Certificate of Good Standing

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Definition:

In order to receive a certificate of good standing, an organization needs to comply with all requirements to file paperwork and pay taxes as required by state law where the business was formed.

The documentation of compliance is a certificate of good standing. Corporations and limited liability companies must register with the state to get a certificate. Many partnerships also can, but it depends on the state.

Part of speech:
noun
Use in a sentence:
You will need a certificate of good standing.
Certificate of Good Standing