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Purchasing an Inactive Corporation in Good Standin

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I am currently looking into purchasing an inactive corporation in the state of Kentucky. The SOS website says that it is in good standing and lists the registered agents name and adress. How would I go about purchasing this corporation? Does the owners still own it even though they have filed articles of dissolution? If I contact the owners and they are willing to sell for a low price what would they have to do in order for the corporation to be in my name and how would I make it active again with the state.

 

I checked with DnB and found out that they already have a Duns# and also have an Experian file with 8 trades showing. I understand that either of these could be low scores, but if their PayDex is 80 and they have a pretty good Experian score with pretty good credit history then aquiring this corporation would be GREAT! The corporation was originally formed in 1980 so the Experian file has probably been active and aging for some time now.

 

I tried searching on the internet for maybe a free how-to guide on exactly the steps needed to take but couldn't find nothing. I know from reading the posts here that some of you have extensive knowledge of the business forming industry so I turn to you, the experts, for advice and knowledge! :grin:

 

Any feedback would be appreciated as I really want to get started with building business credit FASTER. Besides, the company I found has the name we were originally going to go with! LOL! Thanks in advance for anyone who posts!

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I think you need to contact the registered agent of that company and submit a request to speak with the owner of that inc.

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You will also want to do some local research at the court house to make sure they have no court judgments or Ucc files on them, If all of that is clear I would go for it sure you're looking at a 20 + year old Corp, that is GOLD in the bank GOOD LUCK

 

Drew....

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Here is my database on all DISSOLVED Corporations in the state of NC. I'm working on building a database of all dissolved companies and eventually start purchasing some old dissolved companies.

 

Anyway, here's a sample of my list.

 

Mabry-hatley Hardware Company BUS Dissolved 1/8/1927

M. a. Johnston & Company BUS Dissolved 12/28/1954

M. a. Ham, Associates, Inc. PA Dissolved 12/10/1959

Mac Liquidating Corp. BUS Dissolved 4/13/1960

M a C Enterprises, Inc. BUS Dissolved 7/26/1963

M and a Corporation BUS Dissolved 6/15/1966

M. a. Paxton, Inc. BUS Dissolved 1/29/1968

Ma - Jo, Inc. of Zebulon BUS Dissolved 5/31/1977

Maaco Auto Painting & Bodyworks of Fayetteville, Inc. BUS Dissolved 9/14/1982

M. & a., Inc. BUS Dissolved 1/25/1984

M. a. Demeritt, Inc. BUS Dissolved 9/5/1985

M a O, Inc. BUS Dissolved 11/21/1986

M.a. Ventures, Inc. BUS Dissolved 5/5/1987

M.a.C. Communications, Inc. BUS Dissolved 12/4/1989

M.a. Corp. BUS Dissolved 4/22/1991

Maas Innovative Systems Inc. BUS Dissolved 8/12/1992

Ma-nbfsc, Inc. BUS Dissolved 11/9/1992

M.A. ENTERPRISES OF CHARLOTTE, INC. BUS Dissolved 12/23/1993

MA LO, INC. BUS Dissolved 9/23/1994

MAC ENTERPRISES OF NORTH CAROLINA, INC. BUS Dissolved 12/8/1994

M AND A MART, INC. BUS Dissolved 8/19/1996

M.A. WHITE, SI, INC. BUS Dissolved 3/20/1997

M & A REVIEW, LLC LLC Dissolved 9/25/1997

M & A TODAY, LLC LLC Dissolved 9/25/1997

MABE CONSULTING, INC. PA Dissolved 2/23/1998

MAC PARTNERS, INC. BUS Dissolved 5/26/1999

MAASS Properties, LLC LLC Dissolved 9/1/1999

Mac Drafting And Design, LLC LLC Dissolved 4/18/2000

MA & LB, Inc. BUS Dissolved 8/25/2000

M.A.G. Residual, L.L.C. LLC Dissolved 11/20/2000

 

M & A Enterprises, Inc. BUS Auto Dissolve 5/14/1969

Mac Bee Land Development, Inc. BUS Auto Dissolve 11/29/1972

M.a.D. Food Services, Inc. BUS Auto Dissolve 5/26/1977

M. a. Bush, Inc. BUS Auto Dissolve 5/27/1977

Maburbec`s Inc. BUS Auto Dissolve 10/13/1977

M. a. Johnson Corporation BUS Auto Dissolve 12/16/1977

M.a.M. Quality Homes, Inc. BUS Auto Dissolve 2/8/1978

M & A Financial Services, Inc. BUS Auto Dissolve 8/14/1978

Maac Company, Incorporated BUS Auto Dissolve 10/9/1978

M.a.W., Inc. BUS Auto Dissolve 1/4/1979

Mabe Brothers Enterprises, Inc. BUS Auto Dissolve 1/4/1979

M. & a. Trucking Company, Inc. BUS Auto Dissolve 1/23/1979

Ma-kit, Inc. BUS Auto Dissolve 4/21/1980

M a B, Incorporated BUS Auto Dissolve 10/21/1981

 

