Can a Business Statement be e-signed?

Yes. Electronic signatures are legally binding under the ESIGN Act (15 U.S.C. ch. 96) for interstate transactions and under UETA where adopted. Ensure the signing process demonstrates intent, consent, attribution, and reliable record retention to meet legal standards.

When is notarization required?

Notarization depends on the recipient and the document's intended use. Many recorded or real estate-related uses require notarization; remote online notarization rules vary by state and may require identity proofing and audio-video recording retention.

Who must sign the statement?

An authorized officer or agent as defined in formation documents should sign. Banks and regulators often request a corporate resolution or similar evidence showing the signer has the authority to bind the entity.

How do I fix an error after signing?

If the document is unsigned, correct and reissue it. If already signed, prepare an amendment or corrected statement that references the original, obtain new signatures, and retain both versions with an explanation in the audit trail.

Can I revoke or cancel a Business Statement?

Revocation requires written notice signed by an authorized person and delivery to affected recipients. Revocation may not negate obligations already relied upon; follow governing law and any contractual terms addressing rescission or reliance.

What records should I retain?

Keep the signed statement, its audit trail, supporting documents, and any notarizations. Follow federal baselines such as IRS retention (IRC §6501(a)) and HIPAA (45 CFR §164.530(j)) where applicable and consult counsel for state-specific retention periods.

Business Statement

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BUSINESS STATEMENT

Parties and Business Identification

Declarant (Business) Name Doing Business As (DBA) — if applicable Principal Business Address Authorized Representative

Entity Type (select applicable) Sole Proprietor Partnership Corporation Limited Liability Company (LLC) Other

Tax Identification Number (EIN/SSN)

WHEREAS

WHEREAS, Declarant Name: operates a business engaged in the provision of the goods and/or services described below and is authorized to make the statements set forth in this Business Statement;

WHEREAS, Recipient Name: has requested a formal written statement from Declarant clarifying the business activities, representations, and agreed commercial terms;

WHEREAS, the parties desire to set forth in writing the scope of services, payment obligations, confidentiality protections, term and termination provisions, and other material terms governing the relationship between Declarant and Recipient as of the Statement Date:

Scope of Work

Declarant shall perform the services and/or deliver the goods described below in accordance with the specifications and schedule set forth herein. The description provided shall constitute the operative scope for purposes of payment and performance obligations.

Payment Terms

Total Contract Amount (USD) Payment Schedule / Milestones Invoices Payable Within

Late Payment: Any undisputed amount not paid when due shall accrue interest at a rate of % per month (or the maximum rate permitted by law, if lower). In addition, the prevailing party may recover costs of collection, including reasonable attorney fees.

Term and Termination

Term Commencement Date: . Term Expiration Date: .

Either party may terminate this Business Statement for material breach by the other party if the breach is not cured within days after written notice. Either party may also terminate for convenience upon providing days' prior written notice to the other party. Termination shall not relieve either party of obligations accrued prior to the effective date of termination.

Confidentiality

Each party acknowledges that during performance it may receive Confidential Information of the other party. "Confidential Information" means non-public business, technical, financial or strategic information marked or reasonably understood to be confidential. Each party shall: (a) maintain Confidential Information in strict confidence using at least the same degree of care it uses to protect its own confidential information but never less than reasonable care; (b) use Confidential Information solely to perform obligations under this Business Statement; and (c) not disclose Confidential Information to any third party except to its employees, contractors, or advisors who need to know and who are bound by confidentiality obligations no less protective than those contained herein. Confidentiality obligations shall survive termination for a period of years, unless otherwise required by law or court order.

Representations; Indemnity

Each party represents that it has the full corporate or organizational power and authority to enter into this Business Statement and to perform its obligations hereunder. Declarant represents that the services will be performed in a competent and workmanlike manner and in substantial conformity with the Scope of Work. Each party agrees to indemnify, defend and hold harmless the other party from and against third-party claims arising from the indemnifying party's willful misconduct or material breach of this Business Statement, subject to any limitations of liability agreed in writing.

Governing Law

This Business Statement shall be governed by and construed in accordance with the laws of the State of without regard to conflict of law principles. The parties submit to the exclusive jurisdiction of the state and federal courts located within that State for any disputes arising out of or relating to this Business Statement.

Entire Agreement

This Business Statement, including any attachments or exhibits expressly incorporated herein, constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written. Any amendment or modification must be in writing and signed by authorized representatives of both parties.

Certifications

Declarant certifies that the facts and representations set forth in this Business Statement are true, accurate and complete to the best of its knowledge as of the Statement Date. Declarant acknowledges that any material misrepresentation may give rise to remedies at law or in equity.

