Owning a Business: the steps to obtain a New York Certificate of Good Standing

Running an organization can be monetarily rewarding however it is never simple. Majority organizations identify employees—be they are in advertising or sales—as influential to a business’s success.

It is the petite details that at times get missing or at least temporarily overlooked. Majority firms fail to adhere to with state taxes and other rules and regulations. One way to substantiate your corporation or LLC is to be in conformity with help of New York Certificate of Good Standing (if you operating business in New York).

What is a Certificate of Good Standing?

A Certificate of Good Standing is circulated by a particular state and is also called as a Certificate of Existence, a Certificate of Status or a Certificate of Tax Compliance. It signifies that your corporate entity remains in good business standing, has contributed to all the state taxes, fees and penalties and has files an yearly report (if applicable).

A number of states enable business owners to acquire a Certificate of Good Standing through online medium. For example, Delaware Certificate of Good Standing can be easily obtained online. Besides giving a small charge for the same, you need to provide the following details:

• Organization or Business Entity Name (as files on the articles)
• Date of Business entity formation
• State of Business entity formation
• Office Address
• Registered Agent name and address
• Federal tax identification number
• Unemployment insurance number

It is important to note that a certificate of good standing lapses after tenure of 30-90 days, based on the state. This avoids businesses from showing outdated Certificates where their business status might have altered.

When would I need a Certificate of Good Standing?

The state needs a Certificate of Good Standing from corporation or LLC’s that desire to apply for foreign qualification. Let’s clear this with the help of an example. If your business entity is situated in California but was recorded as a Nevada entity, the state of California will needs a Certificate of Good Standing. This substantiates to California that your organization is in complete compliance with Nevada law.

Besides, financial institutions at times ask for a Certificate of Good Standing. They require verifying compliance to prevent any illegal or fraudulent business conduct.

The author writes this article about Connecticut Certificate of Good Standing, Connecticut Certificate of Existence