Kang Haggerty News
In connection with its legislative directive to “specify the formats and methods for all filings and certifications required pursuant to this section and generally, for all filings and certifications required under the purview of the division” the Director of the Division of Revenue and Enterprise Services announced certain streamlined mechanisms for entities of revoked status in New Jersey. Although the opportunity is only open for a short period of time (slated for March 1, 2020 through June 15, 2020), the Division has enacted an innovative program to allow businesses in New Jersey in revoked status for failure to file annual reports to file simple, online reinstatement and dissolution applications. Notably, the program eliminates the need to obtain a tax clearance, but instead requires an attestation that the business has satisfied any known state tax obligations.
For companies with significant past due fees, the one-time fee of $500 may represent a significant savings in dollars and time. In fact, under the short-term program, reinstatement or dissolution will occur within one business day.
The Department is also implementing other business-friendly provisions consistent with new legislation relating to the State’s public business registry program, which is often considered redundant and overlapping, such as grace periods for waiver of the tax clearance requirement, uniform tax clearance procedure for for-profit entities, and better communication with businesses on compliance issues.
The Division’s notice may be found here: Streamlined Business Reinstatement and Dissolution Program
Jacklyn Fetbroyt is a founding member of Kang Haggerty LLC and is currently the co-chair of the NAMWOLF Financial Services Litigation Practice Area Committee. Among other things, Jackie focuses on counseling companies and business owners through all stages of their ventures from conception to dissolution, assisting her business clients in all of their needs for maintenance and growth.