Form with which a corporation may alter the amount of outstanding shares issued by the corporation.
Change Class Of Shares In Ohio
State:
Multi-State
Control #:
US-0034-CR
Format:
Word;
Rich Text
Instant download
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FAQ
Amending an Ohio Corporation Articles of Incorporation Step 1: Determine if you need to amend your Articles of Incorporation. Step 2: Identify and gather the information you need to amend. Step 3: File the Certificate of Amendment with the Secretary of State.
After a specified time period, these shares are often converted to Class A shares. The conversion is a non-taxable event.
Aside from creating new shares or reducing share capital, you can do this by making changes to the company's existing issued shares. This process is most commonly referred to as a 'redesignation', 'reclassification', or 'renaming' of shares.
With the written approval of its existing shareholders, company directors can create and issue a new class of shares. The new class of shares and the rights attaching to the shares will be within the company's constitution. A company must amend its constitution if directors wish to create a new class of shares.
Shares can be converted from one class to another by way of special resolution or by lodging a notice with ACRA. However, non-redeemable preference shares cannot be converted into redeemable preference shares.
This process is most commonly referred to as a 'redesignation', 'reclassification', or 'renaming' of shares. It involves converting issued shares from their existing class, i.e. 'type' or 'classification', to a different one.
The certificate of the secretary of state, or a copy of the certificate of merger or consolidation certified by the secretary of state, may be filed for record in the office of the recorder of any county in this state and, if filed, shall be recorded in the official records of that county.
Complete and file Companies House form SH08 Upon passing the resolution, the directors must complete form SH08 – Notice of name or other designation of class of shares with the following details: Company registration number. Company name in full. The date on which the redesignation took place.
Share redesignation is an administrative process that changes shares in a company from one class to another. For companies of all sizes (including start-ups and SMEs), it can help make important structural changes to its ownership structure.