Certificate of Good Standing
A document obtained from the state showing your entity is active and up to date with all required annual filings.
What is a Certificate of Good Standing?
The document will verify that the organization is compliant within the state of incorporation and, therefore, is in ” Good Standing“. It is also known as a Certificate of Existence or a Certificate of Status, the Good Standing Certificate is a one page document provided by the Secretary of State and provides conclusive evidence of the status of the entity. In many cases, it can be valid up to three months.
To properly close a corporation or LLC that is no longer transacting business the company must file Articles of Dissolution with the state of incorporation. Neglecting to file Articles of Dissolution for a company that is no longer active may expose the corporation or LLC to unnecessary recurring fees or taxes.
Requirements to obtain a state Good Standing Certificate:
- The company must be registered as a legal entity with the appropriate state governing authority.
- The company cannot be in default or suspended as defined by the state.
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- Designed to protect your assets and minimize your state and federal taxes
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Why Trust Anderson For Your Business Structuring Needs?
Comprehensive Assessment Tailored To You
The wrong setup of your business now could mean more taxes and liability later. That’s where we’re really different. We take a comprehensive look at your situation not only from a legal asset protection perspective but also from a tax savings and financial planning perspective.
Experience You Can Trust
Unlike other law firms, our consultants consist of attorneys and planners who travel nationwide to speak at conferences and seminars on subject matters concerning asset protection,
Take a look at these actual client stories to see how much of a difference an Anderson plan can make.
We set up a Nevada LLC for a client with significant savings. She was sued 3 years later for an environmental claim stemming from property she owned over 30 years before. Plaintiff wanted over $2 million in damages for the cleanup. After we disclosed that her assets were protected by a Nevada LLC and a HELOC on her residence Plaintiff accepted less than $100k in a settlement.
A bank wanted to pursue one of our clients for a deficiency judgement ($5.5 million) for commercial real estate he lost in foreclosure. Once the bank found out how we protected all of our clients remaining assets with LLCs and a Nevada holding LLC the bank’s attorney stated “we decline to seek a deficiency judgment given the complicated structure you have weaved for yourself”.
Our client purchased property in a LLC and it was later discovered the soil beneath the property was contaminated. The state sued the LLC to clean up the land. Client walked away from the property without any personal liability. Without the LLC he would have been on the hook for over $1 million.
Your Custom Entity BlueprintSpeak with an Anderson Professional Advisor to get your FREE business planning blueprint to determine the best entity structure plan for you and your unique situation.
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