Hi Guys, could you please advise me on the following matter. I started a business in 2010, I had a wholesale auto license from Indiana. I used to have an office there and used the office address for everything. Couple of months ago i decided to close the business but to keep the company. I have done very well with the business credit building .. maybe 30 000$+ in credit between GE and Citi + bunch of gas cards and net 30s . I thought that i can get USPS to forward my mail, without paying for the office anymore .. but this doesn't work. They don't forward credit cards, invoices and etc..
What will be the impact if i update d&b with my personal home address and call all creditors to update my billing? what is the proper way to handle this situation?
Thank you
Business Address change ..
Started by
flukcho
, May 24 2012 11:38 AM
19 replies to this topic
#1
Posted 24 May 2012 - 11:38 AM
#2
Posted 24 May 2012 - 06:36 PM
Hi Guys, could you please advise me on the following matter. I started a business in 2010, I had a wholesale auto license from Indiana. I used to have an office there and used the office address for everything. Couple of months ago i decided to close the business but to keep the company. I have done very well with the business credit building .. maybe 30 000$+ in credit between GE and Citi + bunch of gas cards and net 30s . I thought that i can get USPS to forward my mail, without paying for the office anymore .. but this doesn't work. They don't forward credit cards, invoices and etc..
What will be the impact if i update d&b with my personal home address and call all creditors to update my billing? what is the proper way to handle this situation?
Thank you
Are you a CORP or SOLE?
If you are a corp I would get a virtual office and add that address to your Articles with your Secretary of State and use that as the mailing address for all your creditors but keep the original address intact that way you show a stable original address since you started the company plus a second location. (Your creditors will think you grown and have two locations)
As far as DnB goes, I would not bother contacting them especially giving them your home address. But if you want just leave the original address intact and just add the virtual office address as a second location or something cause I've heard that DnB can do some crazy things to your file when you change address.
#3
Posted 24 May 2012 - 08:55 PM
What is your industry code? Because if you use your home address or a virtual address that every one and their mother has it will look very odd if your listed as a car dealer working from home or office building.
#4
Posted 25 May 2012 - 08:39 AM
The S-Corp was registered in Indiana and my office used be there. I live in NY .. i was thinking of getting a virtual office here .. I like the idea of having 5th ave mailing address 
Could you please spell it out for me. 1. Get the new address 2. Second record it with Indiana state and then? How do i proceed with creditors and etc .. When i apply for new credit which address should i use. The new one it will have a second DUNS ? I am puzzled ...
Thank you
Could you please spell it out for me. 1. Get the new address 2. Second record it with Indiana state and then? How do i proceed with creditors and etc .. When i apply for new credit which address should i use. The new one it will have a second DUNS ? I am puzzled ...Thank you
#5
Posted 25 May 2012 - 09:11 AM
The S-Corp was registered in Indiana and my office used be there. I live in NY .. i was thinking of getting a virtual office here .. I like the idea of having 5th ave mailing address
Thank you
I could be wrong about this, or someone else may have a better idea but here is what I *think* you will want to do:
1. Get an agent back in Indiana. You should be able to find an attorney to do this for a nominal fee of $100-$250/yr. Change the Indiana address to that of your agent. If you know someone back there, you might be able to cheap out and list them as your agent instead, but a lawyer would be better as you'll get their office's business address.
2. Get a new business address in NY.
3. Register your corp in NY as a "foreign" corp. Foreign here simply means "not originally in NY". You'll probably have to pay the state of NY an annual fee for this. My OH LLC does some business in KY and I have to pay KY an annual "pleasure of doing business in KY" tax of $175.
You'll keep the same DUNS. You can use either address but you probably want to use your NY address b/c any mail sent to IN will have to be forwarded on to you by your agent (who may or may not be prompt in doing so).
In any event, if you *really* decide to move forward with this, I'd suggest you talk to a lawyer in NY. Call your local (county) bar office and they will give you a referral.
#6
Posted 25 May 2012 - 10:17 AM
The S-Corp was registered in Indiana and my office used be there. I live in NY .. i was thinking of getting a virtual office here .. I like the idea of having 5th ave mailing address
Thank you
I'm in a different state so here is how I did it but keep in mind that I'm still in business though.
