A Certificate of Good Standing is a legal document that certifies your company’s registration, adherence to state laws, and ability to operate in Massachusetts. If you want to do business with other companies or seek for a loan, you must obtain this document, also known as a Certificate of Existence. The Certificate of Good Standing is issued by the Massachusetts Secretary of State, and processing times vary depending on a number of variables.
A Certificate of Good Standing in Massachusetts typically requires 1-2 days to process. The length of time could change, though, depending on how many requests the Secretary of State’s office receives. To prevent delays, it is usually a good idea to verify the current processing times before submitting your request.
An online or postal request for a Certificate of Good Standing is acceptable. If you opt to make the request online, you can get the document right away after making the payment. However, depending on the postal service’s delivery time, it can take longer if you choose to send your request.
A Certificate of Good Standing costs $20 in Massachusetts, and you can pay it online or by check. You must enclose a check or money order made out to the Secretary of the Commonwealth if you decide to mail your payment.
If your company was in good standing at the time of dissolution, you can still get a Certificate of Good Standing after it has been dissolved. However, you might not be able to get a Certificate of Good Standing if your company wasn’t in good standing when it was dissolved.
The shareholders or members of the firm will typically receive the assets in the event that the company is dissolved. The organizational structure of the company may have an impact on this, so it is best to seek legal advice. What Causes a Business to Be Dissolved?
A company may be shut down for a number of reasons, such as bankruptcy, voluntary dissolution, or noncompliance with state laws. A firm could be dissolved by the state if it doesn’t submit yearly reports or pay taxes.
Although they have different definitions, the terms termination and dissolution are frequently used synonymously. Dissolution is the end of a commercial entity, whereas termination refers to the end of a contract or agreement. What Is the Distinction Between Cancellation and Dissolution?
Both dissolution and cancellation refer to the termination of a company entity, although their respective legal ramifications are different. Cancellation is the process of removing a business entity’s registration with the state, whereas dissolution is the official procedure of ending a corporate entity. The business entity can continue to exist in other states after cancellation, thus it need not be destroyed. However, in all states, dissolution represents the end of the company entity.