Corporate Credit Secrets
When Must Privately Held Companies File with SEC
Private companies are required to file reports with the Securities and Exchange Commission (SEC) if they meet these criteria: Companies with more than $10 million in assets whose stock is held by more than 500 owners; or Companies that have made a ...
Will Nominee Services Keep My Name Off IRS Records
No, hiring a nominee for an LLC or Corporation cannot keep one completely anonymous from the IRS because they do not allow business owners to use a nominee’s name on an EIN application. The EIN application will not be public record, but the IRS will ...
Should An LLC Have Manager(s) or Member(s)
In a manager-managed LLC the members will not have a say in ordinary business decisions. In a member-managed LLC the members are responsible for the day-to-day operations.
What Is Considered A 'Reasonable Salary' for A Corporation's Officer
60/40 is a simple rule that helps corporation owners determine a reasonable salary for themselves. Divide the business income into two parts, with 60% designated as salary and 40% paid as shareholder distributions.
What States Offer No Par Value Stock
The following states have passed legislation authorizing the issue of no par value stock: Alabama, California, Colorado, Delaware, Idaho, Illinois, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, ...
Must Par Value Be Legally Set at $0.01 When Filing
Par value is an open interpretation of what a stock's value should be. This is usually set at a minimal amount, such as $0.01 per share, since some state laws still require that a company cannot sell shares below the par value (i.e. $0.0000001). By ...
When To Use [Business Name] & When To Use [Business Name] LLC / Inc. / Etc.
Only when an organization asks for one's legal business name is there a requirement to add the entity-type, such as LLC or Inc. (for corporations).
New Beneficial Ownership Laws for Corporate Entities (2024)
There are new Beneficial Ownership Laws that go into affect January 1, 2024 for corporate entities. Under the final rule, a beneficial owner includes anyone who, directly or indirectly, either exercises substantial control over a reporting company, ...
How To Setup Twilio "Direct Call To" For Phone Verification
Login to Twilio.com and go to STUDIO > OVERVIEW > CREATE NEW FLOW then in the Widget Library choose CONNECT CALL TO and connect the line from INCOMING CALL + INCOMING MESSAGE to this widget. Enter your cell phone or home phone number so that one can ...
What Does One Need to Open a Business Account
It is suggested that you look for an SBFE member bank to open a business account with if you plan to build corporate credit, but this isn't a requirement. See the following excerpt from Corporate Credit Secrets on opening a new business account: It ...
Which Bank Is The Best Provider For A Business Checking Account
Navy Federal Credit Union (NFC) is one of the best providers for a business banking account. It should be noted that they only report to personal credit which is why this topic is only including in High Credit Secrets (personal credit course) and ...
Is Navy Federal Credit Union Used To Build Corporate Credit
Navy Federal Credit Union is not suggested for credit building but rather one of the best providers for a business banking account. They only report to personal credit which is why this topic is only including in High Credit Secrets (personal credit ...
Do Credit Denials Show Up in A Credit Report
A soft inquiry does not have any impact on your credit scores, whether one is pre-approved or denied for the line of credit.
How Much Funding Can Someone Get & How Fast Can They Get It
Anyone can obtain $50,000 in NO PG (no personal guarantee) corporate credit lines within 6 months and $100,000 in 12 months. If good personal credit is used to obtain PG (personally guaranteed) corporate credit lines, it can range from an additional ...
A Specific Company Does Not Allow Payment Via Credit Card – What Can Someone Do
Melio and Plastiq are able to convert funds from a credit card into a paper check or wire transfer to pay the company that does not accept credit cards. Be aware that currently Melio charges no fee at all for debit card payments while Plastiq charges ...
Will A 'Closely Held Corporation' Affect The Status of The Corporation / LLC
No, this status called a 'closely held corporation' is merely a corporation owned by an individual or small group of shareholders (often of the same family) with the majority of its shares owned by a few individuals. In other words these shares are ...
What Credit Bureaus Should Be Unfrozen To Qualify For Credit Line
Asking the creditor which bureau(s) are used for qualifying for that specific line of credit is important. Unfreeze only those bureaus mentioned.
The Website Template Installation Keeps Failing
Contact the website’s host and ask them to increase the following PHP variables may help: memory_limit, max_execution_time, upload_max_filesize, post_max_size, max_input_time, max_input_vars. This is why we suggest using HostGator. Additionally, ...
Can Corporate Credit Be Piggybacked (Authorized User)
Piggybacking works only for personal credit as virtually every credit card allows Authorized Users to be added, but business credit cards only allow Authorized Users as employees. Further, business entities cannot be added as Authorized Users to ...
