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Every so often, a business might find it has inadvertently let a filing (like an annual report) “slip through the cracks” and lost its good standing status with a state. In some cases, a corporation or LLC may have even been “administratively dissolved” (or “forfeited,” or “canceled,” depending on your state). Administrative dissolution places the limited liability of those involved in the business at risk. And, the business entity loses its rights, powers and authority.
A possible solution to these problems is to seek “reinstatement” (or “revival” or “renewal”). Reinstatement generally allows a corporation or LLC to resume doing business, and, restores its rights, powers and authority.
This White Paper by CT’s compliance professionals discusses corporate dissolution – how it could occur and the problems it can cause for a business. It also explores how a reinstatement might solve many (but not always all) of the problems that administrative dissolution might have caused. Armed with this overview, you’ll be better equipped to address your entity’s current status – and hopefully get it to the good standing it deserves.
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