1.NounThe status of a member of a profession who is not suspended or disbarred, and is registered with a proper authority and has paid any registration fees."A corporation may be convicted of crimes, have its entire board of direcors be indicted for price fixing, be sued for nonpayment of state payroll taxes, have its property seized by the IRS for unpaid income taxes, and be under state and federal investigation for securities fraud, and other things, but as long as its paperwork and fees are current with the chartering agency, it will still be a corporation in good standing."