As your Illinois business expands, you may find yourself thinking of making some changes to your organization. But, before doing that, you have to make sure that you are ready to handle the changes. You also need to make sure your company follows the process that the state of Illinois has set.
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Filing an amendment is a requirement in Illinois to formalize the changes that a company wants to adopt. However, the only items that you can change through an amendment are those that will affect the formal entity structure of your business.
A. Changing The Company Name –
Sometimes, changing the company name can help with business growth. If you decide to do this, you will have to follow the legal process in Illinois. Submit a completed amendment form to report your plan of changing the name of your LLC. Aside from this, your company also has to change the name of your LLC on various state and government records.
Corporations may also change their company name. To make sure that the change is legal, you will have to file an amendment. Additionally, you will also need to update your corporation’s name on all official state and government records.
B. Changing Members Of The Business –
The state does not require you to report details about your LLC’s members and/or managers. But, if the formation documents that you submitted when you registered your LLC in Illinois includes a list of their names, addresses, and contact information, your LLC has to let the state know of any changes. You can file an amendment to update the information.
Corporations submitted Articles of Incorporation to register their operations with the state. Among the information that you have provided is a list containing all the names, addresses, and contact information of the officers and directors of your corporation. If you make any changes, make sure that the state is up-to-date. You can do this by filing an amendment.
C. Changing Address Related To The Business –
The state also needs to know where your LLC resides so that it can send all legal documents to the right address. If your LLC moves to a different location, do not forget to inform the state through an amendment.
The same is true for corporations in Illinois. However, the state only requires the addresses of your company’s registered agent, directors, and incorporators. If there are any changes related to the directors of your corporation, file an amendment. If the changes are related to your registered agent, use the Statement of Change of Registered Agent form.
D. Changing Contact Information –
Aside from the address of your LLC, Illinois also needs to be updated about the contact information of your company. Generally, the point of contact of the state with your LLC is the registered agent. If there are any changes related to the registered agent, inform the state using the Statement of Change of Registered Agent form.
Illinois corporations have to do the same thing. File an amendment if you change the contact information of your company. Doing this will not only update your records, but it will also make your corporation easily accessible. The registered agent of your company receives all legal documents on behalf of your corporation. So, it is necessary to inform the state if there are any changes to the registered agent. You can do this by filing a Statement of Change of Registered Agent form.
E. Changing The Number Of Shares That A Corporation Is Authorized To Issue – LLCs do not have to worry about filing an amendment for this change because they are not authorized to issue stocks. As for corporations, Illinois requires you to file an amendment if you want to change the number of shares that your company can sell.