A certificate of good standing from Vermont validates that a limited liability company (LLC) or corporation was founded lawfully and has been properly maintained.
In our Certificate of Good Standing Vermont guide, we will go over the qualifications for good standing as well as how to get one in Vermont.
How Do I Obtain a Vermont Certificate of Good Standing?
You may get your Vermont 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.
Step 1: Ensure that your Vermont business is in compliance.
To be eligible for a Vermont certificate of good standing, your company must meet the following state compliance requirements:
Permits and Licenses
To run a company in Vermont, you must adhere to federal, state, and municipal licensing requirements. Regulations such as health permits and construction permits are examples of this.
The State of Vermont website has further information on state licensing requirements.
Depending on your company activity, you may be required to register for several types of Vermont state tax. Sales tax, withholding tax, and Unemployment Insurance (UI) tax are all examples of this.
LLCs that are taxed as a partnership or a S corporation, as well as companies that are taxed as a S corporation, must pay Business Entity Income Tax. The bare minimum is $250.
Reports on a Year
Every Vermont 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.
The report is submitted with the Secretary of State online. It is due two and a half months after the conclusion of a corporation’s fiscal year and three months after the end of an LLC’s fiscal year. The filing fee for an LLC is $35 and $45 for a corporation.
Step 2: Obtain a Vermont Certificate of Good Standing.
Once your company is in good standing with the state, you may apply to the Secretary of State for a Vermont certificate of good standing. This is something that can be done online.
Is a Certificate of Good Standing Required in Vermont?
While you don’t always need a certificate of good standing to manage a company in Vermont, there are a few times when you may. These are some examples:
Purchasing commercial insurance
Applying for commercial loans
Setting up a business checking account
Getting a business license in another state