Corporate Governance
If you own a business in Wisconsin and have incorporated it, you have filed important paperwork known as Articles of Incorporation. The Articles of Incorporation serve as the legal charter for your business, laying out its purposes and structure. However, as your business changes over time, you may need to amend these Articles of Incorporation. This process is not necessarily complicated, but it does require some attention to detail. In this article, we will discuss the steps you need to take to amend Wisconsin Articles of Incorporation.
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Step 1: Review the Original Articles of Incorporation
Before you begin the process of amending your Articles of Incorporation, you need to review the original document carefully. The changes you want to make must align with the guidelines laid out in the original document. Make sure you understand the structure of the document, the specific language used, and how your current amendments will integrate with the original document.
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Step 2: Draft the Amendments
Once you have reviewed the original Articles of Incorporation and familiarized yourself with the proper structure, you are ready to draft the amendments. The draft should be clearly presented and explained in easy-to-understand language. Invariably, your draft should mention:
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- The names of the corporation and its Articles of Incorporation
- The changes proposed along with explanations for how these changes affect the Articles of Incorporation.
- A statement of the Board of Directors stating that these proposed changes are effective and actionable.
- Any other business needed to be decided during the course of the meeting needed to amend the Articles of Incorporation.
- Above all, make sure you have included, the numbers of original Articles of Incorporations that would remain unchanged.
Step 3: Conduct a Board Meeting
As an owner or member of that corporation, you should organize or attend a Board of Directors' meeting to discuss and approve the proposed changes. For the success of a Board Meeting, ideally, there should be a quorum in which 50% members of the board attend; otherwise, you will have to declare a second meeting when the laws allow replacing quorums. Present the changes to the other members of the board and explain why the amendments are necessary. All attendees need to sign the agreement demonstrating their endorsement of the changes proposed.
Step 4: File the Amended Articles of Incorporation with the State
The final step in amending the Articles of Incorporation is filing the Amended Articles of Incorporation with the state. To do this:
1. Obtain and completely fill the required forms – Register-E-Commerce (ET1178), Non Stock Entities Forms(NP(Form)-->Not Draft and check- Form 102 Articles of Amendment) by choosing the format e-watch or on paper from the Department of Financial Institutions.
2. Deposit the fees necessary for amending the Articles of Incorporation along with the drafted Agreement and the proof of the Board Meeting from Step 3.
3. Be patient.
Once you provide the relevant fee and updated documents, it will take around five business days to a process to go through. So, be patient and avoid spending unwarranted nervousness. Additionally, keep backup for all correspondence from Department of Financial Institutions and signature copies better safely tucked in a confidential but retrievable location.
Conclusion
Amending the Articles of Incorporation is an essential process that you will need to timely complete as your business requirements alter. Follow the guidance laid out in this post to efficiently affect those changes following the guidelines set forth in the original Articles beyond any plausible legal skepticism or conflict. Remember to review the original document carefully and go through all the proper steps. Upon completion, the amended Articles advance the legality, transparency and the growth of your business undertaking.
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