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Shelf Corp Info Thread

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I wish there was an expert on this topic that could come up with a step by step process? I read every single thread and am still left scratching my head a little bit?

 

I would like to go to the SOS and actually come up with a process to purchase and transfer an inactive corp. A few questions that weren't really addressed in any of the threads.

 

Do we actually have to contact the registered agents?

What kind of documentation is required to purchase these corps from the owners? Do we have to do this or do they forfeit these by letting them go inactive after a certain amount of time.

 

Due diligence

What specifically should we check ie: tax liens, encumbrances, etc.

What services or resources should we use to do these checks.

 

I am in Colorado and I understand there will be some variability state to state but I would love to hammer out a specific cookie cutter process that everyone interested can implement.

 

SMM

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Why don't you label the topics instead of just having a link?

 

My apologies. Would you like a refund? :rofl:

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If you really want to buy old shelf corporations, it's pretty easy.

 

1. First, locate the corps that you want. A good bet is Nevada, because lots of people form them and do business for a year and then go out of business or just give up or whatever. The Nevada website lets you search for names and spits out "default" or "revoked". Nevada registers about 30,000 corps a year, and about 25,000 go dormant each year. Trust me, there are plenty available.

 

2. The Nevada website also shows you the former officers and directors. With smaller corps, these tend to be the owners of the company as well. Now, if they use the address of the resident agent in Nevada (which is smart to do for privacy reasons), then you need to contact the resident agent because you'll never find them--but read on, you can do that as well.

 

3. If you happen to have the name and address of the officers and directors, do a quick intellius search on them. Don't pick "john smith", obviously, because the intellius search is going to give you 100 results. But a unique name like Derwin Gregoria or something like that will usually yield only one entry in intellius.

 

4. This is a shotgun game--you want to find the owner of a corporation, a sole owner. Not every person you contact is going to have that situation. But, if you pick good corps and call people up that you get from the officer/director list, use this pitch: "I am looking to buy an old aged Nevada corporation, and I'll pay $500 to own it outright." If you make 10 calls, you'll get one for sure. The people on the other end are happy to have the dough.

 

5. Then you just pay them for the corporate book, and draft up a quick stock transfer agreement, like a bill of sale.

 

6. Then it's your duty to handle the Nevada paperwork to get the corp in good standing again. They have a kit for this in PDF. Usually, an old nevada corp can be brought back to life for about 1000, usually much less. The older ones that are "permanently revoked" cost a bit more to revive.

 

Good luck.

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The point of purchasing an aged corporation is not the age of the corp. itself, but the assets/credit history it may have. However, when transferring corporate stock ownership to new shareholders, you must register a new EIN number with the IRS anyway; you do not get the old one from the stockholders. I have not fully researched this, but I think buying old shelf corporations is a crapshoot...

 

The reason I have been researching this is because when I was 19 (24 now) I registered 2 LLCs in Colorado, 2 in Delaware and an S Corp in Delaware. I am looking into the process of getting them all revived and out of delinquent status since I have the EIN #s it is going to be a bit easier for me than for a person just starting out in the game.

Edited by varg

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The point of purchasing an aged corporation is not the age of the corp. itself, but the assets/credit history it may have. However, when transferring corporate stock ownership to new shareholders, you must register a new EIN number with the IRS anyway; you do not get the old one from the stockholders. I have not fully researched this, but I think buying old shelf corporations is a crapshoot...

 

The reason I have been researching this is because when I was 19 (24 now) I registered 2 LLCs in Colorado, 2 in Delaware and an S Corp in Delaware. I am looking into the process of getting them all revived and out of delinquent status since I have the EIN #s it is going to be a bit easier for me than for a person just starting out in the game.

 

just do a search for 'internet' or 'net' or 'micro' in your desired secretary of state's database. there is bound to be thousands of available pre-2000 companies available for purchase out there. you win; and the person whose company failed wins.

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Question:

I just purchased an aged corp(2005) that was incorp'd in Colorado. I want to get everything tranferred to my state of GA. Does anyone know how to go about doing this? I've spoken with the SOS of Colorado and I can complete a "statement of correction" form for agent, addresses, etc. but I would like to transfer the company completed.

 

Any thoughts?

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The way to register this company in Georgia is simple. You simply keep everything the same on the SOS in colorado, but you will need to register the company as a foreign entity in Georgia. This way you take all the original history of the company from CO, but you are registered to do business in Georgia.

 

Regarding the finding of shelf corporations, it is getting to be a waste of time to search these out yourself to buy them. There are several companies out there offering shelf corporations for around $200 per year of seasoning. Eight years is about all you need to gain the benefits of an aged company. I know one such company is assured shelf companies, I bought one from them about a year ago. These companies have mass mailing campaigns to purchase and claim revoked companies, I think you will definitely spend more time and money doing it on your own.

 

Hope this helps, good luck.

