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Reinstatement: Glossary Definition

Definition of Reinstatement:

In certain instances, such as if a corporation or LLC fails to make the required annual filings with the Secretary of State of the state of incorporation or formation, a corporate charter may be administratively or statutorily dissolved or otherwise have its authority to continue to be recognized as a legal entity revoked.  An administratively or statutorily dissolved entity, in some cases, may revive the entity by making the necessary filings and paying amounts owed to the Secretary of State.

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Today’s Question — Friday, July 30

Must I pay all of my employees?

It is not unusual for start-up companies to have limited cash resources. It is also not unusual for entrepreneurs to entice employees to the company by offering stock compensation, instead of cash, until such time as the business can afford to pay regular salaries. However, it is advisable to consult with an employment lawyer in your state of operations to determine if this is permissible under the state’s wage statutes. In most cases, the lawyer will likely advise that each employee be paid an amount equal to applicable minimum wage amounts.

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