Bruce Troutman, owner of Heritage Rentals, LLC, has great ideas on saving money for his business. He found a new bank with lower fees for business accounts and a new insurance provider where premiums are a bargain. He wants to move forward with these cost savings as soon as possible, but he is missing some key pieces of company documentation. The bank and the insurer need to see these important company documents to get his new account and policy started. Does Bruce have a problem? Not with these easy tips!
Keeping official company documentation up-to-date sounds complicated at first. With the help of a service company and the Secretary of State, there is no mystery. The entire official history of a corporation or LLC is available with just a phone call.
• Certified copies: Bruce’s Delaware LLC had been formed many years ago. Along the way, he misplaced the Certificate of Formation for his LLC. No problem! By calling a service company, Bruce can get a certified copy of his Certificate of Formation from the Secretary of State of Delaware in about two business days. Certified copies are often needed in the course of business. Nearly any official company filing is available and is easily obtained, including copies of annual reports or annual statements, copies of amendments, and more.
• Amendments: Bruce would like to take this opportunity to update the name and duration of his LLC. No problem! While corporations and LLCs are enduring legal entities, they also provide great latitude for change. Business structure, name, and other company details can be updated simply by filing an amendment. Through a service company, Bruce can amend the LLC name and duration with Delaware’s Secretary of State and have his official document back in five to seven business days.
• Certificates of Good Standing: Bruce has been asked by both the bank and the insurer to show that his company is in good legal standing with the state of Delaware and that it is up-to-date on all taxes and fees. No problem! It is good business practice to order a Certificate of Good Standing (also called a Letter of Good Standing or Certificate of Existence in some states) each and every year. With just a phone call, Bruce can order one through a service company and have this important certificate back from the state of Delaware within one to two business days. They can even help Bruce bring his company back into good standing if it has accidentally gone void or he has fallen behind in state franchise taxes.
While timeframes and fees vary from state to state, it is important (and encouraging!) to know that all official company documents are retrievable from the Secretary of State. The easy accessibility of company records lets business owners find the best deals and make business modifications as needed. Let the savings begin!