Are Shelf Corporations Legal

A shelf corporation is a company that was created years ago for the sole purpose of being sold in the future simply for the value of its age.

Are shelf corporations legal.

Shell corporations are not illegal and they may have legitimate business purposes. They do nothing with the corporation other than file the annual reports and cover the annual fees. Looking for aged or shelf corporation. Was established on october 19 1992 and published a bi annual circular that was sent out to its fan club.

If you buy a shelf corporation with a seasoned credit profile and use that credit to secure a loan you wouldn t have been able to qualify for normally you may be crossing the line. It was created and left with no activity metaphorically put on the shelf to age. A shelf corporation doesn t engage in any real business but during the aging period some efforts may be undertaken to establish a credit history file basic tax returns open a business bank account and other simple actions to demonstrate some activity. Shelf corporations are legal and do have legitimate purposes.

Wild west arts club inc. Shell corporation law and legal definition a shell corporation is a company which serves as a vehicle for business transactions without having any significant assets or operations. The company can then be sold to a person or group of persons who wish to start a company without going through all the procedures of creating a new one. They are frequently used for holding personal or business assets.

It is in good standing with current tax returns. A person forms a company usually in a state like montana or wyoming where the filing fees are inexpensive and puts it on a shelf. A shelf corporation shelf company or aged corporation is a company or corporation that has had no activity. It all depends upon how a shelf llc is created and how it is used.

They function as transactional vehicles for a variety of firms and for a myriad of.