LEGAL ALERT: NEW INDIANA LAW TRIGGERS REINSTATEMENT OPPORTUNITY
On March 13, 2018, Indiana Governor Eric Holcomb enacted a law prohibiting businesses from filing an application for reinstatement after the business has been administratively dissolved or revoked by the Indiana Secretary of State for five years or more. Typically, a business is administratively dissolved if it fails to file the required business entity reports with the Indiana Secretary of State. Based on this change in the law, the Indiana Secretary of State has decided to offer a special opportunity for businesses to seek reinstatement even if they have been dissolved or revoked for more than five years. For a short period of time, the Indiana Secretary of State will accept applications for reinstatement for dissolved or revoked business entities through July 31, 2018. Keep in mind that one of the pieces of documentation required to be submitted with an application for reinstatement is a certificate of clearance from the Indiana Department of Revenue. These certificates of clearance can take 4 to 6 weeks to generate. Therefore, businesses wishing to take advantage of the special opportunity for reinstatement should contact their attorney to start this process now. After July 31, 2018, businesses that have been administratively dissolved or revoked will only have five years from the date of revocation or dissolution in order to seek reinstatement. If a business misses the five year deadline, it will not be able to file an application for reinstatement under the new law.