How do I make my LLC active again?
A reinstatement document must be filed with your Secretary of State or equivalent government agency in most states in order to get your business back to being compliant and reestablished. Often times, an LLC or corporation will also need to file specific documents with the Department of Revenue.
What happens when an LLC goes inactive?
If a company does not remain in good standing while it is inactive, the state may dissolve it and impose penalties. … If not dissolved, the company will continue to incur penalties for outstanding taxes. Owners may become personally liable for any outstanding tax liability as a result.
How do I reinstate an inactive business?
Contact your Secretary of State’s office or other state agency responsible for registering corporations to determine whether and how you can reinstate a dissolved corporation. A small business attorney licensed in your state can also be a valuable resource and may handle the reinstatement process for your company.
What is a business reinstatement?
Reinstatement is the process of returning an inactive or non-compliant company to good standing within a state. C corporations, S corporations and limited liability companies (LLCs) face ongoing state formalities, such as annual reports or statements and their associated filing fees, franchise and/or other state taxes.
Can you reinstate a business?
It is possible to get a dissolved business back into good standing again. Entrepreneurs need to file a reinstatement in order to restore to active status.
How much does it cost to reinstate a business?
How Much Will It Cost To Reinstate? LLC – The reinstatement of a California LLC with the SOS comes with a $20 filing fee. If you file in person, you will have to pay an additional $15 for the handling fee. For 24-hour expedited processing, you have to pay another $350.
How do I dissolve an inactive LLC?
To dissolve, the LLC must settle all outstanding liabilities and divide the LLC’s property among the owners. Then the LLC’s members must complete and submit a statement of dissolution to the secretary of state where the LLC was organized. The statement includes the name of the LLC and the date it was dissolved.
How do I find out if a business is still active?
To find out if a company is still active, try contacting the State Secretary where the business is registered. You can also check on the Better Business Bureau website, which has information and reviews on many businesses.
How do I make my business inactive?
How to Close an Inactive Business
- Dissolve the Legal Entity (LLC or Corporation) with the State. An LLC or Corporation needs to be officially dissolved. …
- Pay Any Outstanding Bills. …
- Cancel Any Business Licenses or Permits. …
- File Your Final Federal and State Tax Returns.
How do I reinstate my EIN number?
Check with the Internal Revenue Service (IRS) to update and activate your old Employer Identification Number (EIN) by calling 800-829-4933. Even after a company is dissolved, the EIN remains assigned to the original entity, just as a Social Security number is still the number assigned to a deceased individual.
How long does it take to reinstate a company?
There is also a prescribed fee that must be paid when lodging the application for reinstatement. The application is then reviewed by ASIC which will take between 14 and 28 days to process. ASIC will reinstate the registration of a company if it is satisfied that it should not have been deregistered.
Who can reinstate a company?
Why Are Companies Reinstated To The Register?
- Former directors or members of the company who may wish to reinstate the company’s trading potential.
- Creditors of the company at the time of dissolution who wish to recover the monies owed.
What does it mean to reinstate an LLC?
Reinstatement means to bring a business (LLC or corporation) back into good standing with the state where the business was formed or registered to do business. … The reinstatement process, sometimes called Revival or Reactivation is the only way to bring that business entity back to good standing.
How do I re register my business?
It is only the company or close corporation or its duly appointed representative that can file the annual returns.
- Step 1: Assessment. …
- Step 2: Deposit funds. …
- Step 3: Re-instating the company or close corporation.
- Re-instating by court order. …
- Apply for re-instatement of your company by submitting a CoR40.5.