What does “good standing” actually mean for your business?
If you formed an LLC or corporation, your state requires you to file annual reports and pay fees to stay active. If you don’t, your business falls out of “good standing.”
Why does this matter? Operating while not in good standing can void your liability protection, prevent you from filing lawsuits, and create problems when you try to get a loan or sell the business.
Check your status right now at your Secretary of State’s website. Takes two minutes. In Illinois, go to https://www.ilsos.gov/corporatellc/
If the status ISN’T “good standing,” find out why and get it fixed ASAP!
If you have more time this month, do the full seven-point business checkup.
Intellectual property is one of your most powerful business tools. If you’re ready to build a strong brand and protect what you create, you don’t have to figure it out alone.
I help entrepreneurs across the U.S. make smart, legally sound decisions about their intellectual property. I’m an attorney in Champaign-Urbana, Illinois, but I serve intellectual property clients nationwide.
Ready to protect your work? Book a consultation online at kingpatentlaw.com or call 217-714-8558.
For more information on intellectual property and business law, check out the other posts on this site, listen to my podcast “Spellbinding IP: Patent, Trademark, and Business Strategy” on all major podcast platforms (video available on YouTube, Spotify, and Substack), or follow me on social media at @kingpatentlaw.
Avoid the legal horrors, and keep rocking your IP.
