Reinstating My Corporation vs Starting a New One: What Should You Do?

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Should I reinstate my corporation or start a new one?
Generally, it is better to reinstate your current LLC than to start over. One of the purposes of having an LLC is the limited liability. If you start over, you lose the limited liability for the period of time from the dissolution to when you initate the new LLC…
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If you are a business owner and your corporation has been dissolved, you might be unsure about whether to form a new corporation or have it reinstated. Many entrepreneurs frequently encounter this conundrum, and the solution depends on a number of variables. It’s crucial to first comprehend what it means to restart a firm. A corporation is dissolved when it ceases to be a valid legal entity. Numerous factors, including inability to submit yearly reports or pay taxes, might cause this. You must submit the required documents and make any outstanding payments in order to restore the corporation. The company will be able to resume operations once it has been reestablished.

However, beginning a new corporation entails the creation of a completely new legal organization. If the previous corporation had any legal or financial problems that you didn’t want to transfer to the new one, this could be useful. Rebranding and a new beginning are also possible when you establish a new corporation.

So how do you choose whether to establish a new corporation or reactivate your old one? Think about the following elements:

1. Legal and financial concerns: It would be preferable to start again with a new corporation if your previous one had any legal or financial issues. This will enable you to stay clear of any liabilities or legal issues that might have developed from the previous business.

2. Brand recognition: If your former company had a strong brand and clientele, it can be worthwhile to reinstate it in order to maintain that recognition and clientele.

3. Cost and timing: If time and money are crucial considerations, reinstatement may be the best option because it can be quicker and less expensive than creating a new organization. Can I relaunch a closed business? Yes, you can reinstate a closed corporation to resume operations. This usually entails submitting the required documentation and paying any costs that are due. It’s crucial to remember that the procedure may change based on the situation and facts surrounding the company’s closure.

Are licenses for businesses renewed annually?

State and industry-specific regulations for business permit renewals differ. While some states require annual renewal of permits, others may allow them to be used for a number of years. The particular renewal criteria for your company licences should be confirmed with your local government. Do I require a business license to do online sales in Georgia?

Yes, a business license is required if you want to conduct business in Georgia. Online enterprises are included in this. Depending on the nature of your company and the city or county where you operate, you might require a different kind of license. It’s crucial to confirm the precise licensing requirements for your company with your local authorities.

So, how can I discover who owns a company in Georgia?

The Corporations Division of the Georgia Secretary of State maintains a database of business owners in the state. You can search for companies in their online database by name and examine details like the owner’s name and registered agent. Additionally, you can look up business owners utilizing public records or a paid search service.