INCORORATE? - Posted by Richard

Posted by johnman on March 26, 1999 at 24:04:23:


Did you hire a registered agent or did you use a friend to receive paperwork for your corporation?


INCORORATE? - Posted by Richard

Posted by Richard on March 25, 1999 at 20:55:32:

I have 2 questions.

  1. How do you incorporate without a lawyer?
  2. Will a bank give a loan to a newly developed corpration?

I would really appreciate the help.

Re: INCORORATE? - Posted by Rob FL

Posted by Rob FL on March 26, 1999 at 21:05:47:

As far as getting loans to new corporations it is very doubtful that a bank will give a loan to a new corporation unless (1) you have good credit a personally guarantee the loan or (2) you have a very large income earned by the corporation.

I took some of Raelynn’s advice a few months back with my corporation.

I already had a tax-id number, but I got a Dun & Bradstreet number. Very easy to do.

I then applied at Home Depot for a corporate credit card and personally guarnateed it. Charged some items for fix up on my properties and paid on time. Instant good credit.

Then I went to Lowe’s Home Store and did the same. Then Office Depot.

After that I have started getting all kinds of solicitations from Visa and Am. Express for corporate credit cards. They will be my next step. I have only been doing this since December.

My corporation is getting very good credit.

Go to “” - Posted by Andre (NC)

Posted by Andre (NC) on March 26, 1999 at 13:28:12:

Go to the above website and download a list of registered agents. Most of them have a website address so you can check out the services they provide and the prices(which vary a great deal)they charge. I’m just in the beginning stages and I couldn’t believe how much the fees varied. Some of these are really good websites that will tell you about incorporating (even if you’re not going to do it in Nevada). Valu-Corp, and no I’m not promoting their business, has a really good article you can download called “What Incorporating Can Do For You.” Good Luck.

Inc’ing w/out a lawyer… - Posted by raelynn mitchell

Posted by raelynn mitchell on March 25, 1999 at 23:39:56:

can be done. There are registered agents that can be your “official contact”. You can get a list from the Secretary of State’s office in the state you plan to incorporate in.

Yes, sometimes a bank will give a loan to a newly developed corporation. It helps a LOT to already have good personal credit. Or if not, hire someone else with good credit to be one of the officers. That officer will need to personally guarantee in the beginning. After a while, the corporation will have a track record (takes a year or two) and can “stand on its own” for some loans. Dollar amount of loan can make a difference in the guarantee requirements once established credit is there. For instance, Wells Fargo Bank has a program where for credit lines of $50,000 or less, all that’s needed is the officer’s personal guarantee and copies of a few bank statements. For lines $50,001 and above, they want 2 years of corporate tax returns and financial statements. Bank of America has a similar program.

Someone I know who had an existing business for several years and already had a business creditline as a sole proprietor recently converted the line to a corporate line of credit after informing the bank that they had incorporated and that everything should be under the corporate umbrella. Yes, tax IDs and/or Social Security numbers are required. The banks want to know about the PEOPLE behind the entity. After all, it’s the people leading the helm that make the decisions on what the corporation will (or will not) do.

The good news is, oftentimes corporate credit lines are larger than personal. The bad news is, track record is required with the banks and they often want someone to guarantee personally. I’ve been told that some banks will allow you to guarantee, then once you have a track record you can go back and open an additional account unguaranteed. Then you can either have 2 accounts, or close out the one that’s personally guaranteed.

Hope this helps somewhat.


Re: INCORpORATE? - Posted by johnman

Posted by johnman on March 25, 1999 at 22:17:44:


check out Mr. Bronchick’s course “How to create a Bulletproof Corporation”. It is wonderful. Go to the books-course section of this site.


Re: INCARCERATE? - Posted by Jim IL

Posted by Jim IL on March 25, 1999 at 22:10:23:

Sorry, I’m feeling surly tonight.
Maybe it is the medication??
Anyway, I too would like to know the answers to your questions, as I’m sure incorporation self done, is cheaper than paying a lawyer to do it.
And the loan part, well, curiousity has me thinking.
If that is possible, it would be great.
Although, I have a suspicion that we need to use a social security number somewhere, or EIN and either one will point to us.
Good luck and please post any info you find out,

About registered agents… - Posted by raelynn mitchell

Posted by raelynn mitchell on March 25, 1999 at 23:45:47:

Shop around. There are some that charge an arm and a leg, and others that are considerably less for the same services. When I decided I wanted to inc. in Nevada, I contacted Nevada’s Sec. of State. They have an 800 faxback number, and are now on the web. You can check your corporate name to see if it’s already taken or not at the website. The faxback number will tell you what you need in order to inc, how much all the fees are, has the minimum forms for filing articles of incorporation (you may want something more substantial here–see Borders, Barnes and Nobles, or a good library) and a list of registered agents addresses and phone numbers to contact. The list is nothing more than a compilation of names of agents who have paid Nevada in order to be on the list; they don’t endorse any of them in any way.

Bottom line is, shop around, find someone you’re comfortable with that answers your beginning questions.