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Article of the Month for May 2005 Printer friendly version

Naming Your Company

by Ward Hanigan

It seems to me that there are five possible constituencies one has to deal with, and identify with, in the foreclosure investing world.

The first instance is when you're initially buying foreclosures. There your name is prominent when dealing with a defaulting owner before the sale, or with an REO lender after the sale, or with a junior bene seller during the foreclosure of a senior trust deed.

Another instance is when you're dealing with investors to raise the cash to fund your palate of foreclosure deals. And finally, perhaps the most obvious instance is when you're reselling or cashing out of your variegated, foreclosure investments.

Ideally, it's appealing to come up with just one, or no more than two, named entities to take care of your entire foreclosure panoply.

First of all, you probably won't want to use the word "foreclosure" because of its possible negative connotation with some of the public. Secondly, you probably don't want to use any individual's name, just to avoid any possible association with some future scandal or personal notoriety.

Also, in this business you'd want to avoid being too narrowly regionalized with a name that focuses on a city, zone or sector, such as Indian Wells Investments, Mid-City Holdings, Valley View Ventures, etc.

For starters, look around to the monikers used by big institutions like insurance companies, mutual funds, cigarette companies, savings & loans, banks, airlines, software companies, car manufacturers, etc. Hereinbelow are some examples to help you conjure up the right fit.
Institute Money Spectrum American Universal Property
Legacy Century Concepts Financial Ventures Precision
Infinite Resource Fortune National Partnership Citadel
Management Royal Corona Asset Imperial Advisors
Capital Prime Associates Platinum Interchange Service
Diamond Strategic Plan Specialists Guide Saturn
Solutions Advance Liberty Advantage Momentum Maxima
Disposition Alliance Enterprise Meridian Premier Superior

The one caution I'd suggest, when working within the proscriptions of California's Civil Code 1695.17, is to make crystal clear on all your internal, transactional paperwork that you and your business entity, are one and the same. (And if you aren't the sole owner of the entity, at least be the majority owner).

So when I'm use my dba, Financial Fitness, LLC, I refer to the LLC and myself together, such as, "Ward Hanigan, doing business as Financial Fitness, LLC". And that wording would appear wherever I refer to myself as the buyer and also above or below my signature on all the paperwork in the deal, except for any recordable documents, like a deed or trust deed, where the vesting of title or listing of the trustor would be in the name of "Financial Fitness, LLC".

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

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