Forfeited Corporations: What Are They and How Do They Happen?

What is a forfeited corporation?
A suspended or forfeited corporation does not stop being an association, but it loses all the rights and privileges of a corporation and cannot legally act as a corporation while suspended.

A corporation may be regarded as a forfeited corporation if it is unable to fulfill the commitments and conditions set forth by the state. A number of things can go wrong in order for this to occur, including failing to pay taxes, complete annual reports, or keep a registered agent active. A corporation that has been declared forfeited is no longer in good standing with the state and may be subject to legal repercussions.

Political slants in the state of New Hampshire are known to change. Even though it is often seen as a swing state, it has recently tended to support the Republican party more, so becoming a “red state” in specific situations. It is crucial to remember that political affinities can shift over time and can depend on the particular election or issue.

A certificate of good standing is a record that attests to a corporation’s compliance with all state regulations and its legitimacy to conduct business there. The duration of this certificate’s validity varies by state and might be anywhere from six months and many years. In order to operate a business in the state and prevent being regarded as a forfeited corporation, it is crucial to keep a valid certificate of good standing.

A corporation must make a request to the Corporations Division of the Secretary of the Commonwealth in order to receive a certificate of good standing in Massachusetts. The name, identification number, and any fees that may be charged by the corporation must be included in this request. Before awarding the certificate, the state will check the corporation’s records to make sure all requirements have been completed.

The price varies in New Hampshire depending on the kind of company and the length of time the registration is good for. The price is $50 for a single year or $100 for three years for a sole proprietorship or partnership. The fee for a corporation or LLC is $50 yearly. It is significant to remember that registering a trade name does not grant legal protection for the name and is distinct from creating a corporate entity.

In summary, a forfeited corporation is an organization that has disregarded the conditions and obligations imposed by the state. The political climate in New Hampshire is unpredictable and vulnerable to change. It is crucial to keep a current certificate of good standing in order to conduct business because the certificate’s validity differs by state. In order to get a certificate of good standing in Massachusetts, a request must be made to the Corporations Division of the Commonwealth Secretary. Depending on the kind of company and number of years registered, the fee to register a trade name in New Hampshire varies.

FAQ
Then, how do you set up a trade name?

To register a trade name, you must first make sure it is not currently in use by another company and is available in your state. To do this, either conduct a search on the Secretary of State’s website or get in touch with them personally. Once the name is confirmed to be available, you can register it with the relevant state agency and apply for any company licenses and permits that may be required. To prevent future unauthorized use of your trade name, it’s crucial to think about trademarking it.