What Is An Illinois Good Standing Certificate
An Illinois Good Standing Certificate is issued by the Illinois Secretary of State and is often required for loans, to renew business licenses, or for tax or other business purposes in the state of Illinois or in any other state. An Illinois Certificate of Good Standing is evidence that your Illinois business franchise – your Illinois Corporation, LLC or LP – is in Existence, is authorized to transact business in the state of Illinois, and complies with all state of Illinois business requirements and therefore is in “Good Standing” in the state of Illinois. Also known as an Illinois Certificate of Existence, an Illinois Certificate of Status or an Illinois Certificate of Authority, an Illinois Good Standing Certificate is a one page document which looks like a letter and bears the seal of the state of Illinois Secretary of State. An Illinois Good Standing Certificate is provided by the Illinois Secretary of State and is conclusive evidence of the existence of your Illinois business franchise. In most cases an Illinois Certificate of Good Standing can be valid up to a year depending on the requirements of the Good Standing Certificate requester. To obtain an Illinois Good Standing Certificate, your company must be registered as a legal entity with the Illinois Secretary of State, i.e., your company is in existence in the state of Illinois, and cannot be in default of Illinois corporate rules, or suspended by the state of Illinois.
Company Not In Good Standing
If the Illinois company is not in Good Standing and a Good Standing Certificate cannot be issued by the Division of Corporations we will instead provide a company search extract showing the current company status. This document will show if the Illinois company status is suspended, dissolved, or cancelled.
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Who Is Eligible For A Letter Of Good Standing
In most states, registered business entities such as corporations, partnerships, LLCs and limited liability partnerships are eligible to request a certificate of good standing. Before requesting a certificate, businesses should be up to date on their annual reports and fees and registered agent designation.
Businesses that operate as a sole proprietorship or general partnership are unincorporated. Because theyâre not registered with the state, they canât get a certificate of good standing.
Having A Good Standing Is Important
For many business owners, having a good standing in the community where they operate is so important. It can give them a good or bad reputation. Since this is what will give them the business that they are looking for, they will need to do all that they can in order to prove to the people that they are what they say they are. Gaining trust from the people is important and they will want to advertise well and impress people with the work that they can do. Since this is important to what they can do, it all matters.
For all business owners, how to find someones social security number is the competition is very tough in the world today. This means they need to do everything that they can in order to garner the interest of people that may want to do business with them. When they have the Certificate of Good Standing, people will trust them more and this is very important when they want to find the right products or services that they need. Its a great way for a business to give themselves even more credibility than they already have and they will always want to make sure that their Certificate of Good Standing is current at all times.
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When Do Owners Need A Certificate Of Good Standing
For the purposes of daily business, owners do not need to worry about having a letter of good standing on hand. But there will likely come a time during the life of an entity when it will be necessary to procure a certificate. Common reasons you might need a certificate of good standing include::
- Opening a business bank account
- Applying for business loans
- Soliciting funds from potential investors
- Registering to do business in a different state
- Contracting with another company
Illinois Certificate Of Existence For Foreign Qualification In A State Other Than Illinois
A Corporation, LP or LLC that is registered in the state of Illinois may require an Illinois Good Standing Certificate to qualify as a “Foreign Corporation” in a state other than Illinois. A Foreign Corporation is a Corporation that is registered with a state agency, usually the Secretary of State, in one state and has the Authority to do business in another state. For example, a Corporation registered in the state of California that plans to do business in the state of Illinois is a “Domestic Corporation” in California and a “Foreign Corporation” in the state of Illinois. All states require you to register as a Foreign Corporation with a state agency, usually the Secretary of State, in order to do business in their state. In order to register as a Foreign Corporation in any state you must provide evidence that you are registered and are in Good Standing in another state as a Domestic Corporation or LLC. This evidence is a Certificate of Good Standing from the state in which your Corporation or LLC was originally formed. An Illinois Good Standing Certificate is legal and official proof of Good Standing from the Illinois Secretary of State.
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When Do You Need A Certificate Of Good Standing
If youre buying a company or if you’re selling your own company or involved in an acquisition or merger, it is possible that you will require a Certificate of Good Standing. This will be part of the legal documentation of your business.
Generally speaking, when you apply for any line of credit , you will need good standing certification. Its also possible that some tax situations will require a Good Standing Certificate. Remember that youll still be in good standing with the State of Illinois even if you currently owe taxes, but you cannot be out of compliance with the tax process. Certain licensing requirements may also ask for good standing certification.
