A corporation is a type of business organization that is recognized as a separate entity from its owners. In Arkansas, corporations are required to file Articles of Incorporation with the Secretary of State when they are formed. However, if changes need to be made to the Articles of Incorporation, the corporation will need to file an amendment. In this article, we’ll take a look at the process for amending Arkansas Articles of Incorporation.
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Why Amend Articles of Incorporation?
There are several reasons why a corporation may need to amend its Articles of Incorporation. Here are some of the most common reasons:
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- Change of Company Name: If the corporation is changing its name, an amendment to the Articles of Incorporation is necessary.
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- Change of Address: If the corporation is moving its principal office or registered agent, an amendment is necessary.
- Change of Business Purpose: If the corporation is changing its business activities or purpose, an amendment may be necessary.
- Change of Shareholder Information: If there are changes to the information of the shareholders such as their name, address, or ownership percentage, the Articles of Incorporation may need to be amended.
- Change of Authorized Shares: If the corporation is increasing or decreasing the number of authorized shares it can issue, an amendment to the Articles of Incorporation is required.
Step-by-Step Process for Amending Articles of Incorporation in Arkansas
Now that you understand why a corporation may need to amend its Articles of Incorporation, let’s take a look at how to do so in Arkansas. Here’s a step-by-step guide:
1. Review Your Original Articles of Incorporation
You’ll want to review your original Articles of Incorporation to understand what changes you need to make. This will help to ensure you create an amendment that is accurate and includes all necessary information.
2. Prepare the Amendment
The amendment you’re preparing needs to reflect the changes you want to make to your Articles of Incorporation. It should clearly explain each change you’re making and why it is necessary. You can create the amendment yourself, or if you find you require help with legal phrasing, consider using legal services to ensure the amendment is compliant and correctly formatted.
3. Have Your Amendment Approved
The next step is to take your amendment to be approved by the board of directors and shareholders, if necessary. You may also need the help of a business lawyer and/or consult Arkansas corporation bylaws if necessary to align your company's protocols during signing for the amendment to be officially adopted.
4. File Your Amendment
Once you’ve had your amendment approved, the next step is to file it with the Arkansas Secretary of State. You can do this by submitting the amendment via mail or electronically. If you’re doing so by mail, you’ll need to send the amendment and a $50 filing fee to the following address:
Arkansas Secretary of State
Business and Commercial Services Division - Incorporating Section
Victory Building, Suite 250
1401 W. Capitol Ave.
Little Rock, AR 72201
If you’re submitting the amendment electronically, you can use the website of the Arkansas Secretary of State’s website. You’ll need to create an account and pay a $50 fee using a credit card.
5. Wait for Approval
After you’ve filed the amendment, you’ll need to wait for it to be approved by the Arkansas Secretary of State. The approval process typically takes 2-4 business days.
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Conclusion
In closing, amending Arkansas Articles of Incorporation isn't a complex process. However, it can be undergone due to a range of pertinent family and business backgrounds. If you're unsure at any point or prefer a smoother clerical approach with streamlined legal expertise, opting with a business attorney may significantly reduce the chance of overlooking mistakes during this process. With these instructions, you're well on your way to updating your Articles of Incorporation and bringing your records up to date.
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