[ryan $]

ANyone?

[DTFdowntofund]

I know some people use SOS, Westlaw, some even Manta etc.. but I think the goal is to assure that the entity is active. Are you asking if someone would fund an inactive entity? Or is it about ownership %?

[swiftcloser]

....

[FunYouMan]

honestly as an underwriter its pretty much second nature to check SOS i cant imagine a scenario where id go out of my way not to check

[Sachip24]

From my understanding everyone checks SOS. If SOS is inactive or expired merchant is not supposed to be operating and have no legal rights. If they get funded and default there will be no way for lender to get their money back because they technically gave money to a business that was not supposed to be operating in the first place.

[Chambo]

ANyone?

more importantly, why do you want to sling a file on one of your funding partners, if the business isn't viable?

[fundingsmbs]

Just have merchant pay their annuals and their SOS status will change to active. If they failed to pay state taxes, thats another issue

[FroFunds]

CFG will fund non-active or suspended SoS clients with a COJ!

[QuickFund]

Why wouldn't a funder want to do part of their due diligence by not checking SOS?

[fundingsmbs]

IMO a annual fee of $100-200 def shouldn't hold up a deal from funding if everything else checks out well. Sometimes these fees are forgotten and than they have to scramble to pay this fee and show proof and can delay a deal. There has to be a more efficient way. Do the companies like square, kabbage, etc care about SOS inactive status ?

[abfunders]

Do you know how many people just "set and forget" the SOS? They had a lawyer start the LLC and they didn't even know they owed money to the SOS!

[fundingsmbs]

happens all the time and when a funder says it has to be active knowing its a small fee thats owed, it drives me crazy. it's not always as easy as pay online and it goes to active status