2020 CONFORMING LOAN LIMITS ANNOUNCED!
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BUSINESS NAME, ADDRESS, AND PHONE
YEARS IN BUSINESS
MEDIAN PERSONAL CREDIT SCORE
NUMBER OF OPEN REVOLVING ACCOUNTS
NUMBER OF INQUIRIES IN LAST 6 MONTHS
ANNUAL BUSINESS INCOME
DOLLAR AMOUNT OF FUNDING DESIRED
BUSINESS CREDIT SCORE (D & B)
DATE FUNDING IS NEEDED
PLEASE DESCRIBE (IN BRIEF) THE USE OR PURPOSE OF FUNDS
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How does one go about obtaining proceeds when building a start-up? Unless you have a family member, angel investor, or friend willing to ‘partner’, it can be more challenging BUT you do have options. Because the banks will not fund a business unless it is 2 years or older, you can expect denials if you apply too early and those denials will be on your corporation’s credit file for a much longer time than would post on your personal score. The answer to approvals is purchasing an Aged or Shelf Corporation. An individual establishes the business or corporation with a state, normally one easily to operate online, and offers to sell to another. The corporations can vary in age, but most are needed for funding and age is desired. My associates offer a list of the corp names (typically generic, such as Prosperity Inc.), and will have the age as well. The older the corp, the greater the cost. What comes with this corp? Here is what you should expect:
- IRS Company Registration (Tax ID #/EIN #): Every business has to (by law) obtain this number for tax purposes.
- Dun and Bradstreet or DUNS Number: This is the credit monitoring bureau company for all businesses and corporations.
- 1st Annual Report – Secretary of State Officer/Address Update: Once you have #1 and 2 above, filings to the state where the corporation is domiciled need to be updated with the Secretary of State. An annual report must be compiled and submitted as well.
- Business listings: Lenders will cross reference in the Yellow and Super Pages, Bing, Google, Yelp, and 411 Business listings to verify proof of establishment as well as online visibility so it is necessary for:
- Functioning Website/Email/Phone/Fax and Business Bank Account.
- A Foreign Entity Registration: If you do not live in the state your corp is in, you can file this in your home state and operate from there.
- S-Corporation: Like lower taxes? Register from a C-Corp to an S-Corp.
- Trade Name Registration-It is not recommended to change your corp name but you can file whatever fictitious name or existing business name you like after it as a DBA or Doing Business As name. Example: ABC Marketing Inc., DBA Red Blue Green Advertising Group.
- Local, City, or State Occupational Licenses if applicable.
- A Registered Agent will be needed if operating outside the incorporated state. Easily found online and are available typically by the year.
The corporation needs to be operated and viewed as a business, because it is. You are the product and this is an investment in yourself. What is needed in addition varies on your circumstances and goals.
I read recently in T.Harv Eker’s bestseller “Secrets of the Millionaire Mind” the following quote found on page 127:
“Start your own business, work on commission, get a percentage of revenue or company profits, or get stock options. Whatever your vehicle, make certain you create a situation that allows you to get paid based on your results.
Personally, I believe just about everyone should own their own business, be it full-time or part-time. The first reason is that by far, the vast majority of millionaires became rich by being in their own business.
Secondly, it’s extremely difficult to create wealth when the tax man is grabbing almost half of everything you earn. When you own your own business, you can save a small fortune in taxes by writing off a portion of your expenses for such things as your car, travel, education, and even your home.”
It’s true-just ask anyone who’s wealthy. It is extremely difficult to obtain working for someone else. But if more money is your choice, I firmly believe incorporation is the first and foremost step, even if you are unsure about what type of business you may be venturing into.
To do so yourself is simple, and most know all that is needed is a corporation name and a social security number. Register this business name with your state, and ask the IRS for an EIN (Employer Identification Number) and your set. However…
Credit Clue: A standard in the banking/lending industry that funding is not extended to a corporation or business unless it is over 2 years old.
I believe this one tidbit of information is why most businesses fail. Why?
Credit Clue: Corporate credit does not work like personal credit. It utilizes a separate credit reporting system. And if applications are attempted before this 2 year waiting period, the credit file of the business is hit-very hard and for a very long time.
There is a solution besides waiting 2 years.
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