Who Can Close Account on a Sole Proprietorship

Question:

Can an agent or authorized signer on a sole proprietorship close the account?

Answer:

According to the model version of the UCC, any signatory on an account can close that account. If your bank issues the check to close the account, it should be payable as the account is titled, not to the signatory.
If your bank uses a vendor produced "resolution" signed by the owner of the account, it may specifically limit the powers it allows to authorized signers.

First published on BankersOnline.com 1/16/12