Member information may need to be updated if the original Members sell the company, some Members exit the company, or new Members join. In such cases, we’ll add end-dates to the company’s existing Member records and add any new Member records to accurately reflect the current ownership details. We perform both these actions on the Register of Members – Non Capital Ownership Screen.
In this scenario, Thone Furniture Stores LLC has had a sole Member, Thone Holdings Inc., who owned 100% of the company. As of July 15th, 2025, a new Member, Furnishing Americas Corp, has joined due to a corporate restructure. Now Thone Holdings Inc. holds 75% and Furnishing Americas Corp holds 25% of Thone Furniture Stores LLC.
Consequently, we need to complete the following actions:
close Thone Holdings Inc.’s current Member record of 100% ownership by entering an end-date in its Resignation field
add a new Thone Holding Inc. Member record with 75% ownership
add a new Member record for Furnishing Americas Corp’s 25% ownership
Part 1 - Resign existing Members
In this scenario, we first enter an end-date in the Resigned field of Thone Holding Inc.'s current Member record of 100% ownership. This update will close that Member record so GEMS knows that Thone Holding Inc. no longer owns 100% of Thone Furniture Stores LLC.
1. Navigate to the Snapshot of the relevant entity and click VIEW MORE DETAILS. In this scenario, we’ll navigate to Thone Furniture Stores LLC.
2. Locate and select the entity’s Register of Members – Non Capital Ownership Screen.
3. Click the Edit icon next to the existing Member record that needs to be closed. In this scenario, we’ll click Edit next to Thone Holding Inc.’s record of 100%.
4. Enter the last day this Membership record was valid in the Resigned field. In this scenario, we’ll enter Jul 14 2025.
5. Click SAVE.
GEMS will return to the Register of Members – Non Capital Ownership Screen. Repeat steps 3 through 5 for any other existing Members. In this scenario, Thone Holdings Inc. was the sole Member, so we will proceed to the next steps.
Part 2 - Re-enter existing Members with new ownership details
To update existing Members' ownership percentages, you will need to re-enter their details as if they are a new Member. In this scenario, Thone Holdings Inc. now holds 75% of Thone Furniture Stores LLC, so we need to create a new Member record indicating that percentage.
1. Click New Member in the top right corner of the Screen.
2. Enter the details of the new Member record. In this scenario, we’ll enter the details for Thone Holding Inc.’s new 75% holding that began on July 15, 2025.
3. Click SAVE.
4. GEMS will return to the Register of Members – Non Capital Ownership Screen. When you re-enter existing Members a warning message in green text will appear the top of the Screen. You can ignore this warning in this situation.
Repeat steps 1 through 4 to re-enter any other existing Member records, as needed. In this scenario, Thone Holdings Inc. was the sole existing Member, so we will proceed to the next steps.
Part 3 - Add ownership details for new Members
Repeat steps 1-3 in Part 2 to add any new Members. In this scenario, we'll add the record of Furnishing Americas Corp's holding of 25% that began on July 15, 2025.
Ownership details will now be updated for all current Members.