California Approval of amendment to articles of incorporation to permit certain uses of distributions from capital surplus
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How to fill out Approval Of Amendment To Articles Of Incorporation To Permit Certain Uses Of Distributions From Capital Surplus?
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FAQ
In general, corporations have a more standardized and rigid operating structure and more reporting and recordkeeping requirements than LLCs. LLC owners have greater flexibility in how they run their business.
The difference lies primarily in the way that ownership, by way of shares, is distributed. In a close corporation, shares of the corporation are generally held by only a small number of people and are not available for sale or purchase in the public markets.
The general stock corporation is the most commonly formed type of corporation and it allows for unlimited shareholders. If you form a close corporation, you have to limit the number of shareholders you have and list that number in the articles (it cannot be more than 35 shareholders).
To amend (change, add or delete) provisions contained in the Articles of Incorporation, it is necessary to prepare and file with the California Secretary of State a Certificate of Amendment of Articles of Incorporation in compliance with California Corporations Code sections 900-910.
In California, for example, the maximum number of shareholders allowed in a close corporation is 35, while in Arizona, a close corporation may have no more than 10 original investors. Close corporations differ from general stock corporations, more commonly known as C corporations, in that they are not publicly traded.
What Are Stock Corporations? Stock corporations are for-profit organizations that issue shares of stock to shareholders (also known as stockholders) to raise capital, with each share representing partial ownership of the corporation and granting shareholders certain ownership rights that shape company policies.