how to change business type on llc operating [Expert Advice]

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Last updated : Sept 7, 2022
Written by : Wilson Ebert
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how to change business type on llc operating

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how to change business type on llc operating

Comment by Karl Mouton

my attorney messed up my llc information can it be fixed short answer yes everything can be fixed disclaimer i'm not your attorney i'm not your cpa i am just providing generally accessible information you can get anywhere on the google machine um i'm just curating everything that i've learned through years and years of research into this uh one series here for entrepreneurs like you and me so uh again yes everything can be fixed let's say this llc was filed for hal by bob that doesn't look like a bob let's let's call him jeeves again um jeeves is this guy with the fancy mustache whether he's an architect or in this case he is a lawyer so this is an actual real question that we got uh some attorney messed up someone's llc and they needed it fixed um we mess up sometimes too what really matters is that if something goes wrong the person who filed it fixes it so if you pay an attorney a lot of money to file an llc for you and they flub it up and they don't fix it or they want to charge you an hourly rate maybe it's time to move on but you know again we've we've messed up before sometimes the customers have given us the wrong information we filed the information based on what they told us and it wasn't our fault it was their fault but in the end it doesn't really matter we need to make sure that the information's right so to fix this information all you need to do is file an amendment and you can either file an amendment with the state or the federal government so you might have the state here and the the federal government here this is for the irs and this is for the actual llc so the llc is state-based not um not federally based we have a video based on that that goes into more detail we have a playlist and all that that goes into all this information so highly recommend you watch those but like i said the llc is filed with the state the ein is filed with the irs and the legal documents are filed with nobody you keep them with yourself so this is actually the state filing so we're going to concentrate on this if you filed in texas and you need to change the name because the name's wrong uh that's a filing if you need to change the address because the address is wrong that's a different filing every state because we are the united states of america every state has their own rules and regulations of how all this works so every state government has their own ways of doing things in their own costs for making these changes so some states have you fax information in delaware still has you fax information in some states require that you fill it out on a piece of paper and snail mail it into them other states are more advanced than have you fill it out via an online form this is where better legal actually really shines is that we have a database of over 1500 different options so you know there's an llc in all 50 states there's a foreign llc in all 50 states there's a corporation all 50 states so there's already 200 options but then every state has a name change option an address change option a manager change option a registered agent change option but then you get to the legal documents and you might need to change you know we started off 50 50. um but now we want to change it to you know i've been putting in more sweat equity and and bob didn't and so i should own 70 and bob should own 30 so we need to make that change um ultimately you just if if it's with this the llc you make the change with the state government if it's with the ein you make a change with the federal government if it's with the legal document you just make a change and everybody signs it and you tack it on to the end of the legal document that you got when you filed your information and that's really it now there are fees associated with this so if you want to do a name change in texas versus wyoming it might be more expensive than one or the other it's also going to take longer in one or the other but the short answer is yes you can change your information nothing is set in stone the business is going to evolve if if you're one of the lucky people that gets to continue this business over years and years and years um there are going to be changes in where your office is there'll be changes in the name they're going to be changes and maybe you expand in new states um maybe it's you know you add a partner a manager a member but anyway that's the the short of it if you got value of this video please like and subscribe share it with a friend uh or go to and get an llc from us or share this information with your friends so your friend can get an llc or corporation from and i will see you on the next video

Thanks for your comment Karl Mouton, have a nice day.
- Wilson Ebert, Staff Member

Comment by b2gF

if you are changing the owners of your limited liability company a lot of times people ask how do you do this it's not like a corporation we have stock and on the back of that certificate you endorse it and say who is going to and they record it in a stock ledger may be subject to some kind of an outside contract like a shareholder agreement instead with the limited liability company the ownership is set forth in a contract between the members that's called a limited liability company operating agreement and in order to change the ownership what you do is you prepare an amended and restated limited liability company operating agreement and so if you add additional members each time you add members you amend that operating agreement so maybe that they have a first amended agreement when you've changed members once you have a second amended agreement when you change it again and so on but we also prepare if you'd like us to prepare an amended and restated opportunity for you is we also prepare a resolution from the existing members saying who the current owners are and what percentage the members and they sign off transferring interests to the new members and so that there's a handoff if you will between the old members and the new members and what is the consideration paid for that what is the dollar amount paid for that transfer of ownership and that's part of the benefit of using Inc now is we can prepare an amended and restated operate agreement for you along with that resolution and the cost of that service is $250

Thanks b2gF your participation is very much appreciated
- Wilson Ebert

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