Starting a corporation in New Hampshire is an exciting journey. But as your company grows, you may find it necessary to make changes to its structure and governance. Making any changes to your established corporation in New Hampshire requires filing the Amendment of Articles of Incorporation. An amendment is a process through which you report the structural or any change in your corporation to the New Hampshire Secretary of State. To do so, you require to follow a few simple steps. You need to get the amendment form, enter the details of changes, and submit it to the appropriate address with the filing fee will make things done.
In this article, we have shared the process in detail. You will learn how to amend New Hampshire Articles of Incorporation in easy steps. It will be helpful for you if you read the article till the end.
On this page, you’ll learn about the following:
What is New Hampshire Articles of Incorporation?
The New Hampshire Articles of Incorporation is a legal document that you need to file with the Secretary of State while registering your corporation in New Hampshire. It is similar to the Certificate of Formation you file while creating an LLC in New Hampshire. If you already own a corporation in New Hampshire, you must know what the Articles of Incorporation is. However, those who are not aware of this document can get all the required details from this page. The Articles of Incorporation is a set of papers that have all the information regarding your corporation and are filed with the Secretary of State. You must pay the filing fees to register your Articles of Incorporation.
This document has information related to your corporation. Details like the name of the corp, principal address, New Hampshire Registered Agent details, corporation structure, directors, shareholders, and signature of the incorporators should be mentioned in the document. An online or offline form mentioning these details should be filed with the SOS at the time of forming your corporation. You must pay the filing fee to the state online or by check.
Like forming an LLC, for the corporation, it takes some time to form your business in New Hampshire after filing the documents. You can expedite the filing process by paying additional money over the filing fees.
It is good to make changes in your Articles of Incorporation. When you change anything, specifcally the name, it brings good and bad effects to the company. Make sure the name change does not affect your revenue or status adversely.
– LLCBuddy Editorial Team
Why Amend Articles of Incorporation in New Hampshire?
There can be several reasons why you make changes to your corporation. A business runs based on diverse components. From economic conditions to internal structures (shareholders and directors), the corporation can change many times in its life based on external or internal reasons.
Change of New Hampshire Corporation Name: The name of the corporation does not often change because it is the primary identity of any business. Sometimes, a spelling or the entire name requires to be changed for many reasons. In that case, the corporation has to file the amendment with the SOS mentioning the old and new names. They have to submit the business name change form with the amendment form.
Change of Statement of Purpose: This is a document where you explain the purpose of your corporation. The purpose says that you are involved in legal and lawful activities through your business. If you are having a nonprofit, you must have a community purpose. If you change that purpose, you must file the amendment. If you change the nature of the business or the purpose of the corporation overall, then you must file an amendment.
Change in Numbers of Stocks and Shares: Finally, if you change the number of shares or stock issues in your company, then you must amend it. It can be reduced or increased if you decide to remove or add a shareholder/partner to the corporation. In that case, it must be amended with the SOS.
How to Amend the New Hampshire Articles of Incorporation
There are three main steps to file your amendment to the New Hampshire Articles of Incorporation. Before you proceed with the steps of filing the form, you must know what changes you can make in your corporation and what changes you cannot. Let’s start with the first step and some related information,
Step 1: Determine What Changes You Need in New Hampshire Corporation
Updating your Articles of Incorporation periodically can be beneficial by making necessary changes. However, frequent alterations in structure or name may not be advisable. The first step involves determining which changes are needed and assessing their potential impact. Modifying aspects of your existing business can affect your revenue or client relationships, so it’s crucial to carefully consider whether the changes are truly necessary and what consequences they may bring.
An up-to-date Articles of Incorporation reflects the current status of a corporation in New Hampshire. The key elements of your updated Articles of Incorporation may include the advantages of being a Registered Agent, the company’s contact information, and the process for receiving legal notices, among other details.
