Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.
David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.
Updated on February 3, 2023
How to Get a Certificate of Good Standing in South Dakota
What is a Certificate of Good Standing for South Dakota?
Why Do I Need a Certificate of Good Standing?
Where to Get a Certificate of Good Standing in South Dakota?
Requirements for a Certificate of Good Standing
How Much Does a South Dakota Certificate of Good Standing Cost?
In South Dakota, potential creditors or investors might request a certificate of good standing for your LLC, and you’ll need to provide one or risk losing crucial financing. Thankfully, this guide provides all the information you need to get this certificate in South Dakota.
What is a Certificate of Good Standing for South Dakota?
In South Dakota, a certificate of good standing verifies that you’re a legally registered business entity that is up to date on all filings and fees and permitted to do business in the state. You do not have to obtain this certificate to do business in South Dakota, or in any state. It is simply used to verify your strong status to third parties such as banks.
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Why Do I Need a Certificate of Good Standing?
Your LLC only needs a certificate of good standing if another party requests one. For instance, a bank might request one if you’re opening a bank account or applying for a loan. A credit firm might request one if you apply for a business credit card, or if you set up credit card processing for customer payments.
If you’re registering as a foreign LLC in another state, you will probably be asked for a certificate of good standing.
Where to Get a Certificate of Good Standing in South Dakota?
In South Dakota, the Secretary of State issues certificates of good standing. Just go to the secretary of state’s website to fill out the required form. The cost is $20 and you should receive your certificate immediately.
Requirements for a Certificate of Good Standing
You must be registered as a business entity in that state. Operating as a sole proprietorship or a partnership does not require registration in South Dakota, so those entities are not able to obtain a certificate of good standing.
Corporations and LLCs, like your business, must be registered with the state, so they are able to obtain the certificate.
How Much Does a South Dakota Certificate of Good Standing Cost?
Again, the fee to obtain a certificate of good standing in South Dakota is $20. But it’s well worth it because this is an official document that proves your business’ financial accountability and could open the door to greater investment and expansion.
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