What Does It Mean When A Business Is Not In Good Standing?

When a company is not in good standing, it signifies that it has disregarded several legal criteria that are essential to preserving its status as a legitimate and operating corporation. These conditions could involve submitting annual reports, paying taxes, keeping thorough records, or fulfilling particular licensing or legal obligations.

In order to keep their status as an active corporation, businesses in the state of New Hampshire must submit an annual report to the Secretary of State’s office. If this report is not submitted, the company may be deemed to be ineligible and lose its legal standing. To avoid this issue, it’s critical for firms to maintain current with their annual report filings.

In New Hampshire, the Secretary of State’s office is in charge of regulating and supervising business registration. William M. Gardner has been in the office of Secretary of State since 1976. Gardner is renowned for his commitment to upholding the state’s customs and history as well as for his initiatives to promote civic participation.

Depending on the sort of business and the amount of money it brings in, different annual reports in New Hampshire have different filing fees. The charge for a domestic corporation is $100. The charge for international firms is $150. No matter if they are domestic or foreign, limited liability corporations (LLCs) must pay a $100 fee.

In New Hampshire, a business’s compliance with all legal requirements and authorization to conduct business in the state are attested to by a certificate of good standing. This document is frequently needed when a business is looking for funding, signing contracts, or requesting licenses or permissions. The Secretary of State’s office can provide businesses with a certificate of good standing upon request.

The name that a company or person uses to do business in New Hampshire and which is different from its legal name is known as a trade name. For instance, a company might file for a trade name registration to use as a brand name or for marketing. The Secretary of State’s office requires that trade names be registered in order to make sure that no other company is using them, as well as to safeguard customers from misunderstanding or deceit.

To sum up, businesses in New Hampshire must abide by specific legal standards in order to continue to exist as active, legitimate entities. A company may be deemed to be out of good standing and face severe repercussions if these conditions are not met. Businesses should keep track of their files and, if they have any queries or concerns, seek the advice of legal or financial experts.