A certificate of good standing from South Dakota validates that a limited liability company (LLC) or corporation was founded lawfully and has been properly maintained.
We will explore the qualifications for good standing and how to get a certificate of good standing in South Dakota in our Certificate of Good Standing South Dakota guide.
You may get your South Dakota certificate of good standing from the Secretary of State.
There are two major processes involved in obtaining your certificate of good standing:
1. Maintain your LLC’s compliance
2. Request a certificate of good standing.
What exactly is a good standing certificate? A certificate of good standing is a state document that confirms your company was created lawfully and has been properly maintained.
To be eligible for a South Dakota certificate of good standing, your company must meet the following state compliance requirements:
To run a company in South Dakota, you must adhere to federal, state, and municipal licensing requirements. Regulations such as health permits and construction permits are examples of this.
The South Dakota Governor’s Office of Economic Development website has further information about state licensing requirements.
Depending on your company activity, you may be required to register for several types of South Dakota state tax. Sales tax, withholding tax, and Unemployment Insurance (UI) tax are all examples of this.
South Dakota has no state withholding tax.
Every South Dakota LLC and company is required to submit an annual report. This report confirms the company’s fundamental facts, such as its primary office location and registered agent.
Each year, the annual report must be submitted electronically with the Secretary of State by the end of your company’s anniversary month. The filing fee is $50 if you file online and $65 if you file by mail.
Once your company is in good standing with the state, you can request a South Dakota certificate of good standing from the Secretary of State. This is something that can be done online.
While you don’t always need a certificate of good standing to run a business in South Dakota, there are a few situations where you might. These are some examples:
Purchasing commercial insurance
Applying for commercial loans
Setting up a business checking account
Getting a business license in another state