Definition of "Good Standing"
The term "good standing" refers to a positive status or condition in which an individual, organization, or company is considered to be operating legitimately and within the rules or laws.
- Business Entity and Individual Standing
- A business entity that is in good standing has unabated powers to conduct its activities.
- Similarly, a person who is in good standing within an organization or educational institution may take advantage of the benefits of membership or enrollment.
Legal and Academic Standing
- A person or organization in good standing is regarded as having complied with all their explicit obligations, while not being subject to any form of sanction, suspension or disciplinary censure.
- In the UK, Companies House issues Certificates of Good Standing confirming the company’s existence and registration status.
- Member in good standing refers to fulfilling membership requirements and maintaining timely dues payment.
Business Entity Good Standing
- "Good standing" refers to a company being up to date on filing reports, obtaining licenses, paying taxes, and complying with statutory rules.
- A company in good standing complies with all state requirements to operate legally and is issued a certificate of good standing as evidence.
Summary and Examples
- Good standing varies in contexts but signifies meeting obligations allowing eligibility for benefits and opportunities.
- In summary, good standing refers to fulfilling explicit duties, allowing reputable status.