To continue operating, your S corporation must be reinstated if it has been administratively dissolved, revoked, or suspended. Depending on the state of incorporation, the process for restarting a S corp varies. Generally speaking, you will need to submit specific documents, settle any outstanding debts, and adhere to any other conditions imposed by your state. The actions you must follow to reestablish your S corp will be outlined in this post.
Determine the cause of your S Corp’s inactive status in Step 1
Determine the cause of your S corp’s inactive status before you start the restoration procedure. You can use this information to better understand what has to be done to get your company back up and running. Failure to file annual reports, nonpayment of fines or taxes, or nonmaintenance of a registered agent are common causes of an inactive status.
Step 2: Complete the necessary paperwork and pay any outstanding fees You must submit the necessary paperwork to your state’s Secretary of State office once you have established the cause of your S corp’s inactive status. You will typically need to submit Articles of Reinstatement or some equivalent document. Any unpaid taxes or fees, including late fees and penalties, may also need to be paid.
Step 3: Comply with any additional requirements imposed by your state You might need to fulfill additional requirements outlined by your state in addition to submitting the necessary paperwork and paying any overdue costs. You might be required to update your registered agent information or present proof of insurance, for instance. To make sure you have fulfilled all requirements, be sure to carefully study the reinstatement requirements for your state. Do I Have to Renew My LLC in Wisconsin Every Year?
In Wisconsin, you must submit an annual report for your LLC. By the end of the month your LLC was formed, the annual report is required. For instance, if your LLC was established in June, your annual report is due every year by June 30. In Wisconsin, submitting an annual report costs $25.
Every year, the Wisconsin Department of Financial Institutions must receive the annual report for an LLC. Your LLC’s name, address, and details about its members and administrators are all included in the report’s basic information. The annual report’s goals are to keep your LLC in good standing and make sure the state receives the most recent information about it.
In conclusion, restoring a S corp necessitates submitting the required documentation, paying any unpaid fees, and adhering to any additional state-imposed restrictions. LLCs in Wisconsin are required to submit an annual report in order to keep their status in good standing. To be sure you have fulfilled all necessary obligations, make sure to carefully study your state’s laws.