New Jersey offers delinquent companies an opportunity for redemption

Submitted by UCS on January 6, 2020

Attention, all delinquent New Jersey entities! If your New Jersey company was revoked for failing to comply with the state’s administrative reporting requirements, the Department of Treasury is offering for a limited time, a program that will allow you to either reinstate the entity or formally dissolve so that the company is no longer subject to penalties.

This program is scheduled to run from March 1, 2020 through June 15, 2020. There will be an online self-service function where the filer can apply for reinstatement or submit a dissolution without requiring a tax clearance. The filer will be required to pay a one-time administrative fee of $500 (plus a convenience or credit card processing fee) and attest that the business has satisfied any know state tax obligations.

As per the state memo regarding the program, the benefits are:

• Fully automated filing process so there is no need for additional forms
• Process requires minimal information so there is no need to submit full annual report details to dissolve or reinstate
• Expedited processing-reinstatement or dissolution occurs within 1 business day
• Tax clearance is not required
• For dissolving entities, definitive closure of the business so there is no exposure to future compliance notices from the Department of Treasury
• Cost-overall cost is lower for companies with significant outstanding back-year fees due

Feel free to contact a Client Service Representative if you have additional questions regarding this change.

About United Corporate Services, Inc.

United Corporate Services, Inc. was founded in 1970 and is a leading provider for a full range of corporate, UCC and registered agent services. For more information about United Corporate Services, visit our website at www.unitedcorporate.com