On occasion, a business fails to fully pay off its taxes and fees. If this happens across two consecutive years, the New York Secretary of State may issue a proclamation of dissolution. This can dissolve local business entities entirely or prevent a corporation from another state or country from operating within New York.

If you lost a previous company to unpaid tax debts and wish to reopen it, you can have your business restored through the corporate reinstatement process.

Step One: Have all Fees Been Paid?

Any outstanding taxes and government fees must be paid off before you can reinstate a dissolved business. The first step is to make sure you are aware of which fees still require payment by calling the Corporate Dissolution Unit, a branch of the New York State Department of Taxation and Finance. Ask if you have any outstanding taxes and fees which have not yet been paid. If there are, you have to pay these off and check again. The reinstatement process can continue only after all tax debt is fulfilled.

Step Two: Filing with the Department of State

Once all debt with them has been cleared, the Tax Department will mail you a written consent form and a Certificate of Payment of Taxes. These forms are necessary to reinstate the business, as they let the New York Department of State—the body which gives out business licenses—know that you are legally fit to operate the closed business.

Once you have both of these forms, you must file them to the Department of State, along with a check or money order to cover the filing fee. Once the Department has received and processed these forms, you can begin to form a new business entity and thereby restart the closed company.

Step Three: Changing Your Business’ Name

As you are getting ready to reopen, the last main issue is to see if your old business name is available. If the original name of the corporation has been purchased by another entity, you will have to choose a new name under which to operate. You can check on the availability of your original business name with the Department of State. If you had ever changed the name of the original business, you also need to file a Certificate of Amendment to the Department.

Once the issue of your business name is complete, you can move on to officially reopening the business.

Contact Us Today

The corporate reinstatement process is straightforward, but there is room for mistakes to occur. That is why Peter A. Burgos CPA, P.C. provides support throughout the corporate reinstatement process. Our CPAs can make the call to the Tax Department, help you plan out payments to the existing tax debt, and file all necessary forms.

Peter A. Burgos CPA, P.C. helps companies get reinstated in Long Island City, Astoria, and Midtown Manhattan. For more information, call our firm today to schedule a consultation.

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