Any organization may suffer a serious setback if it lost its non-profit status. Whether it was because you neglected to submit the required papers or you didn’t follow the IRS’s rules, you can restore your non-profit status. What you need to know is as follows:
A limited liability company that is no longer running or functioning is known as an inactive LLC. This indicates that it is not engaging in any commercial pursuits or transactions. Inactive LLCs are typically regarded as “dormant” and are not required to file yearly reports or make tax payments under the law. It is crucial to remember that dormant LLCs may still be governed by state and federal laws.
You can verify the status of your LLC in Florida by going to the Division of Corporations website of the Florida Department of State. From there, you can use the name or document number to look up your LLC. Your LLC’s current status, including whether it is active, inactive, or dissolved, will be included in the search results.
Most of the time, you are not permitted to utilize a disbanded company’s name. When a corporation is dissolved, its name usually returns to the public domain and is available for use by other companies. However, it’s crucial to check your local laws before utilizing a defunct company name as some jurisdictions can have limits on their use.
What Will Take Place If Your Corporation Is Suspended? Your corporation no longer has the legal ability to operate in the state where it was incorporated if it is suspended. A number of things, such as failing to submit yearly reports or pay taxes, might lead to this. You will have to address the problem that led to the suspension and submit the required papers to the state in order to get your corporation’s active status back. Obtaining Non-Profit Status Once Again You will need to submit an application for reinstatement with the IRS in order to recover your non-profit status. This application will include the circumstances surrounding the revocation of your non-profit status as well as the actions you took to address the situation. You will also need to provide any further paperwork the IRS might ask for, along with updated financial information.
It is crucial to remember that the process of restoring non-profit status might be drawn out and can call for the support of a tax expert or lawyer. However, it is feasible to restore your non-profit registration and carry on having a beneficial impact in your community with the appropriate assistance and a dedication to compliance.