An entity for many purposes is treated as a separate being. It has a life of its own. This is why from a legal standpoint in many instances it has its own separate tax identification number. Like any thing which has a life of its own it must be kept up and maintained or it will deteriorate and under the worst circumstances….die. For example, if a limited liability company fails to file annual reports with the Secretary of The State, the Secretary of The State will take steps to dissolve the limited liability company. This is called dissolution. Dissolution means the limited liability company has lost its legal existence. Entities are sometimes created with liability protection as a primary goal. If the entity is dissolved as a result of being improperly maintained the reason the entity may have been created in the first place is lost.
This is why proper upkeep and periodic review of the entity is critically important. As counsel to hundreds of different entities, the attorneys and staff at Collins Hannafin, P.C. understand the documents which must be prepared and the steps which must be taken to keep your entities active, properly functioning and in good standing. From simple filings with the Secretary of The State and corporate book updates to complicated annual permit reviews and tax filings, let the attorneys and staff at Collins Hannafin, P.C. assist you in your efforts to keep all of your legal entities properly functioning and active.
