Final answer:
If a business entity fails to complete the reinstatement application within 6 months, its registration expires and it goes into a state called 'lapse'. Lapse means the business is no longer considered valid or active.
Step-by-step explanation:
In the context of business entity reinstatement, if the business fails to complete the reinstatement application within 6 months, its registration expires and it goes into a state called 'lapse'.
Lapse means that the business is no longer considered valid or active. It loses its legal status and may lose certain privileges and protections that come with being a registered business entity.