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Worth reviving this corp?


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3 replies to this topic

#1 Fogy

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Posted 26 September 2017 - 01:02 AM

Reading this thread made me realize I could reinstate my 2004 corp. My adviser friend is suggesting it's not worth the $1950 cost ($600 in FL + $150 for each missed annual report) compared to starting fresh.

It had some credit as of 2008, my last Duns: No rating. Paydex of 80. Three low $ N30's. I was just getting started when the crash changed my direction.

Before I consult with him tomorrow in detail can I get some pros and cons:

  1. is the $1950 worth the age?
  2. Is the age disadvantageous with so little to show income/credit/activity-wise?
  3. What would you do and why?

Thanks!


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#2 BRBiz

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Posted 26 September 2017 - 09:47 AM

If the $1900 isn't going to hurt financially then it's probably worth it.

Is your D&B file active and does it show the current status of the state filing?
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#3 Fogy

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Posted 26 September 2017 - 12:20 PM

I posted this in the other thread as well to help inform others.
 

Here's the important thing to remember... D&B archives all old Secretary of State and Franchise Tax Board data.  If your business has been dormant since 2005 and you are planning to build credit on that company, you will want to view a copy of the report in D&B's iUpdate portal.  In that report, it will likely show your business is no longer active and functioning and the business registration will be out-dated.  Don't make ANY changes at all to the report.  You will want to bring the registration back to active status and then sit back and wait... don't do ANYTHING to your D&B report... NOTHING at all.  After a couple of weeks, go back in and check the business registration in the D&B report to make sure it has refreshed and shows active and in good standing.  Once it does, you can then submit a request for D&B to update any data that is old and outdated.  If you try to submit changes while the Secretary of State shows as inactive, D&B could not only discard your changes, but could also flag your account as suspicious.

 


Using the iUpdate portal my company does not come up. Using the D&B Duns look up finds my company and points me to their CreditSignal service. One side has "Company Update". Not touching that. The other side has "CreditSignal: Free score change alerts. Launch". Just wanted to confirm it's safe to launch the CreditSignal. Feels like I'm disarming a small bomb.   :blink:


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#4 BRBiz

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Posted 26 September 2017 - 07:20 PM

I posted this in the other thread as well to help inform others.
 

Here's the important thing to remember... D&B archives all old Secretary of State and Franchise Tax Board data.  If your business has been dormant since 2005 and you are planning to build credit on that company, you will want to view a copy of the report in D&B's iUpdate portal.  In that report, it will likely show your business is no longer active and functioning and the business registration will be out-dated.  Don't make ANY changes at all to the report.  You will want to bring the registration back to active status and then sit back and wait... don't do ANYTHING to your D&B report... NOTHING at all.  After a couple of weeks, go back in and check the business registration in the D&B report to make sure it has refreshed and shows active and in good standing.  Once it does, you can then submit a request for D&B to update any data that is old and outdated.  If you try to submit changes while the Secretary of State shows as inactive, D&B could not only discard your changes, but could also flag your account as suspicious.
 



Using the iUpdate portal my company does not come up. Using the D&B Duns look up finds my company and points me to their CreditSignal service. One side has "Company Update". Not touching that. The other side has "CreditSignal: Free score change alerts. Launch". Just wanted to confirm it's safe to launch the CreditSignal. Feels like I'm disarming a small bomb.   :blink:

Fine to use.. Just will get some sales calls.

It takes them a long time if they ever update your file based on the current SOS. Takes years some times. Most likely was closed when trades fell off and there was zero activity.
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