Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
Business Status Forfeited In Montgomery
State:
Multi-State
County:
Montgomery
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
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.
“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.
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.
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.
Reinstating a corporation in New Jersey requires filing a reinstatement application with the New Jersey Department of the Treasury and may require payment of penalty fees. A tax clearance certificate is only required if the entity is applying for reinstatement 2 or more years after being revoked.