Notices

All notices required or permitted under this Business Statement shall be in writing and delivered to the addresses set forth below or to such other address as a party may designate in writing. Notice shall be deemed given when delivered in person, by nationally recognized overnight courier, or three (3) days after deposit in the United States mail, postage prepaid, certified.

Notices to Declarant — Address Notices to Recipient — Address

Declarant:

By:

Date:

Recipient:

By:

Date:

What a Business Statement Is and When It’s Used

A Business Statement is a concise formal document issued by a company that summarizes its legal name, ownership, principal activities, financial standing, and an explicit statement of facts or intent for a specific purpose such as banking, contracting, licensing, or grant applications. It typically includes the effective date, authorized signatory information, and a declaration of accuracy. Business Statements are used to verify identity, confirm organizational authority, and record commitments. When executed properly they can serve as evidence in commercial transactions and regulatory submissions while aligning with applicable state and federal rules.

Why a Business Statement Matters for Verification and Compliance

Use a Business Statement to provide verifiable, written confirmation of a company's status or a specific representation required by third parties. It streamlines onboarding, supports contractual authority, and creates a concise record that can reduce disputes and accelerate administrative reviews.

Typical Requesters and Who Completes a Business Statement

Common users and recipients of Business Statements include banks, vendors, government agencies, and contracting parties when verification of company credentials or authority is required.

Commercial banks for account openings, lending, and corporate banking due diligence.
Suppliers and vendors to confirm purchasing authority and billing details before onboarding.
State and local agencies for licensing, permits, or tax registration requirements.

Organizations of all sizes use Business Statements; small businesses often need them for banking, while larger firms employ them for vendor onboarding, licensing, and compliance workflows.

Essential Components to Include in a Professional Business Statement

Core parts of a professional Business Statement ensure clarity, legal sufficiency, and easy verification for third parties reviewing corporate credentials or transactions.

Header

Include a clear title such as 'Business Statement', the purpose of the statement, and a brief summary of the transaction or verification requested to orient the recipient and support recordkeeping.

Entity Details

Provide the legal business name, any DBA names, entity type (e.g., LLC, Corporation), state of formation, federal EIN, principal business address, and primary contact information for verification purposes.

Statement of Facts

Set out the specific assertions being made — for example, ownership percentages, authorized signers, financial thresholds, or confirmation of no outstanding liens — and provide supporting dates or document references where applicable.

Effective Date

Specify the effective date using MM/DD/YYYY format; this date determines when representations take effect and affects limitation periods and the application of governing law for the statement.

Signatory

Identify the authorized signer by printed name, title, contact information, and include a manual or electronic signature with the date and any required witness or notary blocks.

Attachments

List and attach supporting documents such as articles of incorporation, operating agreements, recent bank statements, certificates of good standing, and board resolutions that corroborate the statements made.

Step-by-Step: Prepare, Sign, and Provide the Statement

Follow these steps to prepare, sign, and submit a Business Statement accurately to third parties and registries.

01

Prepare: Gather entity documents, contact details, and purpose for the statement.
02

Draft: Write clear statements of fact and list supporting attachments.
03

Sign: Have authorized signer sign and date, with witness or notary if required.
04

Distribute: Send to recipients and retain a certified copy for records.

Where to File, Send, or Submit a Business Statement

Choose the correct recipient and submission channel depending on the statement's purpose: bank, vendor, regulator, or contracting party.

To Banks: Provide via secure portal or bank email per institution procedure.
To Vendors: Attach to onboarding packet or vendor portal with purchase orders.
To Regulators: Submit to the specified agency address or online filing system.
To Contract Parties: Include with the contract or as an executed exhibit.

Digital Submission: Format, Authentication, and Integration Considerations

For eSubmission, confirm format compatibility, signer authentication, storage requirements, and recipient acceptance policies before sending electronically to avoid rejections.

File Formats: PDF, DOCX, or HTML accepted.
Authentication: Email link, SMS code, KBA options.
Integrations: Salesforce, NetSuite, Google Workspace supported.

Typical Online Workflow Settings for a Business Statement

Common online configuration settings when creating a Business Statement workflow for e-signature, delivery, and retention.

Field	Configuration
Authentication Method	Email link; optional SMS OTP; KBA available
Signature Type	Typed, drawn, or uploaded image
Conditional Fields	Show fields based on prior answers
Retention	Store signed PDF with audit trail

Typical Timelines, Deadlines, and Processing Expectations

Typical timelines for preparing, approving, and processing a Business Statement vary by recipient and filing method.

Drafting Time:

Same-day to 3 business days depending on document complexity.

Internal Approval:

Often 1–5 business days for board or legal review.

