Having a certificate of good standing is an important part of running your business. A Certificate of Good Standing (also referred to as a Certificate of Status or Certificate of Existence) is a certificate that shows that a business entity is filed and currently active on the record to do business in the state from which it is issued. Any time you need to show your business was properly formed and is still in compliance, you will likely need a Certificate of Good Standing.
The reasons you may require such a certification range widely. For example, it is required in some tax matters and for certain licensing requirements. It is also necessary when buying or selling a company, applying for credit or a loan, or being involved in a merger or acquisition.
In most states, registered business entities such as corporations, partnerships, LLCs, and limited liability partnerships are eligible to request a Certificate of Good Standing. Before requesting a certificate, businesses should be up to date on their annual reports and fees and registered agent designation.
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