Frustrated with the formalities? Get business-ready with shelf corporations!
It takes a bit of time to get your firm ready for the world of business. You need to get all formalities done and pay the fees with the secretary of state or equivalent authority in your area. If you miss any of these, you can be pulled up later by the government. It would be a massive dampener for a functioning business to be stalled because of such issues. So, it is best to check and recheck whether all of these formalities have been done. While it will take, there is no way out if you choose to incorporate it.
However, there is a way out for the smart ones who want to save time and put these matters in experts' hands. You could use shelf corporations with bank accounts, where you can start instantly after ownership is transferred to you. These corps have all the requirements in place but have not been used for any operations. If it has an operating history, it is a running business, not a shelf corporation, and its own baggage. The shelf corp offers you a blemishless history along with a clean slate, which is really the best of both worlds.
The way forward after buying a shelf company
In the above paragraphs, we have described one of the advantages of owning a shelf company. The next and most important benefit is that a shelf corporation can shorten the time it takes for your business to access bank funding. This process's steps include opening a bank account soon after formalities such as IRS Registration and allotment of EIN are done. You might also need other things such as a trade license or foreign entity registration, depending on your circumstances. If you are buying a shelf corp in a different state, you will need to have a registered agent there. It is better to go with an experienced shelf corp vendor to offer all such services under one roof. You will not have to go running from pillar to post and focus on building your business. Once the bank account is opened, you can start accepting payments and transferring money to your creditors. Your firm is now in the process of acquiring a Paydex score of 80, a crucial requirement it needs to achieve before you can be confident of credit approval from a bank.
