Why Do You Need A South Dakota Reinstatement For Your LLC Or Corporation?
When a company is in bad standing status long enough, the state may revoke the benefits that come with its business entity type and administratively dissolve the business. South Dakota reinstatement is the process that will help restore a company to good standing and allow a business to continue its operations legally.
What Is Needed To File For Reinstatement?
The steps in the reinstatement process all depend on state laws. Generally, you will have to submit formal paperwork and correct the mistakes that caused the dissolution.
LLC – Administratively dissolved LLCs in South Dakota have to obtain a tax clearance certificate from the Department of Revenue. This document will prove that the LLC has paid all of its delinquent taxes. Then, file the certificate and a completed Application for Reinstatement of a Domestic Limited Liability Company form with the Secretary of State by mail or in person. Additionally, you should attach all past-due annual reports and the corresponding fees.
Corporation – Reinstating an administratively dissolved corporation in South Dakota requires the submission of a tax clearance certificate from the Department of Revenue and a completed Application for Reinstatement of a Domestic Business Corporation.
How Much Will It Cost To Reinstate?
LLC – The reinstatement of a South Dakota LLC costs $150. You also need to pay all delinquent annual report fees, which cost $50 per year. If you want to speed up the processing time, you will have to pay an additional $50.
Corporation – If you want to reinstate your South Dakota corporation, you will have to pay $300. The expedited service fee is $50. Meanwhile, each past-due annual report costs $50.
How Long Will This Process Take?
LLC – Normal processing takes around two business days. Same-day processing costs another $50. Meanwhile, the Department of Revenue may need a couple of weeks to send your tax clearance certificate.
Corporation – The processing of corporate South Dakota reinstatement documents takes around two business days. If you want them to be finished within the day, you will have to pay another $50. Meanwhile, you may have to wait 1-2 weeks for the Department of Revenue to deliver your tax clearance certificate.
What Is Required On The Forms?
LLC – You will need the following information to complete the form:
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- Business ID
- LLC Name
- Effective Date Of Administrative Dissolution
- A Statement That The Grounds For Administrative Dissolution Did Not Exist Or The Company Has Eliminated Them
- Name And Signature Of The Authorized Representative
- Federal Employer Identification Number (FEIN)
- Company Address And Contact Information
- South Dakota Tax License Number
- Business Industry Type
- Contact Person
Corporation – South Dakota corporations need to prepare the following:
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- Business ID
- Corporation Name
- Effective Date Of Administrative Dissolution
- A Statement That The Grounds For Administrative Dissolution Did Not Exist Or The Company Has Eliminated Them
- Name And Signature Of The Authorized Representative
- FEIN
- Company Address And Contact Information
- South Dakota Tax License Number
- Business Industry Type
- Contact Person
What Cannot Be Changed On The Forms?
You cannot change the registered agent of your company, your principal office address, and company officials’ information on the South Dakota reinstatement form.
What If My Company’s Name Is In Use When I Need To Reinstate?
Once your South Dakota company gets administratively dissolved, you lose the right to the company name, so it will be available to other business entities. If that is the case for you when you reinstate, you will have to adopt a different name.
How Can DoMyLLC Assist With Streamlining?
When you lose your good standing status with the state, the credibility of your company gets affected. It may also prevent you from doing business without worry. If the state has administratively dissolved your company, complete the South Dakota reinstatement process and file the appropriate paperwork. However, this is often easier said than done.
If you think you need help in dealing with the transactions, contact a reliable company like DoMyLLC. Our team of experts can provide personalized solutions to make the experience hassle-and stress-free for you from start to finish.
South Dakota Reinstatement FAQs
Can you change your registered agent on the reinstatement?
No, you can only do that using the Statement of Change of Registered Agent.
How many annual reports can your company fail to submit before the state prohibits reinstatement?
There is no limit as to the number of annual reports that your South Dakota company can miss to lose its right for reinstatement. You can revive your business at any time.
How long can your company be inactive with the state before it has to start over as a new business entity?
An administratively dissolved company in South Dakota can reinstate at any time. However, if you voluntarily dissolved your business, you cannot apply for reinstatement.