Buying an old corp

[Moneymax]

Hey guys i need help on this am trying to buy an old corp from WYOMING and registerd it in pa hope this will not be a problem when applying for credit i need help i have my business in pa and live in pa

[BRBiz]

You dont want to do that you will have to register as foreign corp in PA and you will have to file two sets of tax returns and this corp could already be flgged in the credit sytems. You would also have to pay for a registered agent in WY.

Why dont you buy for a shelf corp formed in PA?

Corps set up in WY, NV and DL will raise flags for credit reporting companys, they are the states used mostly for shelf corps

[aeromaks]

Are you goign to be doing business in PA?

 

You can file a change of domestication for a corp, but if it is a corp, why not just keep it there?

 

But you should definitealy talk to a cpa on this one.

[XtremeX]

I can create corporations in my state solely for the purpose of doing business outside of our state i charge only 100 and ill even get the ein and dnb setup for you too but if u keep it as it is do the fx corp in pa and keep it dom in wy your gonna need an agent there in wy if your not physically have a business there... maybe you know a relative or someone who will setup a location for you... would be easier. as for taxes if you elect to get a new taxid for the new corporation in pa you will also keep the other one in wy as well. thus 2 tax returns unless you do it correctly and keep the ein from wy and use it to incorporate in pa. simple. i can do it for you as well if you want. let me know. hope this helps.. sorry for the slang too much to type heh.... no selfless promotion. i give free advice as well. just ask

[refi4]

With credit so tight, buying an old corp may not be the bet use of your working capital in the present environment.

[KYBOSH]

I wonder if the old corp has lines of credit established?

 

Also do those lines remain with the company even during a sale?

What of any lines that were PG'd by the original owner?

Edited February 6, 2010 by KYBOSH

[BRBiz]

I wonder if the old corp has lines of credit established?

 

Also do those lines remain with the company even during a sale?

What of any lines that were PG'd by the original owner?

 

If it came with credit already it would cost alot to buy and yes they do remain but companies like these are often flagged by the credit companies especially when the the officers names change and they would never PG any accounts on a shelf corp.

Every one should stay away from these, you could get stuck with any debt they may have that you dont know about