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dr torres...please share more info about assured shelf and headstart...i cant seem to find them anywhere...perhaps a contact telephone number, or two...thank you

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Question:

I just purchased an aged corp(2005) that was incorp'd in Colorado. I want to get everything tranferred to my state of GA. Does anyone know how to go about doing this? I've spoken with the SOS of Colorado and I can complete a "statement of correction" form for agent, addresses, etc. but I would like to transfer the company completed.

 

Any thoughts?

 

 

Just out of curiousity, would you mind tell us how much you paid for the shelf corp in Colorado?

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i believe dr. torres is very high up in the company he is recommending...at least someone by the name of torres is. i have used them on and off and my experience has been mixed. currently, they are very slow to react and rarely respond to your needs. they have not met any timelines recently. the dont return calls or emails. i am looking at other vendors who offer the same products as they do. i believe they have good products, but their service stinks right now...even to a heavy buyer of corps as i am. i think they are growing too fast and cannot accommodate the volume which is probably a result of their poor service right now.

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Thank you for someone who is not blindly following him like a sheep dog.

 

I think it is very convenient that he blew in here for all of one week, made a few posts, and now just about every day someone is bumping his posts. Somebody is making money by feeding into the shelf corp dreams of several people on this board, but is anyone getting and promises delivered?? :swoon:

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Thank you for someone who is not blindly following him like a sheep dog.

 

I think it is very convenient that he blew in here for all of one week, made a few posts, and now just about every day someone is bumping his posts. Somebody is making money by feeding into the shelf corp dreams of several people on this board, but is anyone getting and promises delivered?? :)

 

 

I cant agree with you more... but my question is how do you research a Shelf corp before you buy it? How do you know what liens or what lies underneath the hood? How do you know if it has been red flagged by DnB.??

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Search for UCC filings in the state where the company is incorporated. You can see if anyone has liens against the company.

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Help!!!!!!!!!!!!!!

 

Advice needed.......

 

Revived a shelf corporation, formed in 1995. Had to change name. No EIN number or DUN Number....

 

what is my next step in setting this up right....

 

Thanks :huh:

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Hello All,

Just joined CB today. Longtime fan but wallflower syndrome...But I am trying to break out. I have jumped around on the net gathering what i could concerning shelf corps and have gotten a lot of help. Since beginning this process i have learned some lessons and gained some knowledge. Thanks to all that helped me i feel it is time i give back. This is going to have to be a multipost seeing as there is so much to say. What i have to say may not agree what with people have said before but it is what has worked for me and my partners. If the ultimate goal is funding with a shelf corp...

Picking a Broker:

After many failures and some success I have found it is important to get the following information and paperwork from your broker. It is important to pick someone you are comfortable with and someone you feel is not blowing smoke up your flowers. I would say if you are someone who trusts their gut good luck. More often than not you just have indigestion and the guy on the other end of the line is a liar. The best people to go with are those who have worked with someone you know. If you don’t know anyone ask your potential broker for references! “I can do this?†YES! You are a crazy person if you don’t. Feel these references out. Ask them questions…lots of questions. If all the information they tell you is perfectly positive then either you have stumbled upon the ONE perfect broker or the reference is lying. Experience says the broker is not perfect and you should move on. If you get a real person, they will tell you when, where, and how the process was held up. Although this may seem pointless it will give you a better idea of what to expect. Even if the reference is not real they will probably be more honest than the broker.

If this idea is too much for you be more forward than this. Ask for award letters from the banks. Instead of the brokers just quoting how much they get their clients let them show you. Don’t get freaked out if the amounts are not as high as they said they would be. We are looking for ballpark here. Most brokers won’t have ANY and if this is the case move on people move on. Remember this is not too much to ask for, this is the minimum.

Next? A contract and a telephone number... This may seem obvious but guess what! I have met way too many people who have made contact online and wired money thinking they made good decision. You need a voice to connect to and a contract to hold on to. Now don’t get carried away calling your broker every day or everything you feel the inkling to check on your order. As someone who has worked in this industry I can tell you there is nothing that will slow down the process like constant nagging. Not just the amount of time the broker will spend playing wet nurse to you but keep in mind these are people you are dealing with. You can get pushed to the back of the line! So to protect both of you make sure your contract has some set timeline. Leave the broker alone to do their job. But the point is when things go wrong you can get in touch with someone and you have the contract to back you up. The broker will take you seriously if you were a client that did not waste their time. They will work with you and most likely cut you a brake if the problem is coming from their end.

This is not everything but some of the stuff I did not really think about the first time around. Well I think I found my voice…If this turns out to help even one person I will continue. If not then at least made an appearance!

James Young

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ok fundingfanatic. i picked a broker now what?

 

 

Why don't you ask him in person?

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Well since the two of you are in the same place on the same computer... should be accomplished without assistance. You are breaking the TOS.

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Can't claim it's your relative, or your roommate. Better log off and get a different IP adress before you answer yourself next time.

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