Overview
A certificate of good standing is a legal document proving that a business exists and is in compliance with state law. In Minnesota, the Secretary of State issues certificates of good standing. You can obtain one by remaining compliant with state regulations and ordering a certificate online, by mail, or in person.
How to Obtain the Certificate
To get your certificate, follow these steps:
- Go to the Minnesota Secretary of State’s business portal.
- Search for your business.
- Request the certificate.
The document indicates that your business has:
- Filed an annual report.
- Paid all necessary fees to the Secretary of State’s office.
- Paid franchise tax fees (if applicable).
Fees and Processing Time
The cost of obtaining a certificate of good standing in Minnesota is as follows:
- Online filings: $15
- Mail or in-person filings: $5
You should receive your certificate by email within one day for online filings. There is no set expiration date for a Minnesota certificate of good standing.
Why You Need a Certificate of Good Standing
The certificate is crucial for businesses as many banks and insurance companies require it to do business. It serves as proof that a business entity in Minnesota is legally registered and compliant with Minnesota statutes.
Additional Information for Lawyers
For lawyers seeking a certificate:
- Include a fee of $50.00 for each certificate.
- Payment methods: cash, check (payable to the Minnesota Supreme Court), or credit card through the Online Lawyer Registration System.
- Provide a self-addressed, stamped envelope for return.
Conclusion
While not mandatory for operating a business, a certificate of good standing verifies your legal and compliant status, which is essential for various business activities, such as applying for loans, renewing business licenses, or conducting business in other states.