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Reinstate llc or start new?

VonD
Established Member

Reinstate llc or start new?

I have an LLC i started 4 years ago. It was dissolved and I can restate it for $250. It has no bsuiness credit history. Also I'd have to change the name of my old entity because the name doesn't apply anymore.

 

To start a new LLC business it is $100.

 

I plan to start my business up again and build business credit. Will it look "favorable" on apps to have "4 years in business" instead of a new entity?

 

 

Message 1 of 5
4 REPLIES 4
CashBackQueen
Frequent Contributor

Re: Reinstate llc or start new?

I would start fresh, you can still consider your business as 4 years old, it just won’t be registered for 4 years (ie founded date). As for business credit, 4 years won’t matter if the revenue doesn’t back it up, not to mention proof of revenue (bank statements, tax returns). I’m assuming there is none of that being that it’s been dissolved for so long.

 

I'm not a business advisor, but that’s my take on it and what I would do. Hopefully others will chime in. Best of luck!

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Message 2 of 5
silver_idle
Established Contributor

Re: Reinstate llc or start new?


@VonD wrote:

I have an LLC i started 4 years ago. It was dissolved and I can restate it for $250. It has no bsuiness credit history. Also I'd have to change the name of my old entity because the name doesn't apply anymore.

 

To start a new LLC business it is $100.

 

I plan to start my business up again and build business credit. Will it look "favorable" on apps to have "4 years in business" instead of a new entity?

 

 


The length in business sometimes is helpful too because creditors like to see a business opened longer, though if you dont have business credit and if you dont have any business revenue, then the age would somewhat be useless if youre looking to get credit without PG. If you dont mind doing a PG for debt, then it wouldnt matter which direction you do take. 

 

Message 3 of 5
VonD
Established Member

Re: Reinstate llc or start new?

Thanks all! I've decided to start new!

Message 4 of 5
corpcrmgr
Valued Contributor

Re: Reinstate llc or start new?

Working as a CM in B2B setting I agree with your action.

Message 5 of 5
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