Are you looking to expand your business operations or secure financing for your company in Illinois? One essential document you’ll need in such situations is the Certificate of Good Standing. This certificate is an official document issued by the state authorities to confirm that your business is compliant with state regulations and requirements. The Certificate of Good Standing is one of the most important documents your business needs. Whether it is the Illinois LLC filing or a corporation or any other form of business, the Certificate of Good Standing must be obtained.
We will share the in and out of Illinois Certificate of Good Standing in this article. We’ll also discuss the various scenarios when you might need this certificate and provide helpful tips to ensure your business remains in good standing with the Illinois authorities. We recommend you read the article on how to get Illinois Certificate of Good Standing till the end. Let’s dive in and get your business one step closer to achieving its goals!
On this page, you’ll learn about the following:
What is Certificate of Good Standing in Illinois
The Certificate of Good Standing is a document that every business in Illinois requires to obtain. This document states that the company (LLC, Corporation, Partnership, etc.) complies with the State government. In other words, the business has fulfilled all the legal requirements in Illinois. Whether you form an LLC or any other form of business, you must get this document.
If you take your business to a different state, your Certificate of Good Standing will be a necessary document to be produced. It shows that your business does not have any illegitimate or outlawed activities.
What Information You Have in Illinois Certificate of Good Standing
The Certificate of Good Standing consists of very pivotal information related to your business. Following is the information your Certificate of Good Standing will have-
- The entity type (LLC, Corporation, LLP, LP, or any other registered entity type) when it was formed
- The date of filing the business entity (filing the formation document).
- The current name and address of the business entity
- Whether the business entity exists today
- Name and address of the Resident Agent
- The State where the document is issued
- A declaration that the business entity has paid all the required taxes and complies with all applicable legal requirements.
- A declaration that the business entity met all the requirements to get the document.
Who Should Obtain the Certificate of Good Standing
Any business entity, a Limited Liability Company (LLC), a Corporation, a Limited Liability Partnership (LLP), a Limited Partnership (LP), or any other registered business structure in Illinois is eligible to obtain the Certificate of Good Standing. Anyone with a sole proprietorship does not need to obtain the Certificate of Good Standing because sole proprietorship companies do not have to register their business.
How to Obtain Illinois Certificate of Good Standing
The Secretary of State issues this document. To obtain the Certificate of Good Standing, you must fill out the form and send it to the Illinois SOS along with the required filing fees. There is some information you will need to enter while submitting the form. Here are the points to add-
Step 1: Get the Form
The first thing you need to do is get the form. The form is available on the state SOS website. You can download the form and mail it or submit it online. The following points are required to mention in the form-
Details of The Requester: The first information you need to provide is the detail of the requester. Provide your full name, address (which can be your business address), and phone number.
Name of Your Business: Provide the exact name of your business. Make sure no spelling mistakes are made. The spelling must be the same as mentioned in the Certificate of Formation. Besides the name, provide the company registration number or file number. The SOS issues this number after you file the Certificate of Formation. This is not mandatory, but it is recommended to share the file number to get the process done quickly.
Details of Return Method: The certificate can be collected in person or by mail from Illinois SOS. If you request the document in person, you can take the return in person or by mail. Choose which way you want it.
Copies of the Certificate: You can request the number of copies of the certificate from SOS. There is a box in the form you need to check for multiple copies of this document. You can obtain more than one copy of the Certificate of Compliance for various purposes. It is recommended to get more copies of the certificate for future use.
Fax Copy of the Certificate: You might get a Fax copy before receiving the certificate’s hard copy. This is one of the options available in some of the states. If you want to receive the fax copy of the certificate, you must provide the fax number while filing the form.
Copies of Other Documents: If you want, you can request copies of other documents filed with the SOS. Other documents include the Illinois Articles of Organization for LLCs, Articles of Incorporation, amendments, and other registered documents with the SOS. This is optional and you can avoid this. With every copy you request, you must pay a stipulated fee.
Step 2: Submit the Form
You can submit the form online, by mail, or in person, whichever is available and more convenient. Send the form to the Department of Business Services, Limited Liability Division, 501 S. Second St., Rm. 351, Springfield, IL 62746 for offline filing. You can also submit the form online. For that, you must go to the Illinois SOS official website and search for the appropriate form.
