How To Get A Certificate of Good Standing "We earn commissions if you shop through the links below"
Starting a business requires a lot of paperwork and document filing in your home state. If you registered your business, one of these documents that you might need down the road is the certificate of good standing. Here is an explanation of why this document is important to your business operations.
A certificate of good standing is issued by the state where your business is formed. This is usually not required if your business is a sole proprietorship because you normally do not have to register your sole proprietorship with your state. However, if your company is a partnership, corporation, or limited liability company (LLC), this document is an important one. This document is proof that your company is in compliance with all regulations imposed by your state and that it is legally authorized to conduct business. Compliance means all of the required fees have been paid to the state and all of the required documents have been filed. It is verification to others that your business is legitimate.
A Certificate of Good Standing (also called a Certificate of Status, a Certificate of Existence, or a Certificate of Fact) provides evidence that your company has submitted all required reports and paid all required fees to the state. We can help you obtain a Certificate of Good Standing in all 50 states.
When Do You Need This?
When your business involves other entities, sometimes the other entity will request this. Here are some examples of when you may need to present this document:
– A financial institution often asks you to provide a copy of your certificate of good standing when you are applying for a line of credit or securing a loan for your business.
– If you are looking for investors, they might ask for this in order to validate the legitimacy of your business.
– You may need this when you are selling your business.
– If you plan to expand your business to another state, you may need to provide this to the other state’s business registration office.
– Your business insurance company may request it before they insure you.
– If you are bidding on a government contract, you may be asked to provide it.
To get this, you would contact the state agency where you had registered your business. The process of obtaining one varies from state to state. Some states charge a fee for the certificate. Each state has specific procedures and forms that you must complete and submit to get the certificate. Turnaround time can also vary. Always check with the agency of your home state to get details on how you can apply for one.
A certificate of good standing has an expiration date, so it must be renewed after it expires. This is a way for the state to make sure that the company remains in compliance by paying fees and taxes on time and filing all required forms annually.
It is a good idea to always have a current copy of the certificate of good standing on hand so you are ready to provide it when it is required during your course of business. Since it does take time and effort to stay in compliance and to renew the certificate, using an outside service that specializes in business compliance to help you order this document can free up your time to focus on your business operations instead. The service can support you in staying compliant and staying current on your certificate of good standing.
The Process of Getting a Louisiana Certificate of Good Standing Explained Secure your Louisiana Certificate of Good Standing now! Click here to get started and
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