District of Columbia Amendment to the Articles of Incorporation to eliminate par value is a legal process that companies in the District of Columbia can undertake to update their articles of incorporation. This amendment allows companies to remove the nominal or stated value of their shares, known as par value, from their corporate structure. By eliminating par value, companies gain flexibility in setting the price of their shares, as they are no longer bound by a predetermined minimum value. This change enables corporations to adjust the value of their shares based on market conditions and potential investors' expectations. The process of amending the articles of incorporation to eliminate par value involves several steps. First, the company's board of directors must pass a resolution proposing the amendment. This resolution is then presented to the company's shareholders, who decide whether to approve or reject the amendment. If the shareholders approve the amendment, the necessary documentation should be prepared, including the amended articles of incorporation. These documents must comply with the requirements set forth by the District of Columbia Department of Consumer and Regulatory Affairs (DORA) and follow the specific formatting guidelines. The amended articles of incorporation should clearly state the intention to eliminate par value and update the relevant sections or provisions accordingly. It is crucial to ensure accuracy and consistency while incorporating the changes, as any errors or omissions could result in complications in the future. Once the amended articles of incorporation are prepared, they must be filed with the DORA along with any requisite fees. The DORA will review the documents for compliance and completeness. If all requirements are met, the amendment will be recorded, and the company's articles of incorporation will be officially updated. There are no distinct types of District of Columbia Amendments to the Articles of Incorporation to eliminate par value. However, corporations can choose to make additional changes to their articles of incorporation simultaneously while eliminating par value, such as updating the purpose clause, adding or removing directors, or modifying other provisions in line with the company's needs. Each amendment must be clearly documented and filed separately. In conclusion, the District of Columbia Amendment to the Articles of Incorporation to eliminate par value provides companies the flexibility to set share prices according to market dynamics and investor demands. By undergoing this amendment process, corporations can adapt their capital structure to better align with their strategic goals and optimize their funding strategies.
District of Columbia Amendment to the articles of incorporation to eliminate par value
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?Professional corporation? means a corporation organized under D.C. Code Title 29, Chapter 5 solely for the specific purposes provided under this chapter and which has, as its shareholders, only individuals who themselves are duly licensed to render the same professional service as the corporation.
Start a Corporation in the District of Columbia. To start a corporation in the District of Columbia, you'll need to choose a DC registered agent, file business formation paperwork with the Department of Licensing and Consumer Protection (DLCP), and pay a minimum fee of $99.
(b) A person shall not be a shareholder, director, or officer of a professional corporation or render professional services on its behalf unless the person is an individual licensed to render a professional service for which the corporation is organized; provided, that if a professional corporation has only one ...
?Professional corporation? means a corporation organized under D.C. Code Title 29, Chapter 5 solely for the specific purposes provided under this chapter and which has, as its shareholders, only individuals who themselves are duly licensed to render the same professional service as the corporation.
A professional corporation may employ individuals who are not licensed, but they shall not perform professional services. No license shall be required of any person employed by a professional corporation to perform services for which a license is not otherwise required.
A ?professional corporation? is a corporation organized under the General Corporation Law or the Moscone-Knox Professional Corporation Act and that is engaged in rendering professional services in a single profession (except as otherwise authorized in § 13401.5) pursuant to a certificate of registration issued by the ...