M. a. Rhyne & Sons Dairy, Inc. BUS Admin. Dissolved 3/28/1958

Mabe, Atkins & Rydman, Inc. BUS Admin. Dissolved 9/7/1978

M.a. Wilson, Inc. BUS Admin. Dissolved 5/4/1987

M. a. King Builders, Inc. BUS Admin. Dissolved 8/16/1989

Mac - Elizabeth City, Inc. BUS Admin. Dissolved 8/6/1990

Mac Mail, Inc. BUS Admin. Dissolved 9/11/1990

M.a.D. Crabs, Inc. BUS Admin. Dissolved 6/28/1991

Ma`s Salsa, Inc. BUS Admin. Dissolved 5/18/1992

MAC AUTOMOTIVE, INCORPORATED BUS Admin. Dissolved 7/2/1993

M.A.C.H. II, INCORPORATED BUS Admin. Dissolved 4/18/1994

M.A.T. SERVICES, INC. BUS Admin. Dissolved 12/22/1994

M & A ONLINE, INC. BUS Admin. Dissolved 5/10/1995

MAC LIMITED, LLC LLC Admin. Dissolved 11/1/1995

M.A.R. ASSOCIATES, INC. BUS Admin. Dissolved 1/3/1996

MAC MASONRY, INC. BUS Admin. Dissolved 3/19/1996

MAA DEVELOPMENT, L.L.C. LLC Admin. Dissolved 6/25/1996

MA-LI'S, LLC LLC Admin. Dissolved 7/18/1996

MA-JAM, INC. BUS Admin. Dissolved 4/24/1997

MA AND ASSOCIATES BUILDERS, LLC LLC Admin. Dissolved 7/16/1997

M.A.W. ENTERPRISES, INC. BUS Admin. Dissolved 9/4/1997

MABREY INVESTMENTS, INC. BUS Admin. Dissolved 12/18/1997

M.A.C.K.S., INC. BUS Admin. Dissolved 3/25/1998

M-A II, LLC LLC Admin. Dissolved 4/8/1998

MABE SEPTIC TANK, INC. BUS Admin. Dissolved 4/17/1998

MAC IV, L.L.C. LLC Admin. Dissolved 5/14/1998

M A S T, LLC LLC Admin. Dissolved 8/11/1998

MABE MOTORSPORTS, LLC LLC Admin. Dissolved 9/2/1998

MA'S DELI & SUBS, INC. BUS Admin. Dissolved 9/30/1998

M.A.D MARKETING, LTD. BUS Admin. Dissolved 2/12/1999

MAC CONTRACTING, INC. BUS Admin. Dissolved 4/1/1999

MAAPS, INC. BUS Admin. Dissolved 5/7/1999

M. A. OIL, INC. BUS Admin. Dissolved 8/11/1999

MABRY ENTERPRISES INC. BUS Admin. Dissolved 12/7/1999

M.A. SMITH ELECTRIC & SAFETY, LLC LLC Admin. Dissolved 12/30/1999

Maars Software International Ltd. BUS Admin. Dissolved 4/11/2000

Maahiti Technologies, LLC LLC Admin. Dissolved 10/30/2000

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Just a heads up, admin. dissolved in the State of NC means they didn't pay the fee and file their annual report every year. Do you really want to invest in a company that got dissolved because they didn't pay the fee and file their report. You have to ask yourself, how many other things have they not paid?

 

Shannon

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I feel you Shannon, but sometimes people realize business is not for them and they just let it go. I think you hav to pay for dissolution, and since they are not gonna be in business anymore they figure, why pay a fee? But for the most part I would believe that they don't have any negative history. I would combine the info on the SoS website with a current report from D&B and Experian to come up with a total business picture.

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true, you have to investigate these companies. But I know people who incorporate companies just to plan something and never go further.

 

If I was you, check their incorporation DATE and their dissolve date.

 

You can get copies of the certificate of dissolution.

 

In NY state, you can not dissolve your incorporation without filing your state taxes. They'll keep you active until you file and request it.

 

States like Delaware, Nevada, NC, and others dissolve you if you fail to file your annual filings.

