Old Utah Entities (not Ghosts :)
I am looking for an business that has retired etc within the last 18 months or so in utah so that I can revive it if necessary and don't have to wait so long to build up credit in my entity etc.
I have become a fan of resurecting these and then using an assumed business name.
Other than my accountant and his friends any ideas on other places to look?
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Not saying you'll find what you're looking for here, but check out this site. It MIGHT be able to help... http://www.papersourceonline.com/discus/messages/2051/2051.html?1080119915
Stockpro99,
Are you looking for a business out of business or seasoned corporate entity?
John $Cash$ Locke
[ Edited by JohnLocke on Date 05/17/2004 ]
John, it is a seasoned corporate entity I am looking for (similar to a shelf with seasoning) in Utah you can resurrect a corporate entity for up to two years by paying $84 I had one that was 54 years old that would have worked fine and a relative liked my idea so much I didn't get it.
utah is not the only place you can do this. I think in Illinois it costs about a hundred.
Help me out with how these old companies assist in credit acquisition. Isn't the lender still going to ask to see your credit/financials. Isn't the change of ownership going to show up? I've heard rumors of this sort of thing but you're the first person who I've known who was doing it.
Actually teh entity has the credit, A S or C corp stands on its own and is in essence and "artificial person" with the credit etc. being attached to the entity and not the person. Who ownership transfers to is immaterial.
So you take a company with a long record or bank receipts and deposits, tax filings, and in short, history... and by purchasing this and using this you save the time it would normally take to build credit etc. Many people here have complained that they couldn't buy homes in the name of their LLC. or COrp. THis is because they have no history. When you buy an "aged entity" you bypass alot of this and start with credit.
IN theory you could have a 500 credit score, purchase an aged corporation and be extended credit on behalf of the corporation. I have done this in Oregon where I passed an aged entity to a start up business person who now has large credit lines etc though tey are only 27 with little credit personally.
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Stockpro99,
I have a contact for seasoned corporate entities, only I can't post it here, need I say more.
John $Cash$ Locke
Can you give me some information on the aged corporations I am trying to purchase an aged corporation for creidt purposes
You basically can assume their credit, i.e. if they have a credit history with lenders, trade lines, etc then you can assume their credit as you assume the business.