Credit Chess

Shelf corporations are not looked upon unfavorably by regulators, lenders, or the
business reporting agencies. Many say they are unethical, borderline illegal, and some
call them a fraud.
From Dun & Bradstreet… “It is unclear whether it is legal to use shelf corporations
to access credit. It is clear, however, that this is a deceitful, unethical maneuver that
serious entrepreneurs should avoid.” If the credit bureaus learn about the company
being under new management, they will list it on their reports, e$ectively “re-aging”
the company.
“Shell and shelf companies can be created domestically or in a foreign country. Shell
and shelf companies are often formed by individuals and businesses to conduct
legitimate transactions. However, they can be and have been used as vehicles for common crime
schemes such as money laundering, fraudulent loans and fraudulent purchasing. By
virtue of the ease of formation and the absence of ownership disclosure requirements,
shell and shelf companies are an attractive vehicle for those seeking to conduct illicit
activity.” FDIC Special Alert, April 24, 2009.

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A Limited Liability Company (LLC) is a form of business whose owners enjoy limited
liability, but which is not a corporation. A limited liability company is a "exible form of
enterprise that blends elements of partnership and corporate structures. An LLC is not
a corporation; it is a legal form of company that provides limited liability to its owners.
LLCs do not need to be organized for pro .
In certain US states, businesses that provide professional services requiring a state
professional license, such as legal or medical services, may not be allowed to form
an LLC but required to form a very similar entity called a Professional Limited Liability
Company (PLLC).
A Limited Liability Company (LLC) is a hybrid business entity having certain characteristics
of both a corporation and a partnership or sole proprietorship (depending on how
many owners there are). An LLC, although a business entity, is a type of unincorporated
association and is not a corporation.
The primary characteristic an LLC shares with a corporation is limited liability, and the
primary characteristic it shares with a partnership is the availability of pass-through
income taxation. It is often more "exible than a corporation, and it is well-suited for
companies with a single owner.

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Merchant and revenue advances are becoming increasingly common in the business
funding arena. These are just like cash advances in the consumer world. They are much
easier to secure than loans and credit lines. In most cases you can get approved with
no business Financials being provided, including no tax returns.

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corporation may be either a Subchapter S Corporation or a C corporation. An S
corporation is a corporation that makes a valid election to be taxed under Subchapter
S of Chapter 1 of the Internal Revenue Code. In general, S corporations do not pay any
federal income taxes. Instead, the corporation’s income or losses are divided among
and passed through to its shareholders. The shareholders must then report the income
or loss on their own individual income tax returns.

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Dun & Bradstreet has a massive presence worldwide. Of over 200 million records they
had on in 2012, they reported over 54 million were from Europe while only about
33 million were from North America. Another 12 million records were from Latin
America, while only 27 million records were from Asia Pacific .The lowest volume of
records on file was in Africa, with only about 1.1 million records on file, and the Middle
East, with only about 1 million records on file.
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Dun & Bradstreet is the biggest and major business credit reporting agency. Commonly
known as D&B, the agency provides information on businesses and corporations
for use in credit decisions. Dun & Bradstreet is a publically traded company with a
headquarters in Short Hills New Jersey, and trades on the New York Stock Exchange.

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Doing Business As (DBA) denotes a business name used by a person or entity that is
different from the person’s or entity’s true name. Filing rudiments vary and are not
permitted for some types of businesses or professional practices. DBAs can be sole
proprietorships or can be used by corporate entities to reserve “brand names”, such as
those of chain stores owned and operated by a holding company or other “umbrella”.
The phrase “doing business as” (abbreviated DBA, dba, d.b.a. or d/b/a) is a legal
term used in the United States and Canada, meaning that the trade name or
business name under which the business or operation is conducted and presented to
the world is not the legal name of the legal person(s) who actually owns the business
and is responsible for it.

Crowdfunding is another great financing option for small businesses. With
Crowdfunding you use the collection of finance from backers—the “crowd”—to fund
an initiative. Crowdfunding models involve a variety of participants including the
people or organizations that propose the ideas and/or projects to be funded, and
the crowd of people who support the proposals. Crowdfunding is then supported by
an organization (the “platform”) which brings together the project initiator and the
crowd.
Crowdfunding allows good ideas which do not the pattern required by conventional
Financiers to break through and attract cash through the wisdom of the crowd. If it does
achieve “traction” in this way, not only can the enterprise secure seed funding to begin
its project, but it may also secure evidence of backing from potential customers and
benefit from word of mouth promotion in order to reach the fundraising goal

Private money includes Equity Investors, Private Financing and Crowdfunding.
Contribute money in exchange for a percentage of equity, or ownership, in your
company. Think Shark Tank, percentage of ownership based on risk, typically 20-60%
is a viable option for startups as no tax returns are typically required, the “idea” might
be enough to attract an investor. Investors will want to see value, such as a product
with patents. In many cases they would prefer to see a tested and proven concept
over just an idea.

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A corporation is a separate legal entity that has been incorporated either directly
through legislation or through a registration process established by law. Incorporated
entities have legal rights and liabilities that are distinct from their employees,
shareholders, and members, and may conduct business as either a pro -seeking
business or not-for-pro . Despite not being human beings, corporations, as far
as the law is concerned, are legal persons, and have many of the same rights and
responsibilities as natural people do.

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Business credit scoring is based on how you pay your bills. If you pay the majority of
reported accounts on time or early, you will have a good score. Most business owners
have little to no credit reporting. So, even one negative account can have a BIG impact
on their business credit score.
It is essential that you continuously build your business credit profile just as you do
with your consumer credit. One of the best ways to battle negative information on
your report is to offset it with LOTS of positive information. So continuously build your
business credit profile just as you do with your consumer credit.

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Equifax business also has an online system for credit disputing that they provide
through their online credit monitoring platform in their member center under
“Disputes”.
Keep in mind, the business credit reporting agencies may not be allowed to release
the name of the person making the negative reference on your report. REMEMBER,
you don’t have the same rights as you do with consumer credit reporting as there is
no fair

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