Why Do You Need New Jersey Reinstatement For Your LLC Or Corporation?
When a company is in bad standing with the state, it may lose the benefits that the business entity type offers. If it remains delinquent or inactive long enough, the state may administratively dissolve. This means a New Jersey reinstatement must be filed.
What Is Needed To File For Reinstatement?
Administrative dissolution does not only affect the credibility of a company but may also prevent you from continuing your operations in the state. Reinstatement is the process that an involuntarily dissolved company has to go through to get back into good standing. It involves the submission of formal paperwork and settling of pending obligations.
LLC – In New Jersey, an administratively dissolved LLC will have to file for reinstatement online. You will only have to visit the Online Reinstatement Service of the Division of Revenue. Input all the necessary information. You will also have to file all past-due annual reports and pay the corresponding fees. Aside from those, you need to file the current report of your LLC.
Corporation – The same applies to corporations: New Jersey requires online submissions. Go to the Division of Revenue website. Then, click the I WANT TO menu. You will see the REINSTATE MY BUSINESS link. Click that and input the necessary information.
Your administratively dissolved New Jersey company also has to submit all late annual reports and the necessary payment. You have to get tax clearance from the Division of Taxation as well. You will see the Application for Tax Clearance Certificate form and the instructions when you go through the online reinstatement procedure. However, you cannot complete this document online. You have to submit it before they release the tax clearance certificate.
How Much Will It Cost To Reinstate?
LLC – The reinstatement fee for dissolved LLCs is $75. The fees for delinquent annual reports will vary, but the current one costs $50. You will see the total payment due when you complete the online New Jersey reinstatement process.
Corporation – The filing fee for reinstating New Jersey corporations is $75. The fees for past-due annual reports will vary. Meanwhile, the current annual report fee is $50. For the tax clearance certificate, you will have to pay $25.
How Long Will This Process Take?
LLC – You can expect the reinstatement of your New Jersey LLC as soon as you complete the online process. It will take effect immediately and return your company to active status.
Corporation – Completing the online reinstatement process will not take long. However, you will have to request a tax clearance certificate too. You may have to wait for a few months before your reinstatement takes effect. The Division of Revenue will notify you once they have received the tax clearance certificate.
What Is Required On The Forms?
Companies will have to prepare the following basic information to start the New Jersey reinstatement process:
- Business Entity Number
- Filing Date
- Business Entity Name
What Cannot Be Changed On The Forms?
The information that you need to disclose will depend on the reason why the state administratively dissolved your company. You will find out the instructions when you start the process. That is when you will know what information you can and cannot change on the forms. You may contact the Secretary of State for clarification.
What If My Company’s Name Is In Use When I Need To Reinstate?
When you submit your online New Jersey reinstatement request, you will see a name availability search feature. With it, you can check if your company name is no longer available. If that is the case, you will have to come up with a different name and submit an amendment.
How Can DoMyLLC Assist With Streamlining?
Every business owner would want their company to remain in good standing with the state. However, failure to comply with certain obligations may cause you to lose that status. It may even lead to administrative dissolution.
There are necessary transactions and paperwork that will help with New Jersey reinstatement for your business and put it back into good standing. If you think it is best to get professional help, do not hesitate to contact a trustworthy third-party organization like DoMyLLC. Our team of experts can assist you and make sure that your company will accomplish each step properly. We can also personalize our services to suit your company’s needs.
New Jersey Reinstatement FAQs
You can change the principal business address of your company. You may also update the names and addresses of company officials.
You can file for reinstatement no matter how many annual report filings and fees you have missed. However, you will have to settle all pending obligations to successfully complete your reinstatement.
How long can your company be inactive with the state before it has to start over as a new business entity?
An administratively dissolved New Jersey company can be reinstated at any time. You only have to file for reinstatement and pay all the corresponding fees and penalties.
New Jersey Business Resources:
New Jersey Office of Secretary of State
New Jersey Division of Revenue
PO Box 308
Trenton, NJ 08625