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What it is and how to maintain it.
Your company is considered to be in "good standing" only when it has satisfied all of its many state government and tax requirements. These can include:
- Filing an annual report
- Paying your franchise taxes on time
- Staying up-to-date on state fee payments
Maintaining good standing is an essential part of your corporation or LLC's success. By keeping your company in the state's "good graces," not only can you avoid costly fines and fees, you'll be able to hold onto the legal protections that motivated you to form a corporation or LLC in the first place.
Good standing is also an important business goal beyond satisfying state expectations. For example, being able to show evidence of your company's good standing in the form of a Certificate of Good Standing can be a crucial part of:
- Obtaining foreign qualification to do business in another state
- Executing contracts
- Opening accounts
- Applying for licenses
- Securing financing
- Selling your business
Still, it's not always easy to know which regulations and obligations apply to your corporation or LLC. Compliance can seem costly at times. Regulations change. And it can be difficult to keep track of the various deadlines your company must meet.
incorporate.com can help.
incorporate.com makes maintaining your good standing easy.
As your registered agent, we'll provide you with the clear and direct information you need regarding all of your statutory obligations - the right information to help you maintain your good standing status.