Businesses may need to add a new owner to their LLC for different reasons, such as adding a co-founder or bringing on a new owner to help with raising capital or for international expansion.
Adding someone to your LLC depends on your current business structure.
Single-Member to Multi-Member LLC: If your LLC currently has only one member, the process is more involved.
You'll need to file an amendment with the state, cancel your existing EIN, apply for a new EIN from the IRS, and update your US bank account(s) to reflect the new ownership structure. This process can take up to three months, depending on state requirements.
Existing Multi-Member LLC: If your LLC already has multiple members, adding a new member is much simpler.
You don’t need to update the state or IRS records—just draft a new Operating Agreement and update the Certificates of Membership to reflect the change. This can be done by the current business owner. If you would like Adro to make these updates, a $75 administration fee will apply. This typically takes about 3 business days to turnaround.
Not sure where to start? If you're an existing Adro customer, get in touch and we'll be happy to guide you through each step.