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How can I change the articles of incorporation of my

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company, I started the business...
How can I change the articles of incorporation of my company, I started the business 50% and 50% my brother, but now it’s just myself , and I need to change it to 100% just I’ my brother is agree to.?
Submitted: 5 months ago.Category: Business Law
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Customer reply replied 5 months ago
Virginia Law
Answered in 14 minutes by:
11/17/2017
Business Lawyer: KLAW, Attorney replied 5 months ago
KLAW
KLAW, Attorney
Category: Business Law
Satisfied Customers: 2,137
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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Good morning. I am a legal expert attorney who will assist you today. Is it a corporation or an LLC?

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Customer reply replied 5 months ago
It’s a C-Corporation
Business Lawyer: KLAW, Attorney replied 5 months ago

Ok. I will work on your answer.

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Business Lawyer: KLAW, Attorney replied 5 months ago

I​s your brother active in the business and has he been paid compensation?

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Customer reply replied 5 months ago
No
Business Lawyer: KLAW, Attorney replied 5 months ago

D​o you have by laws?

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Customer reply replied 5 months ago
You mean in the articles of incorporation?
Business Lawyer: KLAW, Attorney replied 5 months ago
No, a corporation agreement between both you and your brother.
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Customer reply replied 5 months ago
No
Customer reply replied 5 months ago
Just in the article of incorporation of Virginia
Business Lawyer: KLAW, Attorney replied 5 months ago
I’m going to be away and I’ll open the question to another attorney to expedite.
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Business Lawyer: WiseOwl58, Attorney replied 5 months ago
WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,415
Experience: Senior Associate at White & Case LLP
Verified

Hello, new expert here.

Under Virginia law, you don't have to change the article of incorporation. What you have to do is have the company repurchase your brother's stock and cancel the stock. Then his stock is no longer outstanding, and you will be the only stockholder of the corporation. Since you are the only stockholder, you will then own 100% of the corporation. Simple.

There is nothing that gets filed with the state in this matter. Just repurchase his stock and cancel it, leaving you as the sole 100% stockholder.

Please rate 4 or 5 stars and close out the question. Good luck to you. I wish you all the best.

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Business Lawyer: WiseOwl58, Attorney replied 5 months ago

Please rate 4 or 5 stars and close out the question. Good luck to you. I wish you all the best.

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Business Lawyer: WiseOwl58, Attorney replied 5 months ago

Please rate 4 or 5 stars and close out the question. Good luck to you. I wish you all the best.

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Category: Business Law
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