What is a Certificate of Good Standing?
A certificate of good standing shows a business is legally registered and able to operate in a state. LLCs and corporations must register with the state to obtain it. This document indicates that the business complies with state laws and is authorized to do business within the state. It’s an important document for opening bank accounts, entering contracts, and may be necessary for doing business in another state. Many banks and insurance companies require a business’s certificate of good standing. A certificate typically needs to be renewed yearly or after major business changes.
Obtaining a Certificate in Massachusetts
In Massachusetts, you can get a certificate of good standing for $25 by remaining compliant with state regulations and ordering a certificate online, by mail, or by fax. Obtaining a Massachusetts Certificate of Good Standing involves:
- Acquiring the form from the Secretary of State.
- Submitting the completed form with the appropriate fee.
- Receiving the official certificate after processing, which can take a few months.
A Massachusetts Good Standing Certificate proves that the MA Company is legally permitted to conduct business in the state. To apply for a Massachusetts Certificate of Goodwill, your business should be meeting the state requirements after which you can approach the Treasury Department through online, mail, or fax processes.
How to Get a Certificate of Good Standing in the UK?
For UK businesses, the certificate of good standing can be requested from Companies House. It shows the business is compliant with necessary regulations, and anyone can request this certificate. Most states, including those in the US, use the term certificate of good standing while variations could include:
- Letter of good standing
- Certificate of existence
- Certificate of status
- Certificate of authorization
The document serves as evidence that a company is up to date with its reports and fees required by the state.