Corporate Updates
To maintain transparency and compliance, the licensee is obligated to promptly inform ABC of any significant changes exceeding 10% in their corporation or LLC’s ownership structure, also known as corporate updates. This includes updates in corporate leadership, where less than 50% ownership is transferred or new stakeholders acquire 10% or more ownership. Furthermore, if a majority of elected officers or directors are replaced, ABC must be notified.
The process entails submitting an ABC application form, along with essential documents such as Articles of Incorporation from the Secretary of State, amended meeting minutes, and updated stock certificates. This comprehensive documentation ensures accuracy in record-keeping and regulatory adherence.
Anticipate a processing period of 30-45 days for ABC to review the submitted materials diligently and effect necessary updates. This timeframe allows for thorough assessment and ensures that all changes are accurately reflected in ABC’s records.
Conduct a thorough evaluation of the client’s corporate structure and ownership to determine if a corporate update is required. Analyze the potential impact of changes in ownership, officers, directors, or stock holdings on the client’s corporate status. Determine whether the application qualifies as a corporate update or Stock transfer application is required. Educate clients about the distinction between corporate updates and stock exchange-related changes.
Prepare the necessary corporate update application, which may include forms such as ABC-244 and ABC-243.
Assist in gathering and organizing corporate documents, such as Articles of Incorporation, minutes of meetings, and stock certificates.
We will compile the application packet, conduct a thorough review and ensure that all required forms, fees, supporting documents, notarization requirements and signatures are included and then submit it to Dept. of Alcoholic Beverage Control District Office
We will regularly follow up with the assigned Licensing Representative and providing any further information requested and keep you posted until the process is complete.