Consumer trust is something companies have always struggled to gain. And to make matters worse, they’ve dropped to 2016 levels, standing at just around 50%.
Having the trust of potential customers is vital to your business, as is the trust of other parties, such as lenders, partners, and vendors. But how can you show all of them that you’re reliable and trustworthy?
One way to do this is to get a Wyoming certificate of good standing. In this article, we’ll show you what this document is, why you’d need it, and how you can request one.
What’s a Certificate of Good Standing?
A certificate of good standing is issued by the state’s Secretary of State; in this case, you’d receive this official document from the Wyoming Secretary of State.
This paper shows that your company is legally registered with the state. Not only that, but it proves that you’re compliant with state requirements and that you’re authorized to conduct business in that state. Because it says you’re in “good standing,” the certificate also indicates that you’ve met all business obligations, including filing annual reports and paying required fees.
Pretty much all types of businesses can get a certificate of good standing. They include corporations, limited liability companies (LLCs), general partnerships, and nonprofit organizations.
You aren’t required to have this document when you create your company, so don’t be worried if you don’t have one. However, it’s very likely that you’ll run into a scenario where you’ll be asked to produce this paper. Below are some examples.
Business Transactions
Do you need to secure loans or credit? Then you’ll probably be asked to show a certificate of good standing by financial institutions. They often request it to verify reliability before granting loans or credit.
This document will help with partnerships and contracts too. Potential partners, vendors, and clients might ask you for proof of good standing to make sure that your business is both stable and trustworthy.
The same goes for mergers and acquisitions. As part of their due diligence, acquiring companies will usually ask to see this paper to confirm that you’re in good legal standing.
Renewing Licenses or Permits
In certain industries (such as construction, healthcare, or professional services), you’ll need licenses and permits to operate. These typically aren’t one-and-done type deals; most likely, you’ll have to renew them every few years.
When this happens, the regulatory authorities may ask for a certificate of good standing. This ensures that you’re still compliant with state regulations and that you’re in good financial standing to continue. This requirement also motivates business owners to keep up with everything, as they won’t be able to keep their doors open otherwise.
Foreign Qualification
If you’re planning on operating outside of Wyoming, then you’ll have to register as a foreign entity in those states.
As part of the registration process, many states require a certificate of good standing. This tells them that your company is legally formed and active in Wyoming. It also shows that you’ve paid all necessary fees and taxes and that there are no outstanding compliance issues.
Selling a Business
It’s normal for part of the sales process to involve a certificate of good standing. After all, the buyer wants to be sure that your company is compliant and that there aren’t any hidden liabilities.
By providing them with this document, you can prove that the sale can proceed without legal impediments tied to your company’s standing.
How to Get a Certificate of Good Standing in Wyoming
Before you send for a certificate of good standing in Wyoming, you should first check that your company is truly in good standing. Otherwise, you’ll waste time and money trying to get something you don’t meet the criteria for. Check with your legal and tax professionals to double-check that all fees and taxes are paid, and that all obligations have been met.
Don’t even have a company yet? Then use our free business registration service. You only have to pay the state fee and we’ll get your company set up.
If you already have a business, then here’s what you need to do to get this file.
Request It Online From the Secretary of State
Each state’s Secretary of State is responsible for local business records, so this is where you’d go for your certificate of good standing.
On the Business Center page, you’ll find the “Good standing certificates online” tab. You’ll need to put your company’s filing ID into the search bar. If you don’t have the number, then you can use the Wyoming Secretary of State business search to find it.
When you find your business on the next page, you can click on the “Print” button once you’ve verified that all the details are correct. This will automatically download the certificate onto your computer, and you can then either send it digitally or print it for any requestors. What’s great is that this service doesn’t cost a penny to use.
Get It by Mail From the Secretary of State
If you prefer to get your certificate of good standing by mail, then you can write in. On your formal request, you need to put down your:
- Business name
- Entity type
- State ID number
This will cost you $10; include either a check or money order in your request. Mail your letter to:
Wyoming Secretary of State
Business Division
122 West 25th Street
Suite 101
Cheyenne, WY 82002-0020
Expect the request to take 5-10 business days to process. Unfortunately, you can’t pay more for expedited services.
How Long Is a WY Certificate of Good Standing Good For?
Technically speaking, your certificate is valid forever since there’s no expiration date. But an “out-of-date” document won’t do you any good since requestors want to know that you’re currently in good standing.
For this reason, you can consider any certificate that’s over 60 to 90 days old to be invalid. If you’re unsure, then ask the requestor, as they’ll be the ones you need to make happy.
Request Your Wyoming Certificate of Good Standing
You may not need it now, but it’s very possible you’ll need a Wyoming certificate of good standing in the future. This is especially true if you’re planning on taking on more partners, signing with vendors, taking out loans, or selling the business.
Even if you’re satisfied with the status quo, you never know what can happen later on. By learning how to request this file, you’ll have less stress if you need to do so.
Sign up with Business Anywhere now to use our free business registration service. It comes with a year of free registered agent services too.
