Posted by Jeff Neville on June 14, 1999 at 22:58:23:
Hi Paulette - I had the same problem here in Mich. when I incorporated a security guard co. with the word “security” in the title. I agree with all the others who said just change the name. You want the benefits of the corporation itself - the name is really a secondary issue. Just my opinion. Good luck. Jeff
Enuf’s never enuf… - Posted by Paulette
Posted by Paulette on June 10, 1999 at 10:24:10:
First of all, thanks to those who helped me last week in dealing with state officials on incoporating. Now, I’m told that my proposed Cert. of Incorporation was rejected because of the word “Investment” which I used in the title. I will need to get the approval of the Superintendent of NYS Banking Dept. before I use such word. So I’m now in the process of writing the letter to request their consent, but I need help with the wording which I should use. The instructions state that I need to describe in plain language “a)the primary business activities of the corporation in New York”. Now, since I am acting as a principal in my own interest, I was not sure of the activities I should state. My purpose for forming a corporation in the first place was to take title to real estate and have certain tax benefits. But I don’t know if this is an acceptable activity to state to the Dept. of Banking. Whether or not I get their approval - for my own information, could someone tell me what are the primary business activites of a corporation formed by real estate entrepreneurs - besides taking title that is?
As always, many thanks.
Re: Enuf’s never enuf… - Posted by B.L.Renfrow
Posted by B.L.Renfrow on June 14, 1999 at 17:02:33:
I agree with the posts below; just use another name. The name you chose is really irrelevant. And as you already discovered, using certain key words, like real estate, is likely to trigger an uninformed knee-jerk reaction from some bureaucrat.
And I did find what I referred to last week about describing in plain language the primary business activities of the corporation. Here’s the wording:
“To engage in any lawful act or activity except one for which a statute requires some other business entity or natural person to be formed or used.”
Hope this helps.
Path of least resistance … - Posted by Redline
Posted by Redline on June 14, 1999 at 14:55:20:
Paulette - if my application for incorporation was denied because of my use of the word “investment” - the first thing I’d think of is NOT to lobby the NYS Dept of Banking … but to change the name of my corp!
Re: Enuf’s never enuf… - Posted by Rob FL
Posted by Rob FL on June 10, 1999 at 10:34:17:
I think you are making things too hard. If the state gives you a hard time for a company named “Paulette Investments” then just change the name to “Paulette Homebuyers” or “Paulette Real Estate” or “Paulette Land Holdings” or “Paulette Investors”. Do you get the idea?