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renewing old s corp

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Quick question, my Co. was INC. in Delaware about 2 yrs. ago..so

I contacted the Sec of state etc. Was told once i renew everything it'll show my original INC. date. Has anyone done this?

It's my Co. not a aged shelf. I just want to change the name..Will I get red flagged by DNB?

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Quick question, my Co. was INC. in Delaware about 2 yrs. ago..so

I contacted the Sec of state etc. Was told once i renew everything it'll show my original INC. date. Has anyone done this?

It's my Co. not a aged shelf. I just want to change the name..Will I get red flagged by DNB?

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Quick question, my Co. was INC. in Delaware about 2 yrs. ago..so

I contacted the Sec of state etc. Was told once i renew everything it'll show my original INC. date. Has anyone done this?

It's my Co. not a aged shelf. I just want to change the name..Will I get red flagged by DNB?

 

 

I reinstated my Virginia corporation by paying all the delinquent fees. Even though, it had dissolved, I was able to do this. My experience has been that the corporation is still seen as a five year old company even though I just reinstated it last year.

 

 

etrainerspy

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Quick question, my Co. was INC. in Delaware about 2 yrs. ago..so

I contacted the Sec of state etc. Was told once i renew everything it'll show my original INC. date. Has anyone done this?

It's my Co. not a aged shelf. I just want to change the name..Will I get red flagged by DNB?

 

 

I reinstated my Virginia corporation by paying all the delinquent fees. Even though, it had dissolved, I was able to do this. My experience has been that the corporation is still seen as a five year old company even though I just reinstated it last year.

 

 

etrainerspy

 

Ask your SOS will the incorporated date remain the same and when someone views it online through their website, will it show as a paid and up to date corp? Your corporation is actually a shelf corp you just let the charter expire. Dnb will not flag it unless your SOS puts some strange notes or something in the online data base that states you let your charter expire. Make sure it looks like a regular corp. Good luck

 

Mr H seems to have had success.

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Yep, it should show original date of filing. But be careful! There are allegedly a whole bunch of states that won't let you renew an expired corporation! Or at least one anyway :(

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I just did this with a dissolved corp started in 1962 but expired in 2005 paid three hundred dollars to my Sec Of State here in Wa and changed everything into my name cheaper than what I hear some people pay for shelfed corps!

 

Plus I paid I think thirty bucks to do a search on DnB and there was no credit file and then paid Experian and there was no credit file and checked IRS file with Dept of Labor and everything was clean 45 year old corp for under $500 now I can get Home Depot ! since there sticking to the 2 years thing

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I just did this with a dissolved corp started in 1962 but expired in 2005 paid three hundred dollars to my Sec Of State here in Wa and changed everything into my name cheaper than what I hear some people pay for shelfed corps!

 

Plus I paid I think thirty bucks to do a search on DnB and there was no credit file and then paid Experian and there was no credit file and checked IRS file with Dept of Labor and everything was clean 45 year old corp for under $500 now I can get Home Depot ! since there sticking to the 2 years thing

 

Way to go. Find the guy who is retiring and strike a deal and get a 40+ year old corp for little money. I'd hate to think what a 40 year old shelf corp runs.

Edited by losartworks

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I just did this with a dissolved corp started in 1962 but expired in 2005 paid three hundred dollars to my Sec Of State here in Wa and changed everything into my name cheaper than what I hear some people pay for shelfed corps!

 

Plus I paid I think thirty bucks to do a search on DnB and there was no credit file and then paid Experian and there was no credit file and checked IRS file with Dept of Labor and everything was clean 45 year old corp for under $500 now I can get Home Depot ! since there sticking to the 2 years thing

Bought a 45 year old company. Now you can get a Home Depot charge privilidges. In this thread, there are posters who are applauding you.

:P

I understand that this viewpoint I am to present is unpopular, it runs against the grain. I don't care what you do and I am sure you could care less about what I have to say. But somewhere, sometime, someone needs to pull this forum back to reality.

 

Not morality, mind you, for we have had the Praise Jesus! group who proudly proclaimed that credit was extended to them because the Lord loves and they extol His virtue with their user names like Romans x:xx and signatures "All praise the Lord Our God Who Giveth Abundantly To Those Who Believe".....followed by a litany of credit cards and LOCs. :grin:

 

Back to reality.

 

Reality is that you are going to have to sign papers and accept terms that will be inherently based on truthfulness to get that Home Depot credit, or Amex or any credit you receive. If you default, and maybe if you don't, the creditors will investigate if for no other reason than to get info to secure the repayment of your debt.

 

The fraud will be uncovered. There may be a trial, if there is, you could be convicted of several felonies, hard jail time follows.

 

If you think a jury and judge will accept "I filled out the application and put down 45 years because it said How long have you been incorporated" and that is perfectly OKeyDokey, you had better think again. That murmur you hear isn't the jury mumbling about how clever you were or how much they approve.

