Entrepreneurs that have decided to close their business for one reason or another may find themselves in a situation where they want to reinstate their company.
Closing a company is easy, but reinstating it requires additional steps, especially if it was closed for more than 5 years.
Many times, companies need to be reinstated after they have dissolved or been removed.
To reinstate a company you must file articles of incorporation with the state in which it was originally registered. If this is not possible, any other state where the company does business may be acceptable provided that the state has not revoked your right to do business there. Some states allow for online filings while others require more leg work on your part.
Once you have filled out all of the necessary forms and documents, sent off any processing fees required by your home state or all states where you will be filing, including an initial fee plus annual report fees for each state if applicable, you for approval from each State Board.
Keep in mind that while some states, upon approval of the initial filing, will allow you to file every year electronically through a third-party service, others make you prepare a full set of documents every time. This is why it is important to consider the cost-benefit analysis before choosing your home state for incorporation purposes.
When a company becomes defunct, it can be quite difficult to reinstate the company back to its former glory. And some companies just never manage to get out of the state of being dissolved and instead, they just simply fade away into obscurity as time progresses.
If you want to learn how to reinstate a company that has been dissolved in Texas, then keep reading this article for some helpful advice on what steps you need to take and what documents and forms you will require to do so.
If your company has been revoked by the state because of non-payment of taxes or other debts, you can pay these debts and get your license back. Visit the Secretary of State website for information on this process. If you failed to file an annual report within 90 days after the anniversary date of registration, your corporation will be dissolved automatically without any other official notice.
The on which you first missed the filing deadline is the actual anniversary date. If you know for a fact that your company was not dissolved, but it has been very long since you closed the business and now you want to reopen it or form another corporation under its name, you can find all the information associated with this business online by visiting the SOS website.
Here are three easy steps on how you can dissolve and reinstate a business:
1) The first step is filing the appropriate form with the state; depending on where your company was located before it was disbanded, you may need to file the form with either the State or your particular local government.
2) You will need to make sure that once your company was dissolved, it did not have any outstanding debts, taxes or legal issues that would require a financial judgment to be taken against it for the debt owed by the business to be settled in court.
3) If no such debt exists then you can file a reinstatement document to bring your closed company back from being completely defunct and when you do so, this automatically erases all prior events which could have been liabilities against your business before its dissolution.
To learn more about how exactly companies are dissolved and reinstated, feel free to check on company 123. They will be more than happy to help you out with any of your questions or concerns.
To learn more about how to reinstate a company, click on the underlined words.