There are instances that the current Articles of Incorporation or Bylaws of the business no longer reflect the current structure, operations, or needs of the business owners or stockholders. This can cover situations such as:
To capture these changes, the business must amend its original formation documents with the Securities and Exchange Commission or SEC.
The Articles of Incorporation are the main documents containing all information about the business or company. In addition, it tells the company’s primary and secondary purposes and the office location or the place of doing business.
The Bylaws, on the other hand, outline the matters that are necessary for the proper or convenient transaction of the business. These include:
The business needs to secure a clean compliance record from the compliance monitoring division. This is proof that the business is current with all the SEC filings. If the business is not current or has not been filing its reports, then a clearance will not be possible. While this compliance is in process, the owners will need to start gathering information or documents to complete the requirements. Please note that amendments to both articles of incorporation or bylaws require two-thirds votes of the stockholders, aside from the majority vote of the board of directors.
Along with the Compliance Monitoring Division (CMD) Clearance and/or clearance from other Department of the Commission, you need to gather the following documents:
In short, the process is long. As the number of documents suggests, there is a chance that you may experience delays in the processing of your amendment documents. However, unlike a business permit application where you only have to be a sole proprietor and only need yourself to make changes, here, the Securities and Exchange Commission amendment will require a collective effort from all shareholders and directors.
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FilePino can help you quicken the process immediately for your corporation. Our company specializes in handling government documents in all departments. Let us know what we need to do, and we will do our part to build your dream company. Ensure that the information you give is accurate and confidential for the specified purpose.