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What is Revocation? |
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BUSINESS SERVICES |
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What is Revocation? |
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Revocation refers to cases in which the Articles of Incorporation for a Corporation or Articles of Organization for an LLC are revoked by the Secretary of State.
Another term for Revocation is Administrative Dissolution.
When a Corporation or LLC registers with the state as a legal business that business usually has certain tax and reporting obligations. The obligations have deadlines by which the state expects to be paid. If a Corporation or LLC fails to fulfill any of its required business obligations the state will send a deficiency notice to the business. The deficiency notice will specify exactly the nature of the deficiencies and what must be done to remedy them. The state will give the Corporation or LLC some time, usually sixty days, to remedy the deficiencies. If the Corporation or LLC fails to remedy the deficiencies within the specified time period then the state will Administratively Dissolve the business. When the charter of a company has been Revoked by the state that company cannot legally conduct business and may be breaking the law if it does conduct business. The most common reasons that a Corporation or LLC might be Administratively Dissolved is failure to file an Annual or Biennial Report on time or failure to maintain a Registered Agent or Registered Office in the state. In many cases the people that own and operate the business are unaware that their business has been Administratively Dissolved because the deficiency notice did not get to the right person. A situation like this could expose the owners of the Corporation or LLC to personal liability. |
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