When I first registered my corp I used my physical business address, I used that address on all my paperwork, DnB setup and for getting credit with the few creditors I have for about 3 months.
Then I decided I wanted to do business in another city here in the same state and have a second location but could not afford to rent another building so I found a company that offered a virtual address with your own dedicated suite number in their building, it's not your typical company that specializes in virtual addresses it is a commercial property services company located inside a SunTrust bank building so when you Google the address the search results doesn't come back as a virtual address (Very Important).
So I added that new address to my Articles of Inc with the Secretary of State as the primary mailing address for my company, waited until they updated it on their website then I updated my address with my creditors to reflect the new address as the primary mailing and shipping address.
Most creditors have the option to add multiple address in their system for your company like one for the corporate location and one for the corporate mailing/shipping address.
Now since my primary address was on a month to month rental with no lease I decided not to use it anymore and work from home to save money so I had all mail from that address forwarded to the new address (Virtual) and everything appears as if I have two different locations and I'm paying less than $40 per month for the virtual address with no contracts or leases.
I also have my business license registered with the virtual address, the city/county license department doesn't care if it's a virtual address as long as it's in a commercial building that can receive mail.
And now when I apply for new credit I still use my original physical address as the primary address (because that's what is showing on my credit reports) but use the new (Virtual) address as my mailing and shipping address.
As far as DnB is concerned leave it alone don't change or add anything because when you apply for and get approved for credit they should report that new address as a second location, in my case they reported my payments to Equifax and Experian with the new address as another location (which is good).
Also add your new address to Google Maps.
I hope this helps
Edited by Cloudboxx, 25 May 2012 - 10:32 AM.
#7
Posted 25 May 2012 - 12:04 PM
The S-Corp was registered in Indiana and my office used be there. I live in NY .. i was thinking of getting a virtual office here .. I like the idea of having 5th ave mailing address
Thank you
I'm in a different state so here is how I did it but keep in mind that I'm still in business though.
When I first registered my corp I used my physical business address, I used that address on all my paperwork, DnB setup and for getting credit with the few creditors I have for about 3 months.
Then I decided I wanted to do business in another city here in the same state and have a second location but could not afford to rent another building so I found a company that offered a virtual address with your own dedicated suite number in their building, it's not your typical company that specializes in virtual addresses it is a commercial property services company located inside a SunTrust bank building so when you Google the address the search results doesn't come back as a virtual address (Very Important).
So I added that new address to my Articles of Inc with the Secretary of State as the primary mailing address for my company, waited until they updated it on their website then I updated my address with my creditors to reflect the new address as the primary mailing and shipping address.
Most creditors have the option to add multiple address in their system for your company like one for the corporate location and one for the corporate mailing/shipping address.
Now since my primary address was on a month to month rental with no lease I decided not to use it anymore and work from home to save money so I had all mail from that address forwarded to the new address (Virtual) and everything appears as if I have two different locations and I'm paying less than $40 per month for the virtual address with no contracts or leases.
I also have my business license registered with the virtual address, the city/county license department doesn't care if it's a virtual address as long as it's in a commercial building that can receive mail.
And now when I apply for new credit I still use my original physical address as the primary address (because that's what is showing on my credit reports) but use the new (Virtual) address as my mailing and shipping address.
As far as DnB is concerned leave it alone don't change or add anything because when you apply for and get approved for credit they should report that new address as a second location, in my case they reported my payments to Equifax and Experian with the new address as another location (which is good).
Also add your new address to Google Maps.
I hope this helps
Good info.
#8
Posted 25 May 2012 - 10:25 PM
If DNB thinks you have multipile locations they may open up another credit file.. That is the norm for a lot of larger companies.. You want to keep the current location as the main location and like mentioned use the new as a mailing address.
So your not in business but still want to use the business credit? I'm not a big fan of that since that is the same as starting a business that doesn't bring in any money and just using it for credit ... GUYS THIS IS ONE OF THE REASONS WHY IT SO HARD FOR ALL OF US TO GET GOOD CREDIT THESE DAYS!
