What is a Certificate of Good Standing?

A certificate of good standing is simply a due diligence item the lender will require showing your business entity is in "good standing" with the state in which the business was formed. "Good standing" means the business is operational and has paid its taxes (franchise taxes, etc) and is up to date on all annual fees, etc. To get the certificate, you can log on to your state of formation's secretary of state website (usually under the section entitled "business services") and you can purchase a certificate of good standing for a minimal fee.

A certificate of good standing shows that your business has complied with all of the applicable laws and regulations for the state in which the business operates (e.g., all required reports have been filed like the annual report; the business has paid all taxes and fees; the business has met any necessary licensing and regulatory requirements, etc.). and that the business is legally authorized to operate in a state. It is important to have so that the business can show potential partners, investors, or lenders that your business has taken the necessary steps to ensure its legal status in the state.

Never sign a contract without a lawyer reviewing it. Signing a document and being obligated to a contract that has not been reviewed can be detrimental to your business. If you and the other party disagree on the agreement, it will cost approximately 5-10 times more to litigate and defend yourself than it would cost to review the initial document and ensure you and your company are protected. DISCLAIMER The answers to these questions do not constitute legal advice and does not create an attorney-client relationship with the attorney and anyone who reviews these responses.

You can amend your filing. Please see this link https://dos.ny.gov/file-amendment.

I suggest you send the contractor an email and mail a written letter to him stating that you will not be completing the job with him.