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Business Compliance and Good Standing

business compliance and Good Standing

A Delaware corporation's good standing status with the state is very important. Corporations and LLCs must abide by business compliance and remain in good standing in order to maintain full asset protection, obtain a business loan, renew a business license, register for Foreign Qualification in order to do business in other states, or even sell your business. 

Order a Certificate of Good Standing

In order for your corporation status to remain in good standing with the state of Delaware, you must file your annual Franchise Tax and pay your Registered Agent Fee. Failure to do so could result in your company being assigned one of the following statuses:

  • Void: A corporation obtains this status if it has failed to file its Delaware Franchise Taxes for two consecutive years. Please note that failure to file the annual Franchise Tax by March 1 of each year will result in a late penalty and monthly interest.
  • Forfeit: Corporations that fail to maintain a Delaware Registered Agent acquire this status.

A corporation can also obtain a Canceled status, but the company will only be officially canceled if it has filed a Certificate of Dissolution and paid the necessary fees to formally dissolve the business entity.

Companies that maintain proper business compliance and are current with all Delaware annual fees are able to obtain a Certificate of Good Standing whenever they may need one (also known as a Certificate of Existence). This certificate is a letter from the Delaware Secretary of State that declares the corporation is in good standing and all Delaware taxes are current. A Certificate of Good Standing is typically required to operate your business in another state, purchase or sell real estate, open a company bank account or obtain a loan from a bank.

Harvard Business Services, Inc. can obtain a Certificate of Good Standing for you. If you would like to order one, simply fill out our Certificate of Good Standing order form. Please note your corporation must be current on Delaware Franchise Taxes, interest fees and late charges.

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