Please help -- buying a shelf company in WY (Cheyenne: get credit, lawyer)

[needmoreinfo]

Please help -- buying a shelf company in WY
Hello,
I live in a state that is not too friendly to business and am interested in buying a company in Wyoming so as to protect my assets.
I have called some gov't offices, they were encouraging, they said that I needed to go through a registered agent.
I am just wondering if anyone else has bought a company in Wyoming?
I need a 2-year-old company in order to qualify to get on the GSA schedule. I'm sure I am not the first one to think of that. Just wondering if the GSA is going to just check off the blocks or actually look into the company's history? Actually I can't even tell if there is anything wrong with it, seems legit but a little bit cheesy that is all.
Also are there more reputable registered agents, are there ones to avoid? How can I evaluate them? For example, if they offer a virtual office, phone answering and mail forwarding, etc, how can I check them out beforehand to see if they will actually do all that stuff?
Also they offer websites, etc.
Has anyone done this before who might be willing to give me some advice?

[sunsprit]

Many lawyers and law firms in the area act as corporate agents for the purposes of legal corporation requirements and agency in Wyoming. You might consider calling them and seeing if they know of a corporation that could meet your needs. The Cheyenne yellow pages has a couple of ads for attorneys and firms that work in this area under "corporation" legal listings.

[BennyPhoenix]

You may want to also contact a CPA, preferably with a larger firm, to get some leads/ideas.

[needmoreinfo]

Thanks.
Actually I would like to hear about the buyer's experience. I have talked to the local government and also the registered agent so next I was hoping to hear from someone who actually purchased one such company or did some research on it or knows someone who did.

Yes I know eventually I should ask a CPA, ask an attorney, etc, so do you know a reputable CPA or lawyer knowledgeable about aged shelf companies who charges very low rates?

Thanks!

[BennyPhoenix]

Call the bar association for wyoming for referrals.
It's a small state, I doubt there are many attorneys with experience in it.

[needmoreinfo]

Originally Posted by BennyPhoenix

Call the bar association for wyoming for referrals.
It's a small state, I doubt there are many attorneys with experience in it.

Thanks, Benny. I understand about lawyers. I would really like to hear though from someone with personal experience or secondhand knowledge of success using a shelf company or if their efforts to use a shelf company were unsuccessful or if the whole idea is a scam, etc. I mean, for someone with a legitimate business, are there benefits to a shelf company? I would hate to invest in one, time especially, then find out a year later that no one wants to do business with a shelf company because they are scams.
Thank you!

[NVDave]

I can't speak to shelf companies in Wyoming, but can from experience in Nevada, where you can't swing a cat around your head in Carson City without decking at least one lawyer involved in Nevada corporate organizations for out-of-state businesses.

"Shelf" or "aged shell" corporations in Nevada have a tinge of scam about them, because people are forever curious about why anyone would pay a premium (in Nevada, sometimes it is a hefty premium) for a corporation which has done nothing but sit in a lawyer's file drawer for a decade until you came along. Couple this with the fact that Nevada does not share tax info with the IRS (they're the only state that doesn't) and when an out-of-state company uses a Nevada aged shell corporation, folks figure that someone is trying to hide something from someone.

There's dozens of lawyers in Nevada making a tidy sum providing these aged shells, tho. So it stands to reason that there is a demand for them.

[BennyPhoenix]

There are legitimate uses for a shelf co. BUT they are deceptive because it is making a newer business look like it's been around a long time.
Most of the uses I've seen have been fraudulent and used for no other reason than to issue stock that is then hawked as the newest hot penny stock.

[needmoreinfo]

I am sure you can't swing a cat in Wyoming without hitting one of the "registered agents" either. There is a 50-page list of them registered with the state. From what I can see the registered agents are legit, and the purchase of the company is legit, it is just the purchasers of the companies often times use them fraudulently.

I think you can get shelf-aged companies in other states as well just no tax benefits.

I too am a little mystified as I do not see why most people would want to pay the premium. However, the premium is only $600 or so, which is really a minimal expense so even a very minimal benefit woulr make it worthwhile.

One "legitimate" (at least not illegal as far as I know) is to meet statutory requirement for a company to exist a certain number of years, for example, to bid on a gov't contract.

I know some people want to use them to get credit or evade taxes -- I don't see how either scheme would work, since the bank and the IRS are going to see no activity for several years, unless of course you go back and make "corrections" to the past corporate tax returns.

Then of course there are the run of the mill pyramid schemes in which case the little extra age may make buyers feel safer.

As for SEC filing, I think they want "shell" companies which are not necessarily aged, but then I could be wrong.

[BennyPhoenix]

Originally Posted by needmoreinfo

One "legitimate" (at least not illegal as far as I know) is to meet statutory requirement for a company to exist a certain number of years, for example, to bid on a gov't contract.

I dont know if it is legal or not, but it is certainly deceptive and dishonest.