While no one plans for it to happen, good companies do slip into bad standing. No matter how you got yourself into bad standing, it is possible to get back into by filing a reinstatement with the secretary of state’s office in your state.
Westlake Village, CA (PRWEB) July 30, 2013
CorpNet.com, a leading online business document filing company that helps entrepreneurs start a business and keep a business in compliance, is helping small businesses get back into good standing this summer.
When a company fails to meet its legal obligations with the state where it formed or where it has a foreign qualification, it can fall out of good standing, be placed in non-compliant status, administratively dissolved, or even revoked. CorpNet.com’s co-founder and CEO, Nellie Akalp, is urging small business owners who find themselves in this position to address the issue this summer.
“While no one plans for it to happen, good companies do slip into bad standing. No matter how you got yourself into bad standing, it is possible to get back into by filing a reinstatement with the secretary of state’s office in your state. And in many cases, it’s not nearly as hard as you’d think,” said Akalp.
One common culprit for falling out of good standing is when the Registered Agent resigns and the company fails to set up a new agent of record. Additionally, a business can fall out of good standing for not filing its state franchise taxes or paying its annual fees.
Once a business loses its corporate compliance, the business owner’s limited liability protection is lost, rendering their personal assets vulnerable to meet any debts or other obligations of the business. In addition, a business will need to be in good standing in order to expand to another state or receive a business loan.
To be reinstated, a company will need to resolve its outstanding compliance issues and then submit the necessary forms and fees to the state. CorpNet.com helps companies through the process by: identifying why a business is in bad standing and what it needs to do to become compliant; identifying the proper forms and fees owed to the state; and submitting the proper reinstatement forms to the state.
In addition to helping small business owners reinstate a business this summer, CorpNet.com is also working hard to ensure companies don’t fall out of good standing in the first place. It recently expanded the CorpNet.com Business Information Zone (B.I.Z.), a free service that helps entrepreneurs keep a company compliant.
First launched in May, B.I.Z. sends personalized email alerts for important tax and state filing deadlines. As a result, small business owners don’t have to worry about missing due dates, paying late fees, or risking non-compliance by forgetting to file.
CorpNet.com is an online business document filing service that provides new and existing business owners with the most comprehensive, cost-effective services when it comes to starting, protecting, and managing a business. Through its website, CorpNet.com provides business filing services required for a variety of business needs such as: incorporate online or form a Limited Liability Company (LLC), file a DBA, Doing Business in Multiple States (Foreign Qualifications), close a business (Dissolutions), Registered Agent Representations, Trademark Search and Registrations, and Corporate Compliance services and supplies for all 50 states.
Founded by experienced entrepreneur/attorney husband and wife team, Philip and Nellie Akalp, CorpNet.com is a private company based in Westlake Village, CA. For more information, please visit http://www.corpnet.com or follow @CorpNet on Twitter.