Incorporation 101: What Is Foreign Qualification?

Nys Attorney Registration - Incorporation 101: What Is Foreign Qualification?

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What is Foreign Entity?

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A Foreign Entity (also called "Out-of-State Entity") is an entity formed in a state other than the state in which the firm was originally formed.

As an example, if one has a Nevada registered corporation, and you that someone wants to expand the firm into New York State (e.g. Buy real estate in New York City, etc) then this corporation would have to file as a Foreign Entity within the state of New York. That's also called "applying for authority to show the way firm in New York", or "Foreign Qualification in New York State".

Who Should Apply for Foreign Entity?

Typically, if a firm conducts only few isolated transactions in a separate state, there is no need to register a Foreign Entity in that state.

If, on the other hand, a firm plans to institute a more serious firm performance in someone else state, or plan to collect assets such as real estate, then it must collect authority to do so from the implicated state department. This process is generally referred to as "Foreign Entity Qualification" or "Register Foreign Corporation/Llc"

If you are planning to institute firm operations in the state other than the state in which you are currently doing business, then you must file for Foreign Entity with the new state (in which you want to show the way business). Foreign Entity status will help you to enjoy all benefits that a domestic corporation may have in that hosting state.

Penalties

Is there any penalty to transact firm without getting Certificate of Authority?

Yes. There are. Without Certificate of Authority:

the entity cannot allege an action, suit, or proceeding in a court until it registers, the Attorney normal can enjoin the entity from transacting firm in the state, the entity is field to a civil penalty equal to all fees and taxes that would have been imposed if the entity had registered when first required, if the entity has transacted firm in the state for more than ninety (90) days, the Secretary of State may condition the filing of the registration on the cost of a late filing fee equal to the registration fee for each year or part of year of delinquency.

How Does One Register a Foreign Entity?

To register Foreign Entity one needs to file an application with the implicated authorities and pay a fee. In most states, registration requires disclosure of the firm name, state of incorporation/organization and the name and address of the registered agent in the state for which the application is being made.

Keeping The Registered Name

A Foreign Entity can be formed with the former registered name, provided that this name is ready in the state where it is planned to be registered. Otherwise, the firm will have to adopt a name that does not disagreement with any other firm name or a trade name (Dba).

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