Can Spend Be Manufactured / Faked with Corporate and Business Credit Lines
No, use of credit cannot be faked or manufactured. Virtually all creditors require credit to be used and repaid for there to be something to report.
Can A Home Address In One State Be Used For A Business In Another State
No, one cannot use a home address in one state for a business located in another state.
Can A Corporation or LLC Change Its Articles In The Future
Yes, a corporation may amend its Articles of Incorporation at any time to add or change a provision that is required or permitted in the Articles of Incorporation or to delete a provision not required in it as well.
Can An LLC Be Converted Into A Corporation
Yes. Most states allow LLCs to be converted to a corporation by the simple filing of documents with the state, these documents essential merge the two entities into one. At the time of the conversion the LLC by operation of law becomes a corporation ...
Will Activating An Old Business Speed Up Corporate Credit
A still ACTIVE older businesses will help push the process along faster. Reactivating an old business may not speed up the process because the re-incorporation date resets the “entity age” which is an important factor.
Can Non-Resident Aliens Own S-Corporations
A non-resident alien cannot own an S-Corporation, but there are no citizenship or residence requirements for ownership of a C Corporation or an LLC.
What Penalty Is There for Corporation's Failure To File
Corporations that fail to timely file an income tax return are subject to a penalty of 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. When there is $0 owed, the maximum penalty ...
What Do These Business Credit Scores Mean (D&B, Experian Business, Equifax Business)
D&B is out of 100. Experian Business Credit is out of 100. Equifax Business is ranged from of 101 to 992. D&B and Experian associate 80 with an Excellent score while Equifax considers 725 to be that.
Member vs Manager of LLC
An LLC managing member is both the LLC owner and someone who keeps the business running on a day-to-day basis. A manager generally has the authority to make decisions and enter into contracts on behalf of the business.
Foreign LLC vs Domestic LLC
Foreign qualification is when a legal entity conducts business in a state or jurisdiction other than the one it was originally formed within; often used for entities previously registered in another state and wishing to conduct business within a new ...
How Often Can One File for Bankruptcy
One can legally file for Chapter 7 bankruptcy (business debts only) every 8 years and Chapter 13 (business and personal debts) every 2 years; however, with the help of Debt Removal Secrets a bankruptcy can be repeated about every 6 months and can be ...
Operating 2 Businesses in 2 Different States
It is easy to obtain a separation of liability between businesses. Forming a new entity in different states is one way to provide liability separation. If one business goes bankrupt, the assets of the other business cannot be used to pay off its ...
How Soon Can One Start A New Business After Filing for Bankruptcy
One can start a business the day after filing for bankruptcy or after the bankruptcy has been completed, depending on state laws. Be aware that a new NAICS code should be used for classification of the business after bankruptcy. If a similar business ...
How Many Times Will The State Let Someone File Bankruptcy
There is no restriction on how many times one can file for bankruptcy in any state. Whether one has gone through the bankruptcy process multiple times or not, it does not matter. There is only one minor caveat. Filing for an additional bankruptcy too ...
Why File for Bankruptcy When Dissolutions Are Available
While dissolutions are typically faster than bankruptcy and have lower fees, companies often dissolve when they anticipate being able to pay creditors in full or at an agreed upon lower amount. If creditors cannot be paid in full or don’t agree to ...
USPS Will Not Accept The PO Box for Business Unless There Is Additional Evidence
When a USPS location does not allow a business to be selected for the trust [see sample application form below], one can show the trust indenture to prove it is a legitimate trust/business organization. According to their PS1093C application, USPS ...
How Does a Person Get Dozens of Credit Cards & Handle All The Credit Inquiries
After the card has been issued BUT BEFORE it has shipped, call the 3 credit bureaus (Equifax, Experian, TransUnion) to get the inquiry removed before the account shows as ACTIVE to the bureau. We suggest waiting 2 weeks after the inquiry has been ...
Can Corporate Credit Be Turned Into Cash
Yes. The program walks students through multiple ways they can convert their net vendor accounts and credit cards into cash. One of the multiple methods discussed revolves around purchasing store gift cards and selling them online for 90% of face ...
The Business Already Has DUNS Number - Does This Skip Some Tiers of Credit Building
If the business has a PAYDEX score, it is possible to skip the T1 and T2 tiers of corporate credit, going right to T3 net vendors and credit cards. On the other hand, if the business does not have a PAYDEX score then starting at the beginning of the ...
What If A Bankruptcy Didn't List A Specific Debt
Any debt not listed in an asset case will not be discharged; however, a no-asset Chapter 7 Bankruptcy (no money to repay creditors) the debt may still be discharged.
Mailing Address vs Street Address
A mailing address is where the majority of business mail should go. A street address is often used as another name for a physical address, meaning the address where the business is located.
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