When your business wants to buy or sell property, you’ll need to provide a Good Standing Certificate. Issued by the state, the certificate basically says you’re allowed to do business in that state.
Furthermore, the certificate also tells others that your business is up to date on fees and tax payments, has filed an annual report, and fulfilled other requirements from your state. You may be required by another state, a lender, bank, or potential business partner to produce your Good Standing Certificate before you can proceed with certain kinds of transactions. Before you buy business property, your lender will definitely want to see your certificate.
Need help with your business real estate transaction? Call Foote Title Group today! We’ve helped businesses of all sizes navigate business real estate sales and purchases.