Another frequent need for a Certificate of Good Standing is to register to do business in another state . You will have to determine your full documentation requirements, including expirations. Some states for example require certified status to be less than 30 days old, while some allow 60 days.
What Is A Certificate Of Good Standing
In Illinois, a Certificate of Good Standing is a state-issued document provided by the Secretary of State that proves your business exists and has maintained compliance with all state requirements, such as filing annual reports and paying franchise taxes. Some states refer to this document as a certificate of existence or a certificate of authorization.
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Why Do You Need An Illinois Certificate Of Good Standing
You might need a CGS for many reasons. Its not mandatory, but its pretty common to be asked to provide a CGS for the following reasons.
- To do business outside of Illinois: An entity looking to expand outside of Illinois needs to provide an Illinois CGS to the state in which they want to operate to prove its compliance. Its a common requirement across the United States.
- To secure funding : A funding agency might need to be sure that your business entity is in compliance before allocating funds.
- To open a business bank account: Not every bank requests one, but be prepared for the possibility.
- To purchase insurance for your business: Its hard to get insurance if youre not running a lawful business.
- To sign a contract with another business or with the state: Wouldnt you want to know if your prospective business partner is doing things by the book or not?
- To renew certain permits and licenses: This is usually state- and business-specific, so check with the relevant authorities to see which applies to you.
Illinois Tax Status Compliance Certificate
If you need to verify that all outstanding tax liabilities for a Illinois Corporation or Illinois LLC have been paid then you need an Illinois Tax Status Compliance Certificate. In Illinois a Tax Status Compliance Certificate is called a Tax Clearance Certificate. An Illinois Tax Clearance Certificate is issued by the Illinois Department of Revenue and is sometimes called an Entity Status Letter or a Certificate of Account Status .
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How To Make Sure Your Illinois Business Is Compliant
Keeping your business compliant with all filing requirements is essential to qualify for a Certificate of Good Standing. To put it another way, your business actually has to be in good standing in order for you to get a certificate that legally confirms you are in good standing.
Be sure to send in any past-due annual reports your business is required to file. You may have to pay a late fee for missing the deadline for filing an annual report.
Recovering Your Good Standing
In most cases, it is fairly easy to remedy whatever problem caused the loss of your ability to get a certificate of good standing. The two most common reasons for not being issued a certificate of good standing are that the business failed to pay some fee or tax, or failed to file some type of document. Usually, a certificate of good standing will be issued as soon as the document is filed, or upon the payment of the fee or tax, plus any interest and fines.
Of course, recovering your good standing could be costly and time-consuming if the reason for not being issued a certificate of good standing is due to something like the loss of a business or occupational license, insolvency of the company, or criminal activity.
In all but the most extreme cases, losing the ability to get a certificate of good standing can usually be remedied quickly by contacting the state agency that is denying the certificate of good standing. They can tell you the nature of the problem, and what to do to resolve it. Most often, it is a simple matter of filing a form or writing a check.
About the Author
Edward A. Haman, Esq.
Edward A. Haman is a freelance writer, who is the author of numerous self-help legal books. He has practiced law in HawaRead more
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What Does It Say On An Illinois Good Standing Certificate
Along with the issuance date and signature of the Illinois Secretary of State, an Illinois Good Standing Certificate includes the following information:
“To all to whom these Presents Shall Come, Greeting:I,SECRETARY OF STATE NAME, Secretary of State of the State of Illinois, do hereby certify that I am the keeper of the records of the Department of Business Services. I certify thatCompany Name, A DOMESTIC CORPORATION, INCORPORATED UNDER THE LAWS OF THIS STATE ON Formation Date, APPEARS TO HAVE COMPLIED WITH ALL THE PROVISIONS OF THE BUSINESS CORPORATION ACT OF THIS STATE RELATING TO THE PAYMENT OF FRANCHISE TAXES, AND AS OF THIS DATE, IS IN GOOD STANDING AS A DOMESTIC CORPORATION IN THE STATE OF ILLINOIS.”
Requirements For A Certificate Of Good Standing
You must be registered as a business entity in that state. Operating as a sole proprietorship or a partnership does not require registration in Illinois, so those entities are not able to obtain a certificate of good standing.
Corporations and LLCs, like your business, must be registered with the state, so they are able to obtain the certificate.
