What is a Certificate of Good Standing?
An Illinois Good Standing Certificate is a one page document which bears the seal and signature of the state of Illinois Secretary of State. It is proof that the IL Company named on the Certificate is legally eligible to do business in Illinois.
You can get an Illinois certificate of good standing by remaining compliant with state regulations and ordering a certificate online or by mail. It costs $25. Banks and insurance companies will want a business’s certificate of good standing in order to do business, so get one as soon as possible.
How to Get and Why You Need One
A certificate of good standing confirms a business is compliant with state regulations. It is also known as a certificate of status, existence, or compliance. You typically need it to open a bank account, apply for a loan or business license, or register to do business in another state.
If your request for a Certificate of Good Standing in Illinois is denied, contact the Secretary of State’s office to resolve any registration or compliance issues. The Certificate shows an Illinois company is up-to-date on annual reports and fees. Without it, authorities and institutions may not accept proof of your company’s continuing registration.
A certificate of good standing verifies that a corporation or LLC was formed legally, has been properly maintained and is still active. States have different requirements for getting one, and each certificate will look slightly different.
No matter what state your business is located in, you’ll require to handle a specific amount of regulation as a business owner. Obtaining a Good Standing Certificate or Certificate of Status for any legal entity in Illinois is a smooth process with SunDoc Filings. We know your time is valuable, so we make it our priority to expedite your request and our online ordering system is easy to use and secure.
Legal Implications and Recognition
A certificate of good standing simply verifies that you are a registered business entity that is in compliance with all state requirements. You don’t have to have one unless one is requested from you by an entity you are doing business with, or you are registering as a foreign entity in another state.
A Certificate of Good Standing (COGS) is a legal document that verifies that a business entity, such as a corporation or limited liability company (LLC), is authorized to operate in a particular state or jurisdiction. It confirms that the business entity is in compliance with state laws, has paid all necessary fees and taxes, and has filed all required annual reports and other documentation. It also confirms that the business is up-to-date with its state registration and is authorized to transact business in the state.
Why is a Certificate of Good Standing important for your business? There are several reasons why it is essential for your business. A Certificate of Registration or a License is your authorization that indicates you are registered or licensed to legally perform the activity listed on the certificate within the state of Illinois.
A certificate of good standing is a document typically issued by your business’s state of incorporation verifying that your business is 1) registered with the issuing state, and 2) in compliance with the issuing state’s laws, fees, and filing requirements.
Because these certificates are administered at the state level, the process and requirements to apply for one vary. Depending on the state, the document can be called a certificate of status, certificate of existence, certificate of authorization, good standing certificate, or certificate of compliance.
Application Process
How to Obtain a Certificate of Good Standing? A business must obtain a certificate of good standing from the state agency that oversees the formation and administration of businesses in that state. The application process typically requires payment of a fee, completion of forms, and submission of supporting documents. A business can also request a certificate by mail or online, depending on the state’s regulations.
Certificates for Individuals and International Businesses
A certificate of good standing proves a business is legally registered and able to operate in a state. For UK businesses, it is requested from Companies House. It shows the business is compliant. Anyone can request the certificate.
Issued by the state, it verifies you are a legally registered entity, compliant on all filings, fees and business requirements. Most states use the term certificate of good standing.
You may need it to do business in another state, open a bank account or enter contracts since it shows your business is legitimate. You typically renew it yearly or after significant business changes.