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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3824
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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Hello I am interested in buying a shell coporation and

Resolved Question:

Hello
I am interested in buying a shell coporation and getting a business line of credit.
I will like to know if this is the way to go on doing this transaction. I will like to know before I start spend money
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.

Dear Friend,

 

You may not like what I am going to say, but I would say this in your best interest.

 

A shell corporation is a business entity with no significant assets or ongoing business activities. It is a corporation that is formed and then held on to-put on a shelf-for a few years while some credit history is established for it. The idea is that it will eventually be sold to someone who wants to start a company without going through the steps to create a new one, or someone who wants to get a bank loan but can't qualify because his or her own company doesn't have the necessary credit scores or business history.

 

My Opinion is that it is clearly unethical and possibly illegal. I understand that small business owners are strapped for cash and unable to get loans, but they should stay away from these things. If you can't get a loan from a bank, you need to look at other options and maybe even close your doors. It's a bad time, but if you can't secure capital with what your company has in assets, liabilities, and cash flow, you shouldn't try to fool a financial institution.

 

I am sorry you may not have liked what I said. But in my opinion, you should stay away from this as this may not take you far.

 

Warm Regards,

Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3824
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Rakhi Vasavada and 2 other Finance Specialists are ready to help you

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