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What Happens If You Lose Your Certificate Of Good Standing
Did your business lose its certificate of good standing? Let’s look at a some of the steps you can take to get your certificate of good standing back and get your business back on track.
Losing the ability to obtain a certificate of good standing for your company can cause problems with such things as opening business financial accounts, making arrangements for processing credit and debit card payments, and registering to conduct business in other states. Fortunately, in most situations, this problem can be quickly remedied.
What Does An Illinois Good Standing Certificate Look Like
An Illinois Good Standing Certificate is a one page document which looks like a letter and bears the seal and signature of the state of Illinois Secretary of State. An Illinois Good Standing Certificate is proof positive that the IL Company named on the Certificate is legally eligble to do business in the state of Illinois.
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Avoid Surprises By Confirming Info You Will Get On A Good Standing Certificate
Because the laws and information provided vary so greatly from state to state, there is no one-size fits all approach to obtaining a Certificate of Good Standing. Depending on your reason for obtaining the certificate, you may want to confirm what information you will get from a particular state. And you may also want to search tax records for both domestic and qualified entities, where possible, to ensure that the company is not in danger of losing its good standing status before the legal opinion is delivered.
Certificate Of Good Standing Illinois
An Illinois certificate of good standing verifies that a limited liability company or corporation was legally formed and has been properly maintained.
In our Certificate of Good Standing Illinois guide, we will discuss the requirements for good standing and exactly how to get a certificate of good standing in Illinois.
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Long Form Certificate Not Always Available
There are many states that offer long form certificates for domestic entities, including Delaware, D.C., Michigan, North Carolina, New York, New Jersey, Nevada, Texas and Virginia to name a few. A large number of states, however, only offer a short form Certificate of Good Standing. Of those states, a few, including Arizona, California, Georgia and Missouri, offer Certificates of Listing or a Certificate of Entity History that recite the documents filed but do not indicate good standing status. This certificate can be combined with the short form Certificate of Good Standing to get essentially the same result as a long form good standing.
For the other states that only offer a short form, the best that can be provided is the standard certificate and a certified copy of all charter documents. The certificate attests to the existence and/or status of an entity, and the copies indicate what documents have been filed. The certified copy will often be accompanied by a state issued certificate indicating that the copies attached represent all the documents filed for a particular entity.
Illinois Certificate Of Good Standing Faq
What is an Illinois certificate of good standing?
A certificate of good standing is a legal document that confirms that your business is compliant with state regulations.
Certificates of good standing are also known as certificates of status, certificates of existence, or certificates of compliance.
How do I get a certificate of good standing?
You can get an Illinois certificate of good standing by remaining compliant with state regulations and ordering a certificate online or by mail.
How much does a certificate of good standing cost?
In Illinois, ordering a certificate of good standing costs $25.
How soon do you need a certificate of good standing?
Because many banks and insurance companies will want a businesss certificate of good standing in order to do business, we recommend getting one as soon as possible.
How long is the certificate of good standing valid for?
An Illinois certificate of good standing does not have a set expiration date. However, requesters such as banks, creditors, and foreign business states often have their own guidelines for a certificate’s validity.
What does a certificate of good standing mean?
Obtaining an Illinois certificate of good standing means that the state recognizes your business as both active and compliant.
When do you need a certificate of good standing?
Who is required to get a certificate of good standing?
Where do I find a certificate of good standing?
How To Obtain A Illinois Good Standing
If you are registered to do business in the State of Illinois, for various legal or business reasons, you might need to formally prove this. A Certificate of Good Standing is a document that is issued by the state, and it certifies that you are legally registered to do business in Illinois. It is necessary to have a Certificate of Good Standing when you need to show that youre in compliance with all applicable state requirements.
In order to obtain a Certificate of Good Standing from Illinois state, youll need to go through a simple process. First, youll have to submit a records order to the Illinois Secretary of States office. At this point, the state will issue a certificate, which will bear an imprint of the Secretary of States authorized signature and the Seal of Illinois.
Instead of proving your good standing with the state, you might have other motives. For example, you may want to prove that your business was dissolved or suspended. If this is the case, this same status request will certify that. In another circumstance, it could be another persons business that you want certified information on. In this case, youre allowed to order a certified collection of all the recorded filings for any business or entity. For example, you can order the original articles of formation, the registration , amendments, conversion, and other documents for any company.