Get Incorprated
IF YOU ALREADY HAVE AN LLC THAT IS FINE.
Business Entity
Register an Official Business Entity for your Business. There are (3) Entities to choose from, C-Corp, S-Corp or LLC.
The best entity for you will vary, if you are unsure go with LLC as it is the most versatile. If you have a CPA consult him.
I also recommend filing with INCFILE as its free and you only pay state fees, it also comes with (1) year of free registered agent if desired
(out of state incorporation).
If you file in your state you are the registered agent.
If you want to file in another state because of tax advantages you may do so and will take the free registered agent for (1) year.
***KEEP IN MIND***
90% of business bank accounts must be opened in person, for this reason it is MUCH easier to set up your corporation in your state. If you want to leverage tax advantages: Set up your holding/funding corp in your state, set up your operating corporation in another state.
ENSURE You use the Address, Phone Number and E-mail that we’ve acquired up until now throughout the whole application.
Don’t Pay for Anything Except State Fees.
**BE CAREFUL NOT TO CLAIM A HIGH RISK BUSINESS**
When choosing the Entity’s name and SIC Code, keep it neutral. If you choose a risky name or SIC code, you will be auto denied later on for business credit.
- Choosing the wrong code can mean a funding denial
- A loan or a business credit card can be denied based on classification
- Some SIC codes can trigger automatic turn-downs, higher premiums, and reduce credit limits for a business.
- The business owner chooses the SIC code and must be honest about the classification.
But if more than one SIC code could apply, there is nothing wrong with choosing a SIC code which will not get an automatic denial Wink Wink*
Real Estate Investing can be Business Management or Property Management.
What I use for my neutral business
management/consulting companies:
541611 – Administrative Management and General Management Consulting Services .
This U.S. industry comprises establishments primarily engaged in providing operating advice and assistance to businesses and other organizations on administrative management issues, such as financial planning and budgeting, equity and asset management, records management, office planning, strategic and organizational planning, site selection, new business start-up, and business process improvement. This industry also includes establishments of general management consultants that provide a full range of administrative, human resources, marketing, process, physical distribution, logistics, or other management consulting services to clients.
Automatic Denial
□ Ammunition or Weapons Manufacturing; wholesale and retail
□ Bail Bonds
□ Check Cashing Agencies
□ Energy, oil trading, or petroleum extraction or production
□ Finance:(Federal Reserve Banks, foreign banks, banks, bankholding companies, loan brokers, commodity brokers, security brokers, mortgage brokers, mortgage bankers, mortgage companies, bail bond companies, or mutual fund managers)
□ Gaming or Gambling Activities
□ Loans for the speculative purchases of securities or goods
Risky Business Codes and Names Cheat Sheet
□ Pawn shops
□ Political campaigns, candidates, or committees
□ Publicadministration (e.g.,city, county, state, and federal governmental agencies)
□ X-rated products or entertainment
High-Risk Strict Approvals
□ Agriculture or forest products
□ Auto, recreational vehicle or boat sales
□ Courier services
□ Computer and software related services
□ Dry cleaners
□ Entertainment (adult entertainment is to be considered restricted)
□ General contractors
□ Gasoline stations or convenience stores(also known asc-stores)
□ Healthcare;specifically nursing homes,assisted living facilities, and continuing care retirement centers
□ Special trade contractors
□ Hotels or motels
□ Jewelry, precious stones and metals; whole sale and retail
□ Limousine services
□ Long distance or “over-the-road” trucking
□ Mobile or manufactured home sales
□ Phone sales and direct selling establishments
□ Real estate agents/brokers
□ Real estate developers or land sub-dividers
□ Restaurants or drinking establishments
□ Software or programming companies
□ Taxi cabs(including thepurchaseof cabmedallions)