Reinstatement: Glossary Definition

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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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Must the board of directors meet and hold meetings?

The corporate protections afforded by operating your business through an LLC or corporation are typically recognized by a court if certain corporate formalities are honored, including recognizing basic corporate governance matters, such as holding regular board of directors meetings, not commingling corporate funds with those of individual stockholders or other businesses, and holding stockholder meetings.

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