Only 54% of small business owners start their companies with personal funds, which means almost half need outside help. On top of that, most businesses don’t stay stagnant, and to grow, they must make new connections and partnerships.
To do all of the above, you must prove that you’re trustworthy and reliable. Most people won’t just take your word for it, so you have to provide solid evidence to back up what you’re saying.
One way to do so is to get a certificate of good standing in Oklahoma. What is this paper and how can you get one? Keep reading to learn more.
What’s a Certificate of Good Standing?
A certificate of good standing is also known as a certificate of authority or certificate of existence. You can get one from the Oklahoma Secretary of State, which makes it an official document.
Essentially, the Secretary of State vouches for your business. This is because it proves that your company is legally registered in Oklahoma, is active, and that it complies with all state requirements.
Here are some common ways you can use a certificate of good standing.
Opening Bank Accounts
Financial institutions won’t just let anyone open a bank account, and this includes business ones. They may want a certificate of good standing to verify that your company is legitimate and compliant.
Securing Loans or Investments
Having a certificate of good standing will make it easier to secure funding and attract investors too. As part of their due diligence process, they’ll request one from you to ensure your business is compliant with state laws and is financially stable.
Obtaining Contracts and Partnerships
Partnering with other parties can be mutually beneficial, but you have to be smart about it. Having a certificate of good standing can help you build trust and confidence, especially when you sign contracts or enter partnerships. This reassures them that they’re engaging with a trustworthy company.
Renewing Licenses or Permits
In industries like construction or healthcare, you’ll need regular license or permit renewals. If you have a certificate of good standing, then you can ensure uninterrupted operations, as you can demonstrate that your company is still compliant.
Expanding to Other States
Expanding to other states is called “foreign qualifying” and is a formal filing you may have to do. Part of the application process is submitting an Oklahoma certificate of good standing.
Selling the Business
During a sale or merger, the buyer or merging party may want this document. This will confirm that your company is active, compliant, and free of outstanding issues. If you can produce this paper, then it’ll facilitate smoother transitions.
How Do I Get a Certificate of Good Standing in Oklahoma?
To get a certificate of good standing in Oklahoma, you’ll have to contact the Secretary of State. But before you do that, ensure your company is actually in good standing. Otherwise, they won’t let you order the document.
If you don’t even have a company up and running yet, then use our free business registration service. You’re only responsible for the state fee, and our experts will get you registered in no time.
Otherwise, continue with the steps below.
Go to the Secretary of State’s Website
To order your certificate online, go to the Oklahoma Secretary of State’s Business Entity Orders page. Type in your company’s filing number and click on “Order now.”
If you don’t know the filing number, you can use the Business Entities Search page. Type in your company name, click on “Search,” and the results page should give you the business page that lists your filing number.
You’ll have to enter your personal name and email address on the next page to continue. After that, you can check the box to order the document, and then pay the $20 filing cost to get it.
How Long Is an Oklahoma Certificate of Good Standing Valid For?
Technically speaking, there’s no expiration date on certificates of good standing. They’re valid as long as nothing’s changed about your business.
However, requestors have the right to see a “recent” paper, which is generally one that’s no older than 30 to 90 days. If you’re not sure if your document is recent enough, then the best thing you can do is speak to them directly to determine whether you must request a new certificate.
Get a Certificate of Good Standing in Oklahoma
A certificate of good standing in Oklahoma can open many doors of opportunity. For example, you can apply for loans, create new partnerships, renew licenses and permits, and even expand outside of Oklahoma.
So even if you don’t currently need this document, it’s great to know how to get one. That way, when someone requests it, you can sail through the steps with little problems or stress.
Sign up with Business Anywhere to use our free business registration service. We can also be your registered agent and online notary.
