A Foreign Qualification also known as a Certificate of Authority is the process of registering an LLC or corporation to do business in a state outside the state of incorporation.
What is this?
A corporation or LLC is only recognized in its state of incorporation a Foreign Qualification must be completed in each state that a corporation or LLC intend to conduct business. If a company neglects to file the Foreign Qualification it does not have legal standing or authority to transact business within that state. Every state has different rules regarding what constitutes transacting business. Anderson Business Advisors can take care of everything for you. Contact us today and get qualified help from one of our Business Advisors.
Typical criteria include but are not limited to:
- Does the company have a physical presence in the state?
- Does the entity have employees working within the state?
- Does the company conduct banking within a state?
Requirements to obtain or a Foreign Qualification / Certificate of Authority:
- Must file appropriate state document and pay the corresponding state fee.
- Must obtain a Certificate of Good Standing from the state of origin to verify status of business formation.
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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.
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