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What Is Certificate of Organization in South Dakota
A certificate of the organization (CO) is a document issued by the Secretary of State’s office that establishes the existence of a business entity. A CO is not a license; however, it does provide evidence that a company was formed under state law. In order to create a corporation, individuals must first file Articles of Incorporation with the Secretary of State. Once filed, the articles become public record. Anyone may review them at any time. After filing, the incorporator(s) must pay a fee and wait 30 days before they can do anything else related to their newly created corporation.
The following documents are necessary to obtain a CO:
-A completed application form
-Filing fees ($25)
-Proof of identity (driver’s license, passport, etc.)
-Two forms of identification (one current and one photo ID)
-An official copy of the Articles of Incorporation
Once the CO is obtained, the corporate name must then be registered with the Secretary of State’s Office. The registration fee is $10 per year.
The following information must be included in the Articles of Incorporations:
-Name of the corporation
-Address where the corporation will have its principal place of business
-Date of incorporation
-Number of shares authorized
What is the benefits of having a certificate of organization in south dakota
There are many benefits of having a certificate to operate a business in South Dakota. First off, if you have a certificate of organization, then you do not need to pay any fees to register your company. You may also consider getting a certificate from an organization if you plan to do business in several states. If you decide to get a certificate of organization in South Dakota, you will be able to file taxes online. You will also be able to open bank accounts without paying any fees. In addition, you will be able to apply for loans and grants without needing to go through any additional steps. Finally, you can obtain insurance coverage without going through any extra steps.
What are the requirements for filing a certificate of organization in south Dakota?
1. South Dakota requires that any business entity file a Certificate of Organization (Form SD-COS) with their Secretary of State’s office before they commence business. A copy of the completed Form SD-COS should be filed at the local county recorder’s office where the business entity intends to conduct its operations.
2. An individual who wishes to incorporate a business entity in South Dakota must first obtain a Business License from the state. After obtaining the license, the individual must then apply for a Certificate of Organization (SD-COS) from the Secretary of State’s Office. Once the application is complete, the applicant must pay $25.00 processing fee plus $10.00 per page for each additional page.
3. If the business entity is incorporated under Chapter 347, the corporation must have two directors. One director must reside in South Dakota and the second director must reside outside of South Dakota. Both directors must sign the corporate charter document.
4. All corporations must maintain a registered agent in South Dakota. The registered agent serves as the contact person for service of legal documents upon the corporation. The registered agent must be a resident of South Dakota and must maintain a current address with the Secretary of State’s office.
5. Corporations must file annual reports with the Secretary of State. These reports are due no later than April 30th of each year.
6. The board must approve any changes to the articles of incorporation of directors prior to being submitted to the Secretary of State’s for approval.
7. The minimum capitalization requirement for a corporation is $100.00.
8. A corporation may only transact business in South Dakota if it files a statement of qualification with the Secretary of State stating that the corporation meets the statutory qualifications.
9. A corporation may not engage in the following activities unless they are authorized by law:
a. Engage in banking;
b. Issue securities;
c. Sell insurance;
d. Buy or sell real estate;
e. Own or operate a motor vehicle;
What is the process of getting a certificate of organization in south Dakota
South Dakota requires businesses to obtain a Certificate of Organization (COO) before they can operate legally. A COO is issued by the Secretary of State’s office and is valid for two years. In order to apply for a COO, applicants must file a completed application along with $25 filing fee. Applicants may choose to have their business name registered at no cost. Once the application is approved, the applicant receives a temporary registration number. After the temporary registration expires, the applicant must pay a renewal fee and submit additional documents to renew the registration.
what to do after getting a certificate of organization in South Dakota
1. You must file a business license application with the county clerk’s office.
2. You then need to pay $25 per year for each employee at your location.
3. You have to register your business name with the state.
4. You must get a sales tax registration if you sell products or services.
5. You need to get permits for construction projects.
6. You need to get occupational safety and health inspection.
7. You need to get insurance coverage for your employees.
8. You need to get workers’ compensation insurance.
9. You need to get liability insurance.
10. You need to get payroll taxes.
11. You need to get unemployment insurance.
12. You need to get bonding.
13. You need to get business licenses.
When Do I need a certificate of organization in South Dakota
A Certificate of Incorporation (C-O) is a legal document that provides protection to shareholders and creditors of the corporation. It is issued by the Secretary of State of the State where the company is incorporated. The C-O gives the name of the company, its address, date of incorporation, number of authorized shares, and directors of the board. The C-O is valid for 5 years after the date of issue. After expiry of 5 years, the company needs to apply for renewal of the C-O.
Frequently Asked Questions
When Does Company Need To Apply For Renewal Of Certificate Of Incorporation?
After five years of filing the original C-O, the company must renew the same. To do so, they need to pay a $25 fee and send the application to the secretary of state office. The company gets renewed automatically if the application is received within 30 days of expiry of the previous C-O. Otherwise, the company needs to reapply for the renewal of the C-o.
Why Should Companies Reapply For Renewal Of Certificate?
If the company fails to renew their C-O within the stipulated time period, then the company loses the rights granted to them by law. Also, if the company does not renew their C-O, then the company cannot sue anyone without having a valid C-O.
what is a registered agent in South Dakota do
A South Dakota Registered Agent (also known as a “registered office”) is where a company chooses to have its business operations located. A registered agent provides legal services to companies who choose to register their businesses in South Dakota. Companies may use a registered agent if they want to avoid having to pay fees to file documents at each county recorder’s office across the state. However, some counties charge additional filing fees for registering a business. In addition, a registered agent helps protect a company’s interests after it has been incorporated. If a company fails to maintain a registered agent, then any lawsuits filed against the company would not be able to collect any money until the company is dissolved.
The following are examples of what types of companies might need to register a South Dakota Registered Agent:
• Limited Liability Companies
• Nonprofit Organizations
• Professional Services Firms
• Unincorporated Businesses
In order to register a South Dakota registered agent, a company must first open a business account with a bank or financial institution. Once the account is opened, the company should provide the name of the person who will serve as the registered agent. After providing the information about the registered agent, the company should submit the necessary forms to the Secretary of State’s Office. These forms include:
• Articles of Incorporation
• Annual Report
• Certificate of Good Standing
• Corporate Identification Number
• List of Directors
James Rourke is a business and legal writer. He has written extensively on subjects such as contract law, company law, and intellectual property. His work has been featured in publications such as The Times, The Guardian, and Forbes. When he’s not writing, James enjoys spending time with his family and playing golf.