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10-02-2006, 03:32 PM
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#1 (permalink)
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Junior Member
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Incorporate first or later?
I have an idea for a business and am in the raising capital stage. Unfortunately I have had some credit problems in the past that I am now in the process of repairing. (By repairing I mean paying off outstanding debt, living on a budget, etc.) My credit score makes it unlikely that i would qualify for a loan from any conventional lender, but I want to move forward with my plans in any way possible even incrementally. what I was thinking about doing was legally creating a corporation first, and then building on that name in order to establish business credit that would evetually be used to start my business. Is this doable? Is it smart?
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10-02-2006, 05:29 PM
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#2 (permalink)
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YE Veteran
Location: Tennessee/Florida
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If you have some money set aside, I would contact the Nevada Corportation- they help build credit for new businesses, and can set everything up for you for about $175.
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10-02-2006, 06:13 PM
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#3 (permalink)
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Senior Member
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First. Have you determine that incorproating is the best way for you to go (as opposed to LLC, LLP, S Corporation in California etc)?
For more information on the various types: www.nolo.com |
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10-08-2006, 03:15 PM
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#4 (permalink)
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Junior Member
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I personally would not waste the money on NevadaCorp, You can do everything yourself for much cheaper. This is also a valuable tool that you need to learn if you are going to run a business. When building business credit, it really does not matter what your personal score are, unless you are going for a specific type of loan or credit line that is not biz credit friendly. All businesses need to establish some form of business credit.
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Business Credit
Duluth Trading, Nebs, Viking, UPS, DHL, Uline, Veripack, Gemplers, Wearguard/Aramark, Mrs. Feilds, Grainger, Interstate Batteries,T-Mobile, Sprint/Nextel, Deluxe, Home Depot $20k, Lowes $5k, Firestone $1k, Home Depot MC $15k, Home Depot MC #2 $22.5k, Office Depot $5k, Staples $5k, Chevron $5k, Shell $13.5k, ConocoPhillips $8.3k, Valero $2.5k, Globe Lighting $10k, Lamps Plus $15k, Citibusiness $20k, Citibusiness #2 $25k, Citi PP $22.5k, Citi AA visa $22.5k, Citi AA MC $25k
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10-16-2006, 08:02 AM
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#5 (permalink)
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Guest
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I have always done it first... personal choice and circumstances I guess.
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