Reinstating Good Standing with Corporate Controllers Unit

The periodic report is an updated document containing necessary business information which people can access through the Colorado Secretary of State’s website. Business organizations registered with the state secretary’s office are mandated by law to forward a periodic report once a year. It is important for these organizations to understand the consequences of not submitting a periodic report on time.

Types of Status
There are three statuses that may be given to an organization based on its compliance to the requirement. ‘Good Standing’ is bestowed upon a company that has successfully remitted the report on or before the scheduled due date. If a company fails to do so, it will receive a ‘Noncompliant’ status. The latter is fairly easy to cure, unlike the much heavier ‘Delinquent’ label, which is granted to an organization that does not deliver the periodic report despite sufficient time extensions.

Noncompliant to Good Standing
It is not that difficult to go from a ‘Noncompliant’ business to a ‘Good Standing’ one. As soon as a company gets a ‘Noncompliant’ status, it has 90 days to submit the periodic report and other attachments to the office of the Secretary of State. When the company is able to accomplish this within the timetable, the ‘Noncompliant’ status is lifted and the ‘Good Standing’ status is reinstated.

Delinquent to Good Standing
The ‘Delinquent’ status is a different story. If the 90 days of a ‘Noncompliant’ company has passed without due response, it is notified of potential delinquency. A new 60-day grace period commences for the company to fulfill the requirements, after which it becomes ‘Delinquent’ should it still be unable to do so. Three or more years of delinquency are grounds for dissolution of the business.

In order for a ‘Delinquent’ company to reinstate its ‘Good Standing’, it still has to file its periodic report. In addition, it has to submit several forms that need to be accomplished to nullify the ‘Delinquent’ status. Furthermore, the company has to pay late fees and penalty charges before the report is finally processed.

There are certain operational restrictions imposed upon an organization as long as it is under the ‘Delinquent’ category. Court proceedings regarding debt collection are frozen until such a time that the delinquency is cured. This means that the company cannot collect on its debts for the entire remainder that it has a ‘Delinquent’ status.

The Role of Corporate Controllers Unit and Other Filing Services
To be able to remedy a ‘Noncompliant’ or ‘Delinquent’ status at the soonest possible moment, business organizations might want to ask for help from the Corporate Controllers Unit periodic report support system or other similar filing services.

Corporate Controllers Unit and other periodic report filing services simplify the reinstatement of a ‘Good Standing’ status for noncompliant and delinquent business organizations. These services send all the necessary forms to their clients. Upon the return of the accomplished forms and their corresponding processing fees, the services forward them to the Secretary of State’s office, and after 7 business days, the periodic report is duly filed.

In order to choose the best periodic report filing service, one can look for the testimonies of previous clients. Corporate Controllers Unit reviews, for example, say a lot about the company’s efficiency as reflected in the client feedback.