Amendments are required to record certain corrections with the state.
What is an Amendment?
Articles of Amendment are filed whenever a business entity is required to make a change to the original Articles of Incorporation (for corporations) or Articles of Organization (for LLCs). Anderson Business Advisors can quickly draft and file the appropriate documents. Some changes can be made on the annual list filed with the state, such as updating the director(s)/officers for a corporation or the manager(s)/member(s) for an LLC. An amendment is used to change information that cannot be updated on the annual report, or to correct information that was incorrectly filed when forming the entity.
Articles of Amendment are typically filed to change or correct the following information:
- Business address
- Management Structure
- Authorized shares (for corporations)
- Entity name, if incorrectly spelled on the formation articles
- Names of individuals involved, if spelled incorrectly on the formation articles
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The wrong setup of your business now could mean more taxes and liability later. That’s where we’re really different. We take a comprehensive look at your situation not only from a legal asset protection perspective but also from a tax savings and financial planning perspective.
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Take a look at these actual client stories to see how much of a difference an Anderson plan can make.
We set up a Nevada LLC for a client with significant savings. She was sued 3 years later for an environmental claim stemming from property she owned over 30 years before. Plaintiff wanted over $2 million in damages for the cleanup. After we disclosed that her assets were protected by a Nevada LLC and a HELOC on her residence Plaintiff accepted less than $100k in a settlement.
A bank wanted to pursue one of our clients for a deficiency judgement ($5.5 million) for commercial real estate he lost in foreclosure. Once the bank found out how we protected all of our clients remaining assets with LLCs and a Nevada holding LLC the bank’s attorney stated “we decline to seek a deficiency judgment given the complicated structure you have weaved for yourself”.
Our client purchased property in a LLC and it was later discovered the soil beneath the property was contaminated. The state sued the LLC to clean up the land. Client walked away from the property without any personal liability. Without the LLC he would have been on the hook for over $1 million.
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