FYI IT IS FRAUD! AND TELLING EVERY ONEMON AMPUBLIC FORUM IS A BAD IDEA!
So your not in business but still want to use the business credit? I'm not a big fan of that since that is the same as starting a business that doesn't bring in any money and just using it for credit ... GUYS THIS IS ONE OF THE REASONS WHY IT SO HARD FOR ALL OF US TO GET GOOD CREDIT THESE DAYS!
FYI IT IS FRAUD! AND TELLING EVERY ONEMON AMPUBLIC FORUM IS A BAD IDEA!
#9
Posted 25 May 2012 - 10:46 PM
If DNB thinks you have multipile locations they may open up another credit file.. That is the norm for a lot of larger companies.. You want to keep the current location as the main location and like mentioned use the new as a mailing address.
So your not in business but still want to use the business credit? I'm not a big fan of that since that is the same as starting a business that doesn't bring in any money and just using it for credit ... GUYS THIS IS ONE OF THE REASONS WHY IT SO HARD FOR ALL OF US TO GET GOOD CREDIT THESE DAYS!
FYI IT IS FRAUD! AND TELLING EVERY ONEMON AMPUBLIC FORUM IS A BAD IDEA!
Sorry I may be looking at this wrong but who are you referring too "FYI IT IS FRAUD! AND TELLING EVERY ONEMON AMPUBLIC FORUM IS A BAD IDEA!"?
#10
Posted 26 May 2012 - 01:59 AM
Fraud?
#11
Posted 26 May 2012 - 11:10 AM
In Most states, a wholesaler auto license is way different than some retail used lot idea that you have in your head. Depending on the state, he could work out of his house and just even act as a broker, never touching a single car physically.
#12
Posted 27 May 2012 - 07:59 PM
In Most states, a wholesaler auto license is way different than some retail used lot idea that you have in your head. Depending on the state, he could work out of his house and just even act as a broker, never touching a single car physically.
That is why I asked what his industry code is listed as on the CRA's. They are not always right and could have him listed as car sales.
#13
Posted 27 May 2012 - 08:06 PM
If DNB thinks you have multipile locations they may open up another credit file.. That is the norm for a lot of larger companies.. You want to keep the current location as the main location and like mentioned use the new as a mailing address.
So your not in business but still want to use the business credit? I'm not a big fan of that since that is the same as starting a business that doesn't bring in any money and just using it for credit ... GUYS THIS IS ONE OF THE REASONS WHY IT SO HARD FOR ALL OF US TO GET GOOD CREDIT THESE DAYS!
FYI IT IS FRAUD! AND TELLING EVERY ONEMON AMPUBLIC FORUM IS A BAD IDEA!
Sorry I may be looking at this wrong but who are you referring too "FYI IT IS FRAUD! AND TELLING EVERY ONEMON AMPUBLIC FORUM IS A BAD IDEA!"?
iPad issues.... If I read correctly you said you closed the business (which means you no longer bring in any money or spend any money on the business) and you kept the company active. Are you starting in a new line of work under the company? If not why would you need the company credit still?
If you read the fine print it says you can only use the credit for business related reasons and will also say you must inform them if the business shuts down. If you kept using the credit you could potentially be charged with fraud . If you ever defaulted it would be easy for them to get a judgement against you personally.
Edited by Brndnh721, 27 May 2012 - 08:08 PM.
#14
Posted 27 May 2012 - 08:12 PM
Interesting discussion.
#15
Posted 27 May 2012 - 08:18 PM
Not trying to give the guy a hard time just some solid advice to be careful... I have heard of a case with basically the same situation where the guy kept using the company credit well after closing up shop and the creditor threatened charges on him if he didn't pay up.. Not sure of the final outcome but I'm sure it didn't go well for him. The amount of legal language in the terms of credit for most companies is ridilicous and chances are most violate something all the time.
#16
Posted 27 May 2012 - 08:25 PM
Not trying to give the guy a hard time just some solid advice to be careful... I have heard of a case with basically the same situation where the guy kept using the company credit well after closing up shop and the creditor threatened charges on him if he didn't pay up.. Not sure of the final outcome but I'm sure it didn't go well for him. The amount of legal language in the terms of credit for most companies is ridilicous and chances are most violate something all the time.
