Retaining good corporate standing is essential to any business. Without it, a company generally cannot obtain financing, renew licenses or permits, or conduct business transactions.Getting "bad" corporate standing is as easy as missing an annual report deadline, failing to file an annual report, or sending a late payment for state fees. And "bad" standing could lead to repercussions as severe as corporate dissolution. Retaining good corporate standing also protects you from personal liability for actions of the corporation.