I had an LLC I opened years ago but never used or bought anything with it. Would it still be open and active? How would I check to find out? I want to use it now to buy my properties. If it has been around for a few years maybe that will look better when I apply for business credit. Mike
Hello Mike,
Many times you check on line. This link will lead you to the State Departments you need. www.searchsystems.net click on your State and look for Corporations. This will usually lead you to the registered business entities for that state and most will designate them as being active or inactive. If not there then give the State a call. What State are you in?
As far as the business credit, having a business entity in place for a few years will help. Have you filed tax returns for the inactive years and have you filed annual reports? If the entity is inactive most states will allow reactivation without reforming.
Hi, I’m in PA. No I did not filed any reports because I never made any money in a previous business I had. I actually called the state before to cancel the LLC, but found out it was still open when I tried to open a new one under a different name months later. So I’m just trying to find out if I can use my original one because it has been around for a few years.
I believe you can. I am more familiar with New Jersey.
Have you searched the PA business entity site to see if your company is still listed?
Where is PA? We have helped folks with unsecured lines of credit in your situation. It is a tricky thing though. We specialize in helping small developers and builders work through growth periods. The unsecured business line of credit is one of the products that can help bridge some of the capital needs.
Where is PA- it’s Pennsylvania. I’m outside of Philly.
Good spot to be in. We have had success in helping folks in that market. We are located in the Phila also. Give a call if you want to talk about
What business are you in? Are you a mortgage broker?
Yes and no. We do have a relationship where we place residential loans but that is not our business focus. We do not market or agressively pursue residential financing opportunities but rather have the relationship in place to service our existing client base. If you ask me to help on a residential loan I would probably pass on it.
We are a consulting company that works with small builders and developers. Our services are not limited to financing and can included business formations, property locating, business plans, operating agreements, joint venutre negotiations along with a strong expertise in capital solutions and financing.
We try to help folks position and prepare for growth, especially in the younger stages of business development and generally work only through when referred through our network.