Understood. Got to read the fine print.
#17
Posted 27 May 2012 - 08:34 PM
Like I have said in many other post in regards to your personal responsibility for accounts you open , if you read the fine print of most credit apps it says you and the company are both liable for the debt. It doesn't matter if you if you put your social down or not, it all about signing your name. Now with that said most debts are not big enough for companies to go after you personally so usually your fine but some aren't so lucky. Your more protected if your just a office and not a actuall owner since they are less likely to go after you since you don't own any of the company. Even making one personal purchase on a business account can make you liable for the whole debt if you ever defaulted. Sorry for the side track but it's all about fine print.
#18
Posted 28 May 2012 - 08:44 AM
If DNB thinks you have multipile locations they may open up another credit file.. That is the norm for a lot of larger companies.. You want to keep the current location as the main location and like mentioned use the new as a mailing address.
So your not in business but still want to use the business credit? I'm not a big fan of that since that is the same as starting a business that doesn't bring in any money and just using it for credit ... GUYS THIS IS ONE OF THE REASONS WHY IT SO HARD FOR ALL OF US TO GET GOOD CREDIT THESE DAYS!
FYI IT IS FRAUD! AND TELLING EVERY ONEMON AMPUBLIC FORUM IS A BAD IDEA!
Sorry I may be looking at this wrong but who are you referring too "FYI IT IS FRAUD! AND TELLING EVERY ONEMON AMPUBLIC FORUM IS A BAD IDEA!"?
iPad issues.... If I read correctly you said you closed the business (which means you no longer bring in any money or spend any money on the business) and you kept the company active. Are you starting in a new line of work under the company? If not why would you need the company credit still?
If you read the fine print it says you can only use the credit for business related reasons and will also say you must inform them if the business shuts down. If you kept using the credit you could potentially be charged with fraud . If you ever defaulted it would be easy for them to get a judgement against you personally.
Oh that was not me then I didn't close my business you must be referring to flukcho, the one who started this thread.
.
Edited by Cloudboxx, 28 May 2012 - 08:45 AM.
#19
Posted 28 May 2012 - 09:52 PM
If DNB thinks you have multipile locations they may open up another credit file.. That is the norm for a lot of larger companies.. You want to keep the current location as the main location and like mentioned use the new as a mailing address.
So your not in business but still want to use the business credit? I'm not a big fan of that since that is the same as starting a business that doesn't bring in any money and just using it for credit ... GUYS THIS IS ONE OF THE REASONS WHY IT SO HARD FOR ALL OF US TO GET GOOD CREDIT THESE DAYS!
FYI IT IS FRAUD! AND TELLING EVERY ONEMON AMPUBLIC FORUM IS A BAD IDEA!
Sorry I may be looking at this wrong but who are you referring too "FYI IT IS FRAUD! AND TELLING EVERY ONEMON AMPUBLIC FORUM IS A BAD IDEA!"?
Yes sorry I quoted the wrong person! The OP who I was referring to.
iPad issues.... If I read correctly you said you closed the business (which means you no longer bring in any money or spend any money on the business) and you kept the company active. Are you starting in a new line of work under the company? If not why would you need the company credit still?
If you read the fine print it says you can only use the credit for business related reasons and will also say you must inform them if the business shuts down. If you kept using the credit you could potentially be charged with fraud . If you ever defaulted it would be easy for them to get a judgement against you personally.
Oh that was not me then I didn't close my business you must be referring to flukcho, the one who started this thread.
.
#20
Posted 30 May 2012 - 12:39 PM
I am sorry guys, i was away for a couple of days .. I had a wholesale dealer license in Indiana and my S corp was open there. Indiana changed many things that concerned wholesale auto dealers and doing what i was doing became very complicated. I have this S Corp for 3 years, even if i don't do business in IN why close the S-corp. I am looking to get a license from a different state. I invested a lot of time and money to build my credit file. Why start from the begging. The challenge is I no longer rent an office in Indiana and that's where all of my mail use to go. I am based in NY and my original question was what is the best way to handle this situation. I export cars all the time and technically i am still in the same business.
thank you
thank you
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