You’re humming along. Getting business. You’re finally starting to cash flow. Thoughts of expansion fill your head. Maybe even get a business line of credit from the bank, so you can stop using your personal credit cards.
And then it happens…
Someone asks for your Certificate of Good Standing. Wait…what?
What is it?
A Certificate of Good Standing, or Status of Existence, shows the world that you are current with your taxes and fees.
It lets everyone know it is safe to do business with you. They’ll be confident that you’re doing it right and entering a relationship with your business is a smart move.
Here’s the thing, their good for 30-90 days. But more on that in a later post.
Why is it important to keep it current?
Make more money – Not everyone is going to ask for your certificate. But do you really want any restriction on doing business? Especially one you can control.
Saves money – Just like all government certifications and licenses, it’s far less expensive to keep them current than paying the fines to bring them back up to date. If it’s even possible because it…
Could shut you down – That’s right. Losing your Good Standing may keep you from renewing licenses you need to do business. In some cases, it may even dissolve the business, which might increase your…
Personal liability – If LLC or Corporation is shut down…you lose your protection.
Financing – Sometimes, you’ll need it to get a bank account. And you’ll almost certainly need it if you’re trying to get financing or a business loan.
Crossing state lines – The fact is, in most cases, when you start a business today, you’re not limited to the confines of state lines anymore. So, if you want to do business in other states, you’ll want to get the certificate…and keep it.
What you need to keep it?
Oaky. Now you know what it is and why it’s important to keep it current.
Here is what you need to file your certificate and keep it current:
- Company name
- Company address
- Unemployment Insurance Number
- Date formed
- State of formation
- Registered Agent (we can help with this part)
Why should you let IncorpNation file it for you?
It’s true. You can do it. Just go to your Department of State’s website and follow the steps.
But why waste your time doing it…when we can do it for you?
Here are a few reasons why letting IncorpNation file it for you is a smart move:
- We know what we’re doing…so you stay in good standing.
- We can file the paperwork in a fraction of the time. We can do it in a couple days…not weeks.
- You’re busy trying to make money. Do you really want to spend weeks doing this instead?
- You do what you’re best at…let us do what we do best.
We can help.