 

Investigate before you buy, there are more companies out there. Just investigate, before you pay any money to purchase a company.

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In NC I believe you have to "catch-up" the corp too. By filing all the past annual reports and paying the fees.

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I think we have some old threads on how to look up inactive corporations and research them. Back about a year ago. I had found a bunch of VA corporations while looking up something else, called and got some info from the VA SCC on what the different notations mean.

 

I suggest you call the state regulating authority.

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In NC I believe you have to "catch-up" the corp too.  By filing all the past annual reports and paying the fees.

 

I'm pretty sure that is ALL STATES, from the research I have been doing for the Mid~West states it is close to $100+ per year, just in taxes. So it goes back to the past posts and doing research, Is the cost worth the age????

For some it may, I'm in the process right now in buying ( 3 ) Corps with at least 10 years on them. YES it is going to cost me some major COINage, however with every thing I have learned here the past 6 months. I KNOW for sure I will be able to get the big lines very quickly and build a great bizz credit file.

As in anything YMMV....

 

Drew.....

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In NC I believe you have to "catch-up" the corp too.  By filing all the past annual reports and paying the fees.

 

I'm pretty sure that is ALL STATES, from the research I have been doing for the Mid~West states it is close to $100+ per year, just in taxes. So it goes back to the past posts and doing research, Is the cost worth the age????

For some it may, I'm in the process right now in buying ( 3 ) Corps with at least 10 years on them. YES it is going to cost me some major COINage, however with every thing I have learned here the past 6 months. I KNOW for sure I will be able to get the big lines very quickly and build a great bizz credit file.

As in anything YMMV....

 

Drew.....

 

when you say major coinage, can you give a clue?

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but lets say you buy and aged corp with good tradelines how are you going to deal with the question of what your annual net propfits is on a credit card application if the company hasn't been in active sales for the past few years?

To me that would sem to be the only limting factor in what otherwise seems to be a very good idea.

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When it comes to the taxes, it depends on the status of the corp when you buy it. If it's inactive, in VA, you don't have to pay back anthing. I would call before you go making any decisions one way or another. You also have to find the owner, and ask if they'll sell it.

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I have to go see my lawyer in the next few weeks, so I ask about restarting a NC inactive corp.

 

I don't know about inactive corps but my second LLC was about to go inactive and I had to file the past annual reports and pay the past annual fees to the SOS. I can't believe the SOS would just let you reactive a corp with out paying something.

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I really wasn't talking about NC, specifically, and I'm not casting doubt on the comments of someone who is familiart with NC Corpporations.

 

My comments were more addressed to members in other states. My apologies for the confusion.

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No worries. I was just saying I would check for NC, since I have to see my attorney anyways. And it seems there are a couple of people from NC in this thread. I don't know for sure, since my Corp never went inactive, but I'm kinda curious myself now. :good: I know it won't help people from other states.

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Oh great! That should help the NC people a lot. I know NC has some really different stuff. Not criticizing, I'm a Tar Heel by birth, transplanted over the state line to VA at an early age.

 

I always have that "goin' home" feeling when I cross that line into NC. :)

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The question I have is that if a Corp has been inactive for a couple of years is it possible to take over ownership of that Corp just by paying the owed taxes and other fees necessary to bring it back into active status. With this particular Corp my understanding is that the owner/registrar is no longer living. Is it possible to take over ownership in the state of Florida, if I pay to get it out of inactive status?

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So I just got off the phone with one of the secretary of states divisions of corporations customer service reps and they informed me to take over an inactive corporation and essentially get all the assets (i.e; document #, EIN, incorporation history) I would first have to assess if the name is in conflict so if there is a ZOO, INC [inactive] & ZOO, LLC [active] I could still take ownership of the ZOO, INC by doing several things. First complete the form for reinstatement, pay the fee, in addition to that I would have to fill out another amendment form to immediately change the name slightly (ZOO INC, INC) and pay that filling fee at the same time Im requesting the reinstatement. After the above is complete I would need to change the name of the owners, registrar, address etc. at that point i would own the company and its history, assets, ein, dnb number, etc.

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Sounds great doesn't it?

 

You have background on this company? Taxes, credit history etc?

I don't... :-( how would I go about acquiring this sort of information?

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So you took over a company that you have no background on?!

No way! Not at all! I'm in the preliminary phase...lol I'm just checking out what my options would be should I follow through with the purchase, but that's why I'm on this board to understand how to navigate about this process. Any advice would be very much helpful. I'm a quick learner. Is there any place I should look that would allow me the ability to keep my pennies to find out about the company?

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