Steps to Reinstating a Business in Maryland
- Determine why it is suspended or dissolved. Common reasons include: Failure to file Annual Reports, pay taxes/fees, maintain a Resident Agent, or non-compliance with laws.
- Assess and settle debts and liabilities by reviewing records and contacting creditors. Liquidate remaining assets and distribute among members per the LLC’s agreement.
- Close all accounts – bank accounts, licenses, permits, and any other accounts.
Reviving a Maryland Limited Liability Company
The Secretary of State can dissolve your LLC if you fail to: file annual reports, appoint/maintain a registered agent, reimburse SDAT for returned checks.
Reinstating Procedures and Requirements in Maryland
- File Articles of Revival (corporations) or Certificate of Reinstatement (LLCs) with Maryland State Department of Assessments and Taxation.
- Pay any fees, missing annual reports, and penalties.
- Obtain a tax clearance certificate.
Additional Tips for Reinstatement
It takes 1-2 weeks to hear back on reinstatement. Pay the expedited fee for a 24-hour turnaround. Bringing your company back via reinstatement gives your business a second chance to reopen doors, welcome customers, and grow.