Notarization Scheduling:

Same-day to 7 days for RON or mobile notary sessions.

Bank Processing:

1–10 business days for verification and account changes.

Regulatory Review:

2–8 weeks for permits or licensing, varies by agency.

Common Mistakes That Slow or Invalidate a Business Statement

Using an informal or ambiguous statement of facts that leaves room for multiple interpretations, increasing the risk of disputes or delays in verification.
Submitting mismatched names, addresses, or EINs compared to formation documents, leading to rejections, backup withholding, or additional identity checks.
Failing to include necessary attachments like articles of organization or bank letters, which often triggers requests for supplementary evidence and slows processing.
Overlooking witness or notarization requirements for the recipient jurisdiction, particularly for recorded property transactions or certain regulatory filings.

Key Risks and Consequences of Incorrect or Misleading Statements

Contract Risk: May render agreements unenforceable.

Bank Rejection: Account changes denied or delayed.

Regulatory Fines: Possible fines for false statements.

Tax Consequences: Incorrect EIN triggers backup withholding.

I-9 Noncompliance: Separate I-9 rules and fines apply.

Perjury Liability: Intentional false statements may be criminal.

Real-World Examples of Business Statements in Use

Examples from real customers show how Business Statements can accelerate transactions and reduce administrative friction in high-volume workflows.

Optica Ventures — COO

Optica Ventures used an authoritative Business Statement to streamline investor onboarding and confirm entity authority for account setup.

All signatures collected electronically within 24 hours.
The result reduced back-and-forth with banks and partners, decreased turnaround by several days, and provided a clear, auditable record used in compliance reviews and investor communications.

Martin Properties — Founder

Martin Properties used Business Statements to verify corporate authority for lease closings and to facilitate remote transactions without in-person meetings.

Mobile signing completed for all parties within one business day.
This allowed property managers to close agreements more quickly, reduced administrative costs, and ensured consistent documentation across multiple properties, improving auditability and speeding tenant onboarding.

How to Export, Save, and Archive a Completed Business Statement

Options for exporting, storing, and bundling a Business Statement to meet recipient requirements and ensure long-term access and compliance across systems.

Download Formats

Export signed statements as PDF/A for archival, standard PDF for distribution, and DOCX when recipients require editable copies. Prefer ISO-compliant PDFs for long-term legal retention.

Save Options

Store signed PDFs with their audit trail in encrypted cloud storage. Use consistent folder structures by year and counterparty and keep an offline backup copy for redundancy.

Supporting Docs

Attach articles of incorporation, board resolutions, bank letters, certificates of good standing, and notarizations. Keep scanned originals with visible signatures and issuing dates to streamline verification.

File Naming

Adopt a standard name such as YYYYMMDD_EntityName_BusinessStatement_v1.pdf to simplify retrieval and maintain version control across systems.

Comparing eSignature Pricing and Features for Business Statement Workflows

Compare starting prices and key features across eSignature vendors to evaluate cost and compliance for Business Statement workflows.

	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	7-day free trial	Varies by plan	Varies by plan	Varies by plan	Varies by plan
Bulk Send	Yes (Business Premium)	Varies by plan	Varies by plan	Varies by plan	Varies by plan
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

Frequently Asked Questions About Business Statements

Answers to common questions about execution, notarization, signature validity, and recordkeeping for Business Statements.

Need help? Contact support

Can a Business Statement be e-signed?
Yes. Electronic signatures are legally binding under the ESIGN Act (15 U.S.C. ch. 96) for interstate transactions and under UETA where adopted. Ensure the signing process demonstrates intent, consent, attribution, and reliable record retention to meet legal standards.
When is notarization required?
Notarization depends on the recipient and the document's intended use. Many recorded or real estate-related uses require notarization; remote online notarization rules vary by state and may require identity proofing and audio-video recording retention.
Who must sign the statement?
An authorized officer or agent as defined in formation documents should sign. Banks and regulators often request a corporate resolution or similar evidence showing the signer has the authority to bind the entity.
How do I fix an error after signing?
If the document is unsigned, correct and reissue it. If already signed, prepare an amendment or corrected statement that references the original, obtain new signatures, and retain both versions with an explanation in the audit trail.
Can I revoke or cancel a Business Statement?
Revocation requires written notice signed by an authorized person and delivery to affected recipients. Revocation may not negate obligations already relied upon; follow governing law and any contractual terms addressing rescission or reliance.
What records should I retain?
Keep the signed statement, its audit trail, supporting documents, and any notarizations. Follow federal baselines such as IRS retention (IRC §6501(a)) and HIPAA (45 CFR §164.530(j)) where applicable and consult counsel for state-specific retention periods.

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