Business Entity Status and Reinstatement
A revoked, or canceled, corporation or LLC is usually when the owner of the corporation or LLC has not filed their annual certificate and the entity lapses. How do I reinstate my business in Nevada? To reinstate your domestic corporation in Nevada, you must provide the completed Annual List, Registered Agent Acceptance or Statement of Change of Registered Agent, Name Consent or Application for Reinstatement and Customer Order Instructions forms to the Secretary of State by mail, fax, email or in person, along with…… This is an individual or business entity that agrees to accept legal papers on the LLC’s behalf if it is sued.
What does revoked business status mean? If the entity’s status is revoked, it means that the organization has not maintained a registered agent and/or did not file the required biennial report with the Corporations Division. Entities in revoked status may not operate in the District until they are reinstated.
Consequences of Not Filing Annual Returns
What happens if you don’t file annual returns? Failure to pay the annual returns will result in your company being deregistered by CIPC followed by the freezing of your bank account.
When your licence is revoked you do not automatically have the right to reapply for your licence. At the end of a disqualification period you are entitled to apply for your licence back unless there are medical reasons why it should not be returned to you.
Dissolving an LLC
Dissolving an LLC is the process of officially ending a business entity, which involves cancelling all legal and financial obligations associated with the company in order to close it down.
What happens when an LLC becomes inactive? If an LLC is inactive, it might be difficult to get funding or investment from financial institutions. Additionally, the LLC might be subject to penalties from the government if it doesn’t file the required paperwork.
What is the difference between termination and dissolution of LLC? Dissolution is the winding up of the affairs of the entity in advance of the termination of the entity. Termination of the entity occurs when the entity ceases to legally exist.
As an LLC owner, you are legally required to file annual reports, pay yearly fees, and minimum taxes. These will stack up, along with their late fees, until you take the necessary steps to dissolve an LLC.