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Tax Blog

Corporate Record Book Documents: Qualifications

This week’s blog is going to discuss qualifications with regards to your corporate record book. We are going to discuss what a qualification is, how it is filed, and whether you need to file one for your company.

Foreign qualification is the process of registering to do business in a state other than the one in which you incorporated or formed your business. Corporations and LLCs are considered domestic only in their state of incorporation (for corporations) or formation (for LLCs and other entities besides corporations).

Most foreign qualifications require your company to file an application to do business within another state. The names for these documents may vary so be careful and ensure that the document you picked is the correct one. You should also be prepared to attach documents from the domestic home of the business such as a Certificate of Good Standing or a Certificate of Existence. Within the United States, most of the foreign applications filed on behalf of businesses are mailed to the respective Secretary of State.

For example, XYZ, LLC is an Illinois Limited Liability Company that does business in Illinois. The owner of the company wishes to move to Florida throughout the winter and do business there as well. In order for the owner of XYZ, LLC to file his company foreign in Florida, he’s going to have to 1) check that his name is available, 2) obtain a Certificate of Good Standing from the Illinois Secretary of state, 3) file an application for a foreign entity to do business in Florida via mail and pay the required fee.

The professionals at The Center for Financial, Legal and Tax Planning are more than well-equipped to answer your questions with regards to corporate record books or any other business formation questions. Please contact us at (618) 997-3436 to setup a free consultation.

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