 

Plain and simple, it will be fraud, the willful attempt to mislead and they will convict you. Count on it.

 

And all those who applaud you today will not be there to testify in your behalf. Rather, if in their investigation, they pull your Internet activity, and they will, they will see this thread. They will see the applauders and know who they are. They will think about the law, that two people having any discussion that promotes a felony is a conspiracy. Will they have hit on a sweep of felons? Will the creditors who become exposed to CB, will they press on the DAs to further investigate CB, the moderators, the posters?

 

Like I said, do as you wish, you will anyway. The applause won't stop.

 

Neither will reality.

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Do you have Any idea of how illogical that sounds??

 

If he purchased the corporation and then reactivated it legally there is No fraud. The age of the company is when the company originally started. Per my explanation in another thread I just had a banker yesterday Begging me to take out credit products when I opened a bank account under my 42 year old corp. And I had fully explained to him that I had just bought it. I even showed him the reinstatement report that showed I had only bought it in recent months and reactivated it with a completely new set of owners. This guy, the bank manager said it DIDN'T matter. Their underwriting criteria stated that they go by the original date of the corp and it makes them no difference if the corp was repurchased, transferred, inactive, expired, merged with another or a shelf corp. This came straight from a bank manager.

 

Your up on some moral high horse that doesn't exist. Ask people here. If there is anyone preaching about unethical ways to go about doing things, I am one of the first down their throat about Not posting illicit ways on how to get more credit.

And considering who You are, isn't it the pot calling the kettle black?

 

Why on earth would people buy a shelf corp or reactivate a purchased corp that quit business if they didn't want the benefit of the age?!?!? Thats why you buy a shelf or inactive corp. Otherwise you would just start a fresh corp for less money if you didn't want to be tied to a corp's age prior to when you bought it.

 

Please produce a statute that says this is expressly illegal.

 

I will refrain from being baited into a personal debate or attack upon you. But there are more here than you think who know who you are.

Produce a statute or quit stating something is illegal when it isn't.

Edited by losartworks

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wow this post answer my questions that i have in another post...

 

a 40 year old corporation .. man that gotta be worth at least $40,000.00!!

 

Los is right on the money because I talk to a banker that goes to my church and he said the people who own aged credit corporation with a sound business plan use the OPM's principle and they tend to get generous LOC that they use to launch their business. But as with any venture is a risk in getting OPM. But getting money that you dont need is the game plan. But the banker stress to create multiple sources of cash flows.

 

Franchise/Real Estate/Networking/Consulting so that you are not depenedent on one source of income. Because it the laws of nature for any business to go through an up and down cycle of $$$$.

 

I need to contact my state of GA .. hopefully they still got my information on file....and for my EIN with IRS.

 

I tell u the paper trail and procasination is driving me nuts

 

I finally came across a business opportunity and I wish I can buy an ad banner to place on creditboards to network..anyway I can do that MOD SQUAD??

 

But I strongly advise each prospective business owner to have a life plan and business plan in place and of course a team of CPA/TAX LAWYER AND BUSINESS LAWYER and a reliable board of advisors. Remember to share the knowledge and the wealth and give back to the community.

 

DO YOUR DUE DIGILENCE AND THE REWARDS WILL BE WORTH THE RISKS!

 

:) HOW THE HECK DID NARDEILI GET $210 million dollars as a severance package deal from Home Depot??!?!

Edited by Deaf CEO

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Sound advise, Deaf. A corp age will get you some decent lines, but have all your bases covered for whats going to happen long term. Those bigger CLs won't help much, and ultimately hurt if your going to deficit spend your way into a BK.

 

Man, I tell you when the banker checked my corp through the secretary of state and learned the creation date he just got a silly smile plastered all over his face and in the same breath was explaining about all the loans or lines I could get with a corp fo that age. Even though I clearly explained I was obviously not only not the original creator but just recently purchased it.

Let's face it, banks are in the business to make money. Bankers want something nice to hang their hat on in case the auditor comes by. This isn't a single person making a loan. It's a huge banking concern and they set a certain criteria of what it takes to get the job done. He plainly stated to me that with that kind of file age showing he could cut through a lot of red tape that new businesses have to go though. And on paper, it didn't matter if the corp was once expired, transferred, repurchased or a shelf corp. As long as it was presently in good standing thats all the underwriting department cared about.

 

Now, if it were a single person making a loan and didn't have to go by the book as it is handed down, maybe they wouldn't want to do business with reactivated or shelf corps. But they wouldn't be very good bankers.

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There is no moral overtone to my posts in this thread which is why I claimed as such by stipulating that I took no moral position. :good:

 

If it is your pleasure to take the advice of anyone other than an expert in civil and criminal matters and the interpretation of stauotory and Federal law, you are welcome to do so. Jails are chck full of white fraud crime felons who followed the lead of a financial advisors.

