Chronological order of events
In order to assure your company received the maximum benefit our service can provide, please follow the steps listed. Keeping an open line of communication is vital!
1) Corporate Name
Create a name for your new corporation. Make it generic, avoiding names that included your name or the words “mortgage”, “reality”, “finance” or “funding”. This helps prevent banks from categorizing your business and black balling you from credit.
2) Check the availability of your corporate name
View the secretary of state website in the state you wish to be incorporated in. we prefer Nevada if you have no preference. Don’t worry about registering the name, our partners will handle that responsibility and file all of the articles of incorporation.
3) Complete our package of forms
The following forms need to be completed and faxed back to us within four business days:
(1) Corporate services contract
(2) Corporation’s profile
(3) CFO questionnaire
(4) CFO personal financial statement
(5) Limited Power of Attorney
(6) Authorization to pull credit
(7) Two signed blank credit card authorization forms for the balance of the fee, to be charged to your new corporate credit cards at the agreed times
(8) Color scanned copies of Drivers License, Social Security Card and Utility Bill of CEO and CFO need to be submitted via email. If you don’t have your SSN card, please substitute proof of your SSN by a 3rd party document, such as a 1099, bank statement, or like instrument.
4) Payment for services
i. Credit Card - If you will be paying the retainer via a credit card and we are using your credit to obtain the corporate credit, please be sure that the card you are using will not have a new balance exceeding 50% of your credit limit.
ii. Check - If paying by check, FEDEX it to our office. We request that you not use USPS Express Mail as we’ve experienced unreliable delivery to our office in the past, and we’d like to avoid it happening again.
iii. Wire transfer - Transfer Info will be provided.
5) Business Address
Within the next few days you should get us your corporate address. If you have a Brick and Mortar building, we can use that. If not, you will want to get a virtual office package. Please contact us if you need help doing this. All you need is the basic mail forwarding package which runs at around $80 a month. Any other services are ok, but are your choice. We don’t want to use your home or a PO Box. You want the virtual address to be in your city, not in the state you’re incorporated in.
6) Business Phone Number
As soon as possible make arrangements with your phone company for a business phone number that is 411 listed. You can create a separate land line or get a call forwarding service. Forwarding services can cost as little as $20 a month. You must list this with 411 under your corporate name. A corporate business address will be required to list the phone number. The number should have an area code for the area your virtual office is in.
7) Incorporating
Unless you have a preference, we will incorporate you in Nevada. It will also be registered in your state as a business. It will take about 3 weeks for your articles of incorporation to be returned. Your business address and phone number must be complete by this time.
8) Bank of America or Wells Fargo Checking account
You will be provided a banking package that will help you start the initial process. You will be required to open a business checking account to start building your corporate profile. This will most likely require a ($100 deposit for Bank of America and $500 to $5,000 for Wells Fargo) for opening a business account. As banking situations change, the bank or banks required to open business accounts may also change.
9) Initial Bank contact
Most likely you or your CFO will be contacted by the different banks we deal with. Please address these initial phone calls in the following manner;
1 – When you receive this call, take a name and a number
2 – Tell them you are busy and must call them back
3 – Pass the contact information to a representative at our law firm, Corporate Legal Network. Handling the lenders properly is a key ingredient when dealing with newly formed businesses. A portion of the fees your paid goes towards dealing with these lenders, so take advantage of it.
10) First Credit lines
The first credit lines will come two weeks after approval from this contact. Additional credit lines will follow as we build your company’s reputation. Most cards will be sent to, and in the name of, the CFO. If you are not the CFO, we will arrange for second cards to be issued in your name.
11) Maintaining Records
Every time you receive a new line, please send us a color copy of both sides of the card for our records. We will also want details on the final limit offered to you. This is one key of preventing corporate identity theft.
12) Payment on the lines
We recommend you make 25% above the minimum payment to boost your paydex further. To be even more aggressive, you should make electronic payments before you ever even get a bill. Two payments a month is even more impressive to banks. It is imperative to make all of your payments on time!