Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
Business Status Forfeited In Mecklenburg
State:
Multi-State
County:
Mecklenburg
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
“Forfeited” means the right of the entity to conduct business in the State of Maryland has been relinquished and it has no right to use its name. For domestic corporations, this also means that the business has no existence under the laws of the State of Maryland.
In order to maintain Good Standing status, it is important that you file required annual reports and maintain compliance with any applicable Maryland laws. Failing to do so means your entity may be “Not in Good Standing,” which eventually leads to forfeiture.
Reinstatement (North Carolina Entity) Submit an application for Reinstatement Following Administrative Dissolution. Satisfy all grounds including filing any delinquent annual reports, if due. Submit fees for the application and all annual reports, if required.
Forfeiture is the process that allows the Department to remove inactive entities that have not legally terminated their authority to do business in Maryland or to notify active entities of an existing oversight in meeting legal filing requirements.
So, you've got a forfeited LLC. Under Maryland law, your entity does not legally exist. That is, until you get sued. Many LLC members do not realize that they can be forced to defend a lawsuit against the LLC even after forfeiture.
An inactive LLC is a company that has not engaged in any business activities during a given tax year. This could mean the LLC has not generated income, incurred expenses, or engaged in transactions. Despite being inactive, the LLC remains legal until it is formally dissolved.
If a corporation or LLC is inactive by means of revocation or administrative dissolution, it cannot legally transact business in a state. This can impact the entire organization's ability to engage with clients, creditors, and other government agencies.