 

I'll leave you and your legal advisor to search the statues (don't forget the Federal laws!).

 

 

Why would someone buy a shelf corp if not to want the benefit of age you ask? Oh, let me think. 1) Brand name 2) Would like to use the age to falsely validate the experience level of the company. 3) Needed name for domain. 4) Purchasing the assets held. 5) Purchase potential competition. 6) Acquire bank accounts 7) Acquire foreign entity status. 8) Prime Contractor status. Dozens more.

 

I did forget one, it appears to be the most common. To lie on a credit application about how long they have beenin business......That business.

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Gee, another reply to one of my post that spouts BS without validation. You and MM seem to have this theme of saying things are illegal without providing any proof. Gee, guess I'll go down to my bank and tell the manager that he is obviously stupid for telling me my purchased corp that was once inactive is illegal according to some schmuck on the message boards who apparently knows more about corporations and banking laws that this bank manager and business finance specialist. I'm sure he'll resign his position when he reads your threads alluding to some vague alleged federal laws that suggest purchasing an inactive corp as being illegal.

 

A shred of statutory proof would be nice. I've already heard you talk out of the side of your face. What, are you and Masterbait tag teaming between your busy schedules?

 

Please post a legitimate, verifiable statute or shut up about it.

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It is not illegal to purchase a shelf/aged corporation. Nowhere have I said this. It is illegal (both statuotory ((that's state law)) and Federal law, to lie on your credit applications; upheld by case law and legal review that can be counted by the lawyers themselves. I fail to see why you find this hard to understand. But I fail to see why you constantly post off topic too.

 

And I repeat. If you default on your loan, the financial institution does their homework, and they will, they may report to the state and the federal law enforcement agencies that you filled out an application that said you were in business for 45 years although you bought the business 5 minutes ago. It will be fraud. You may go to jail.

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Deaf CEO made good points about getting legal, tax and other advice from those who specialize in those areas. I find that this is one of the hallmarks of a good businessman.

 

Others may find that excitement and kind smiles from those that are eager to lend you money should be part of the sensible, ethical buiness credit process and the decisions that come with it. I disagree. I am aware that there are those who knowingly jump at the chance to lend money to businesses who do not exist in any operatinal sense. To me, this marks that lending specialist as a nothing more than a push-paper boy who neither cares one bit about the ramifications of lying on a credit application nor knows squated jack about the potential serious issues involved. Enter the need for appropriate legal, tax, and related assistance as per Deaf CEO's post.

 

If you cannot afford this level of advice, then a businessman is left with two choices, neither of them good. He can take no advice and roll the legal dice. Or he must go on the "advice" of his neighbor, his best friend, the plumber, the loon at the end of the lock who hasn't slept in three days or the cashier at his bank. Or similar.

 

Nonetheless, if you commit fraud it will make no difference if you rolled the dice or listened to the cashier. You'll possibly go to jail as in "ignorance (of the law) is no excuse."

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By your logic anyone who uses the benefit of their shelf corp/repurchased corps age they are guilty of fraud. Are you seriously that out of it or just trying to be intentionally obtuse to get a rise out of those with a brain?

 

And though it would be great if all the fraudsters out there would get their butt nailed (I'd sure not be having this conversation if that were true), the reason business credit attracts so much scum is because they know they can get away with it. Real scammers who commit Real fraud with biz credit sadly, seldom get caught. Citibank, GE, HSBC and the like find it Much most cost effective to write it off. It's a free for all to any of these rodents who do it on a small scale.

Why do you think ID theft is so out of control? Sure there are laws. But guess how many of those cons are getting put in jail? Not many. Feds and the like are busy enough going after the big guns who broker IDs by the thousands. The small timers per vast majority are having a field day. disgusting! But it doesn't change the reality that biz credit fraud and ID theft are some of the much lessor prosecuted crimes. I would love to see Citi spend some money and nail these guys to the wall. Won't happen, but it's a nice thought.

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Id hate to see the businesses that you all run that allows you to have the time and inclination to sign on to CBs & act like a bunch of pimple-faced tweens....

 

 

yall can take you crap talking attitudes with ya to your OWN place of business but there will be no more of the crap yall got going on here....

 

As I said on other thread, Ive given enough informal warnings.... now, for those warranting, have official warnings...... next infraction Im going for account suspensions and/or banishment

 

If ya feel the need to continue the relevent convo, start a new thread sans the Geronimo

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And Hear2Lern, please do not insult the Christians who participate on this board. They are valued members here, and they can express themselves as freely as anyone else.

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This message is 749 days old.  We'd prefer it if you'd start a new topic instead of replying to this one.
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