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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10359
Experience:  30 years of corporate, litigation and international law
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If we "re-purpose" our C-Corp. what do we need to do to change/

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If we "re-purpose" our C-Corp. what do we need to do to change/ diversify our primary activity/ business from one industry to a completely different industry ? Is it just a matter of adding a Corp Resolution, or ?

bizlaw :

Hello, I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for. Does your certificate of incorporation say that you are authorized to do any lawful business? If not what does it say about your purpose?

Customer:

I will look, however, the original Corp Docs were fairly specific as to Purpose/ Business Activity, which is very different from what we would like to do now... Please advise...

Customer:

the original Corp Docs were fairly specific as to Purpose/ Business Activity, which is very different from what we would like to do now... Please advise...

bizlaw :

Under Hawaii statute 414-41 every corporation can engage in any lawful purpose unless a more limited purpose is set forth in the articles of incorporation. Unless your certificate of incorporation limits you to a particular purpose you can engage in any business that is lawful. If you have such a limiting provision then you would have to file a certificate of amendment of your certificate of incorporation and have it state your purpose is any lawful purpose. If I have answered your question please rate my answer excellent as that is how I am compensated. If you have more questions let me know. Finally, if the answer was especially helpful you can provide a bonus. If I can be of further assistance or you have other questions in the future you can ask for me and reach me at this site.

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