Step 3: Filing Fee and Processing Time
A filing fee must be paid to the SOS to obtain the Certificate of Good Standing. The amount depends on the number of copies you request. If you request other document copies, you might pay an additional fee for that.
Processing Time: The Certificate of Good Standing’s processing time varies from state to state. Also, it depends on the expedited filing as well. It can take a few days to a few months to obtain the Certificate of Good Standing in Illinois.
Step 4: Receive the Certificate of Good Standing
Once you submit the form and the necessary filing fee, your forms start processing. The process might take a lot of time. If you do not want to wait, you can check with the Illinois SOS if they have expedited filing or not. In Illinois, it can take up to a few months to receive the Certificate of Good Standing.
Why Do You Need a Certificate of Good Standing
The Certificate of Good Standing in Illinois is a character certificate of any business. Obtaining this document makes your business legitimate officially. You need this document every now and then while making business decisions. You must obtain the document for the following reasons,
- To get business loans and advances or investors
- To get business bank accounts
- To purchase insurance for business coverage
- To renew licenses & permits
- To set up your business in other states, for example, a Foreign LLC.
- To sell or transfer your business completely or partially to another.
- To get into a legal business contract with other businesses or clients.
The document is required as much as the formation document. Hence, obtaining the Illinois Certificate of Good Standing is needed.
FAQs
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- Get Montana Certificate of Good Standing
- Get Nebraska Certificate of Good Standing
- Get Nevada Certificate of Good Standing
- Get New Hampshire Certificate of Good Standing
- Get New Jersey Standing Certificate
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- Get New York Certificate of Status
- Get North Carolina Certificate of Existence
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- Get Oregon Certificate of Good Standing
- Get Pennsylvania Subsistence Certificate
- Get Rhode Island Certificate of Good Standing
- Get South Carolina Certificate of Existence
- Get South Dakota Certificate of Good Standing
- Get Tennessee Certificate of Existence
- Get Texas Certificate of Fact – Status
- Get Utah Certificate of Existence
- Get Vermont Certificate of Good Standing
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Why Illinois Certificate of Good Standing is So Important
From a legal standpoint, holding a Certificate of Good Standing means that a business has met all the necessary requirements to operate within the state of Illinois. It signifies that the business is up-to-date with its filing obligations, registered with the appropriate authorities, and in good standing with the state’s regulations. This is crucial for businesses to continue operating legally and avoid any potential legal issues or penalties.
Moreover, the Certificate of Good Standing serves as proof of a business’s credibility and reliability. It shows that the business is in good financial standing, has paid all necessary taxes, and is compliant with state regulations. For partners, lenders, investors, and customers, this document is a testament to the business’s integrity and stability. It instills trust and confidence in the business, paving the way for potential partnerships, investments, and collaborations.
Additionally, the Certificate of Good Standing is often required when businesses engage in certain transactions or activities. For example, when applying for a loan, opening a business bank account, entering into contracts, or expanding operations, businesses may be asked to provide this document as proof of their good standing. Without it, businesses may face delays, obstacles, or even denials in conducting these essential activities.
Furthermore, the Certificate of Good Standing can also be necessary when businesses are involved in mergers, acquisitions, or other corporate restructuring activities. It can help demonstrate the business’s credibility and compliance to potential partners, buyers, or investors, thereby facilitating smooth negotiations and transactions.
In essence, the Illinois Certificate of Good Standing is not just a piece of paper; it is a symbol of a business’s commitment to legal compliance, credibility, and transparency. It serves as a cornerstone for businesses to build trust, establish partnerships, and conduct operations effectively within the state of Illinois.
Therefore, businesses should prioritize obtaining and maintaining their Certificate of Good Standing regularly. By doing so, they can ensure legal compliance, enhance their credibility, and pave the way for growth and success in the dynamic business environment of Illinois. Ultimately, holding a Certificate of Good Standing is not just a formality; it is a strategic asset that can set businesses apart and position them for long-term sustainability and prosperity.
Conclusion
The Certificate of Good Standing is a vital document for any business entity in Illinois, as it enables you to expand your operations throughout the United States. It’s essential to provide accurate and truthful information in this document. If you plan to establish the same business in another state, obtaining a Certificate of Good Standing is necessary.