What to do with shelf corp with business credit lines?

August 13, 2009 1 Comment

I purchased an aged shelf corporation from a broker and they were able to get me $50,000 in business credit lines in the form of multiple Visa, MC and an Amex card based on the company’s credit profile. That’s the good news, the bad news is that my partner (co-owner) will be unable to fulfill his obligations in our partnership agreement pertaining to the company. Now I’m not sure what to do with this shelf corporation as I paid 15k for it and don’t really want to lose money – if that’s possible. I tried selling it back to the broker I bought it from and they only offered to buy it for 10k. Any suggestions?

your kinda stuck – sorry…..