORs Document be e-signed?
Yes. Electronic signatures are generally enforceable under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted. Ensure the signer’s intent, consent to e-records, attribution, and reliable record retention are documented.
When is notarization required?
Notarization is required when a third party or state law demands a notarized acknowledgement; requirements vary by state and by the receiving entity’s policies.
Do remote notaries work for BORs?
Many states permit Remote Online Notarization (RON) with identity proofing, audio-video recording, and journal retention; verify the receiving party accepts RON and state-specific RON rules.
What happens if the signatory is named incorrectly?
Incorrect names commonly trigger re-execution requests from banks and counterparties and can delay transactions. Use exact legal names as shown on formation documents.
How should signed BORs be stored?
Store a signed copy in the corporate minute book and maintain an archived electronic copy with tamper-evident storage. Retain according to tax and regulatory rules.
Who can sign a BORs on behalf of the company?
Authorized signers are determined by the board or bylaws; the BORs Document should explicitly name officers and any limitations on authority to prevent disputes.

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