Corporate credit/business credit building checklist
CORPORATE CREDIT BUILDING CHECKLIST
Name Availability Check
There are to basic choices:
- Obtain an aged shelf company that’s at least four years old.
- Start a new company and wait four years to earn that age.
Obtain an EIN
Separate Bank Accounts
Obtain A D-U-N-S number
The next step will be registration with the Dun and Bradstreet credit bureau. You can file electronically here. Registration involves answering simple questions such as the legal name of business, address, contact information, etc. You should receive a DUNS number within 24 hours of submitting the request.
Apply for Credit
Maintain Credit Standing
HOW MUCH SHOULD THEY COST? WHAT IS THE INDUSTRY STANDARD?
Aged corporations with no transaction history are priced using this general industry formula:
Cost of Filing + Cost of Maintenance + Years x ($1000)
Example: Bob finds a Nevada aged corporation that is two years old. The aged corporations cost the incorporator $750 to form and to maintain the corporation. How much is it worth?
PRICE = Cost of Corporation + Cost of Maintenance + Years Aged x ($1000)
PRICE = $750 + 2 x ($1000)
PRICE = $2750
$2,750 is the market rate for a two year old Nevada aged corporation. As an alternative, Wyoming aged corporations cost less because their formation and maintenance expenses are substantially less than in Nevada. They are just as good in terms of asset protection and financial privacy, but without the marketing hype. The same corporation formed in Wyoming may only cost $2210.