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In business, things can change very quickly. Your company name may no longer be appropriate or applicable; members of your LLC may change; or the percentage of ownership in the Delaware LLC may need to be updated.
Dealing with these sometimes-sudden changes often requires costly amendments filed with the Division of Corporations if the LLC was created in a state other than Delaware. Yet these are common changes that business professional often need to address, and Harvard Business Services, Inc. can help you with them.
A qjuick review: the only required document to be filed in Delaware to create an LLC is the Certificate of Formation. Unlike some other states, Delaware requires very little information to be made public in order to form an LLC.
The Certificate of Formation, filed with the Delaware Secretary of State, is only required to contain the name of the Delaware LLC, the address of the Delaware LLC’s registered office and the name and address of the Delaware LLC’s Registered Agent in Delaware.
The fundamental terms of a Delaware LLC, such as ownership, operation and management, are set forth in its LLC agreement. A number of other states require this information to be listed on the Certificate of Formation; thus, making a simple change, such as updating an address of a member or adding or removing a member, often requires an amendment that could cost a couple of hundred dollars.
This doesn't happen with a Delaware LLC. One of the many advantages of a Delaware LLC is that changes can easily be made by amending the LLC’s Operating Agreement. We offer templates to help add a member, change the percentage of ownership or note the resignation of a member.
Not all changes to the LLC are as easy as amending the internal Operating Agreement. Since there is very little information listed on the Certificate of Formation, there are only two filings that can potentially cost a client money.
Many people tend to think that changing a company name will be extremely costly and time-consuming. In fact, your company name can be officially changed both quickly and easily. One of our most routine filings is the “name change amendment” or “name amendment.”
Simply contact us with the desired company name and we will check for availability and explain the procedure in detail.
The second change is something that can save the LLC thousands of dollars throughout the life of the company. Delaware requires the LLC to maintain a Registered Agent in Delaware at all times. The price of Registered Agent service in Delaware varies drastically, from an average price of $169 up to over $300 per year.
Our Registered Agent service is $50 per year, with a guarantee that this price remains fixed at $50 per year for the life of your company as long as your company remains in good standing. We offer a service to change the Registered Agent and provide one full year of Registerd Agent service, all for only $50.
Feel free to call us at (1-800-345-CORP) or email, live chat or Skype us (DelawareInc) with any questions surrounding the changes in your Delaware LLC. We are glad to go over your options and assist with the change.
THE AUTHOR OF THIS BLOG ARTICLE IS NOT A LAWYER AND HARVARD BUSINESS SERVICES, INC. IS NOT A LAW FIRM. THE ARTICLE ABOVE IS NOT INTENDED AS LEGAL ADVICE AND SHOULD NOT BE TAKEN AS LEGAL ADVICE. THIS SHORT ARTICLE IS STRICTLY TO MENTION SOME ASPECTS OF DELAWARE’S CORPORATION LAWS AND/OR LAWS RELATING TO OTHER FORMS OF ENTITIES WHICH YOU MAY NOT BE FAMILIAR WITH. WE RECOMMEND THAT YOU CONSULT WITH A LAWYER BEFORE FORMULATING A STRATEGY WHICH WILL BE SUITABLE FOR YOUR SPECIFIC CASE.