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What needs to be done when a change in principals occurs?

April 26, 2017Needs occurs principals

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What needs to be done when a change in principals occurs?

1 Answer

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10 Posted

The name of the Organization, the EIN, and all assets belong to the Affiliated Organization, not the principals. When a change in principal(s) occurs the minutes of the meeting must reflect these changes. A letter stating the changes should be sent to the bank. During the annual online renewal process the Affiliated Organization should key in the information for the new principals.