If you own a business in Pennsylvania, you are aware of the need of maintaining current legal records for your enterprise. The Articles of Incorporation are one document that can require modifications over time. These articles describe the fundamentals of your company, such as its name, function, and organizational structure. What you need to know about changing them in PA is as follows.
To update your articles of incorporation, you must first understand what has to be changed. Look over your original documents to find the passages that require editing. Adding a new business objective, changing the stock structure, or changing the company name are a few common reasons for updating the articles.
You must call a board of directors meeting as soon as you are aware of the necessary adjustments. This meeting ought to be recorded, and the suggested changes ought to be put to a vote. Unless the original articles of incorporation indicated otherwise, the vote must be unanimous in Pennsylvania.
Step 3: Submit the Modification to the State The adjustment must be submitted to the Pennsylvania Department of State following the board of directors’ approval of the modifications. A Certificate of Amendment form must be filled out, and a filing fee must be included. Depending on the sort of adjustment being made, a different cost applies.
No, the IRS does not charge anything to get an Employee Identification Number (EIN). EIN applications can be submitted online, by mail, fax, or phone. Businesses require an EIN among other things to file taxes and open bank accounts.
Yes, a Tax ID is another name for an Employer Identification Number (EIN). It is a distinct nine-digit number given to firms by the IRS for tax purposes.
The manner they are taxed is the primary distinction between a corporation (Inc) and a limited liability business (LLC). When dividends are given to shareholders, corporations are subject to corporate tax as well as individual tax, whereas LLCs are solely subject to individual tax.
A sort of organization called an incorporated not-for-profit is one that is created to achieve a particular social or charity objective. These organizations can accept tax-deductible gifts from both people and companies and are exempt from paying taxes. Organizations must submit Articles of Incorporation to the state and apply for tax-exempt status with the IRS in order to become incorporated not-for-profits.
In conclusion, if you follow these steps, revising the articles of incorporation in Pennsylvania can be a simple procedure. To make sure that your company is following the law, it’s crucial to keep your legal documentation current. Finally, obtaining an EIN, also known as a Tax ID, is necessary for businesses to file taxes and open bank accounts. Understanding the distinctions between Inc vs LLC and knowing what an incorporated not-for-profit is can also help you make informed decisions about your business structure.
The advantage of being incorporated is that it offers the owners or shareholders of the corporation limited liability protection, preventing their personal assets from being at risk for the debts or legal obligations of the corporation. Additionally, incorporation can provide financial advantages and boost the company’s legitimacy and professionalism.
It is not mentioned in the article “How to Amend Articles of Incorporation in PA: A Guide” how much it will cost to incorporate in Pennsylvania. However, as of 2021, the filing fee for articles of incorporation is $125, according to the Pennsylvania Department of State.