Step 2: Review the Changes You Made in the Articles of Incorporation
The subsequent step involves reviewing the changes. The New Hampshire Secretary of State may request additional supporting documents based on the modifications made to your corporation. After finalizing the changes, you can proceed to draft the New Hampshire corporate amendment. Consult with the SOS to determine if any other documents need to be submitted. For instance, if you are changing the business name, you might be required to submit a name change/reservation form along with the New Hampshire Corporate Amendment form.
What Can Be Changed in Articles of Incorporation
It is not easy to change things in your business. Besides, there are some restrictions in changing things in your corporation in New Hampshire. There are things you can change, but there are things that you cannot change. I have mentioned a few points in this article that you can change above, such as the name, statement of purpose, and the number of shares issued. Now, there are things that you cannot change in the Articles of Incorporation.
What Can not Be Changed in New Hampshire Corporate Amendment?
If you started a corporation in New Hampshire, you must initially have appointed a Registered Agent. You cannot change the initial registered agent in the Articles of Incorporation Corporate Amendment. You can change it using other methods and forms available in the New Hampshire SOS.
Another point is the initial mailing address of your corporation cannot be changed in the New Hampshire Corporate Amendment. In this case, you can change it through other methods requiring different forms.
The third point is the initial directors who formed the corporation in New Hampshire. The details of the initial directors cannot be changed in the New Hampshire Corporate Amendment. There is no other way to change the directors’ details.
Step 3: File the New Hampshire Corporate Amendment
Finally, file the New Hampshire Corporate Amendment with the Secretary of State by the methods (online or offline) available. You must go through the filing process mentioned on the SOS official website before you start the filing process. You must pay the state fees for filing the New Hampshire Corporate Amendment.
Penalties for Not Filing the Amendment in New Hampshire
Now, one question arises when we talk about filing the amendment what happens if you don’t amend the New Hampshire Articles of Incorporation? The answer is simple. You might have to pay heavy penalties if you do not file it. Besides, you may lose existing clients as they may not be interested in continuing to work with your company.
They might cancel the existing contract; you might lose the bank loan or advance opportunities, or you may lose the business bank accounts for not complying with the amendment filing requirements. Hence, it is highly recommended to amend the New Hampshire Articles of Incorporation.
FAQs
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Why New Hampshire Corp Amendment is So Important
New Hampshire, known for its business-friendly environment, has recently introduced important amendments to its corporate laws. These changes are designed to enhance the flexibility and efficiency of corporate governance, providing businesses with the tools they need to thrive in today’s dynamic market.
One of the key reasons why the New Hampshire Corp Amendment is so important is that it allows companies to customize their corporate structures to better align with their specific needs and goals. By providing more options for governance and decision-making, businesses can set themselves up for success and stay agile in the face of changing market conditions.
Furthermore, the amendments also offer important protections for shareholders and directors, ensuring that their rights and responsibilities are clearly defined and upheld. This can help foster trust and transparency within the organization, creating a more stable and productive environment for all stakeholders.
In addition, the amendments streamline the process for making important corporate decisions, making it easier for companies to adapt to new opportunities and challenges. By reducing unnecessary bureaucracy and red tape, businesses in New Hampshire can operate more efficiently and effectively, allowing them to focus on innovation and growth.
Another important aspect of the New Hampshire Corp Amendment is its emphasis on compliance and corporate governance best practices. By aligning with national standards and best practices, businesses can attract investors, partners, and customers who value integrity and accountability. This can help companies build a strong reputation and become more resilient in the face of scrutiny and regulatory changes.
Overall, the New Hampshire Corp Amendment is a positive development that will benefit businesses of all sizes and industries in the state. By providing greater flexibility, protection, and efficiency, these amendments enable companies to adapt and thrive in today’s fast-paced business environment. As companies continue to face new challenges and opportunities, having the right corporate structure in place can make all the difference in their ability to succeed and grow.
Conclusion
Amending the New Hampshire Articles of Incorporation may not involve numerous steps, but the process can be more complex than it appears. It’s crucial to carefully consider any changes to ensure they do not negatively impact your business or client relationships. Before proceeding with modifications and amendments, it is advisable to consult with an attorney or legal professional for guidance.