Keep your LLC in good standing with the Corporation Commission!
Once you start your Limited Liability Company (LLC), there are some very important issues to consider in order to stay in good standing with the Commission. When an LLC falls out of good standing, it can be marked delinquent and subsequently administratively dissolved or revoked if you do not rectify the problem within the time period listed on the delinquency notice. Staying in good standing is easy. Here are five simple steps that will help to keep your LLC in good standing: 1. Publish your Articles of Organization! Within 60 days of approval, your articles must be published in a newspaper of general circulation in the county of the Limited Liability Company's known place of business in Arizona for three consecutive publications. To obtain a list of acceptable newspapers for publishing, click here. The Limited Liability Company may be subject to dissolution if it fails to publish. 2. If you move, tell us! Maintain deliverable addresses for your LLC on our records! If you move the known place of business address for your LLC, or if your Statutory Agent’s address changes, you must submit a Statement of Change of Known place of Business or Statutory Agent. Click here to download the form. You may also use this form to update your member/ manager addresses. However, adding or removing members and/or managers requires an amendment to be filed. Please note that we DO NOT allow the Postal Service to forward mail, so once you move you will no longer receive critical documents from the Corporation Commission. Therefore, it is extremely important that you notify us of any address changes. 3. Maintain a Statutory Agent at all times! If your statutory agent has resigned, you must appoint a new agent immediately. The form, Statement of Change of Known place of Business or Statutory Agent, can be downloaded by clicking here. There is a $5.00 fee to file this form and it may also be expedited for an additional $35.00. 4. Make sure that your LLC’s duration has not expired! When you originally organized your LLC, you may have chosen a specified period of time that your LLC would exist. If you intend to operate your LLC beyond that original life span, you must file an amendment with the Corporate Filings Section to extend the life period of your corporation. You may obtain the amendment form by clicking here. The fee to file an amendment is $25.00. Expedited service is available for an additional $35.00. 5. Make good on any Non-sufficient funds (NSF) checks! If any payment that you have submitted to the Arizona Corporation Commission has not cleared, for whatever reason, you must submit the payment amount plus a $10.00 fee, which is imposed on all NSF checks. The payment you submit cannot be a personal check or business check. The payment must be a cashier’s check, money order, or cash (accepted only at our counter). If your LLC has been dissolved or your authority revoked for any of the above reasons, you have six years from the dissolution date to correct the deficiency. This may be accomplished by filing the necessary documents, paying all fees that are due, and including the proper reinstatement fee. The reinstatement fee is $100.00. Please note: Your LLC’s name will only be held for six months after the date of delinquency. Another LLC can use your name after six months.
|
