You must ask for a Letter of Good Standing from the Division of Corporations of the New York State Department of State. You can submit an application online, in person, or by mail, and the procedure is simple.
You must first register on the New York State Department of State website in order to submit an application online. You can then submit your request and proceed to pay the charge using a credit card. A Letter of Good Standing costs $25, and processing time ranges from 24 to 48 hours.
You can go to the Department of State’s office in Albany if you’d rather submit your application in person. You must complete the required paperwork and pay the charge in cash, by check, or by money order. On the same day, you’ll get your letter of good standing.
You must download the necessary form from the Department of State website and mail it together with a check or money order for the application cost if you decide to submit it by mail. Requests submitted via mail typically take two weeks to process.
A Letter of Good Standing is only effective on the date it is issued, which should be noted. Requesting a Certificate of Good Standing may be necessary if you need to show proof of good standing for a longer period of time.
Finally, acquiring a Letter of Good Standing in New York is a simple procedure that can be completed online, in person, or by mail. It makes sense to keep this paperwork on hand just in case, given the charge is fair and the processing time is short.
A letter of good standing is proof that a company or organization is legitimately allowed to operate in a state and has cooperated with all regulations, including paying taxes, submitting yearly reports, and keeping all necessary licenses and permits up to date. It is frequently necessary for specific business transactions, such getting a loan or signing contracts with other companies.