NGS Company Abbreviation
The NGS meaning in Company terms is "New Generation Software". There are 2 related meanings of the NGS Company abbreviation.
Articles of Incorporation
At its core, the articles of incorporation specify the essential elements for a company’s legal existence. The articles of incorporation define the company’s purpose and lay out the process for appointing its directors, how its financial records will be handled, and the decision-making process at the board level.
Natural Gas (NGS) is an energy source formed by fossil fuels that is widely used for industrial, residential, and commercial purposes. NGS has many advantages over other sources of energy including its clean burning properties and cost effectiveness.
NGS Status in Illinois
What does NGS status mean in Illinois? National Government Services (NGS) administers Medicare health insurance for the Centers for Medicare & Medicaid Services (CMS) for Jurisdiction 6 which includes Illinois. NGS Medicare also covers Connecticut, Maine, Massachusetts, Minnesota, New Hampshire, New York, Rhode Island, Vermont, and Wisconsin.
In essence, this decreased the covered scope of chiropractic care in Illinois Medicare. The Carrier Advisory Committee (CAC) representative for Illinois is investigating this further.
Certificate of Good Standing
A Certificate of Good Standing is a document provided by a state’s Secretary of State office for the state where you formed your company. It shows your company is active and compliant.
Not in Good Standing Explanation
What does it mean if your LLC is not in good standing? “Not in Good Standing” means the business entity is not in compliance with state laws and responsibilities. The status can be returned to Good Standing by addressing the noncompliance.
Voluntary dissolution is when a corporation or LLC dissolves without a mandate. An administratively dissolved LLC may have to cease business activities and lose liability protections. A dissolved corporation’s owners can be liable for incurred rent.
You can reactivate an EIN. To maintain LLC status, have a separate bank account, document personal expenditures, and don’t mix funds. If suspended in California, an LLC loses rights and privileges. To revive it, reinstatement is required.
Compliance and LLC Status
Noncompliance consequences include loss of court access and inability to sue or be sued. LLCs should stay compliant by filing reports and paying fees so they remain in good standing.
Most states provide online databases to check status and download Certificates of Good Standing. This confirms an LLC has paid all taxes and fees and is authorized to do business. It’s often needed for loans, financing, etc.
Good standing means an organization is current on statutory dues and not facing disciplinary action. A university letter indicates credential program completion expectations and authorizations. To get an IRS letter, file Form 4506.