Steadivest…snakes Or Snake-bitten?

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Steadivest…snakes Or Snake-bitten?

Has another fraud taken place in Jackson? Such a scenario might be the situation according to recent U.S. Bankruptcy Court filings in Jackson. Steadiness is a “Family of companies” relating to a letter written by its controlling member, W. Marshall Wolfe. The grouped family consists of Steadivest Capital, Steadivest Development, Steadivest Lending, Steadivest Properties, Steadivest Resources, and the Steadivest Contrarian Fund (Hereafter the “family” will be referred to as Steadivest.).

Steadivest advertises on its website expertise in property management, home loan lending, Realtor services, and construction. SteadiVest portfolio properties. Our goal is to build your collection value as regularly as you possibly can while minimizing any action from you…and we keep you educated of this value every step of the way through our concentrated reporting.

Steadiness is a keeping company with various operating subsidiaries as more particularly defined on the stream graph attached as Exhibit “A”. None of the operating entities have filed for bankruptcy security; however, the operating subsidiaries all operating under the Steadivest company name as if it is one entity. In November of 2008, Steadivest contacted its notice holders and advised that it was unilaterally reducing the interest on its notes to 3% and suspending the demand feature of the notes.

The Court decided and ordered on, may 15, 2009 a transformation of the personal bankruptcy petition from a Chapter 11 to a Chapter 7 filing. The situation happens to be pending further action as additional creditors had to be notified of the bankruptcy filing. I’ve seen this situation so many times that I could almost forecast the results. Firm solicits investors in a few exotic creation that promises a new way to do business. The firm is truly a “family” of companies that are constantly created and dissolved with possession transferred around from officer to the official.

Said companies also generally have very short life spans. Owner lives on top of the hog, buying an elegant home on the water in the Palisades as traders give him millions of dollars, only to start to see the money lost in bankruptcy. Owner files bankruptcy for one company while keeping the others operating, thus allowing him to keep the um, game (can’t say scam, could easily get me sued as of this true point.). This one smells, folks and it doesn’t take a genius to determine what is going on in cases like this.

There will often be a great enticement to you need to what’s there rather than putting it through its proper channels. If you are known by you do not have the correct attitude, and can’t make yourself understand the complexities of experiencing split personalities from your business or have a record of difficulties handling your finances, get help.

Hiring an accountant is expensive, but not nearly as expensive as losing everything when a business fails. You need two separate banks make up about money; however, it just is not as simple as opening a new bank checking account at your neighborhood loan provider. First, you have to make your business another entity. This might seem strange, especially if your business is service, or skill focused and you “are” the business. You must make it legitimately separate from your individual self still.

You can do this by applying for an EIN amount. This will take the place of a sociable security amount as an identifier for your business. Any transactions, loans, bank accounts, or income forms must be filled out or applied for, using this number of your personal social security number instead.

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Getting an EIN seems scary, but it is very simple actually. You can certainly do it completely online, and you’ll immediately get the new quantity. Go directly to the IRS website for the proper execution to complete. Once you have your separate entity created, apply for business finances. Open a checking account in your business’ name.

Get a credit card, and/or obtain a loan. Obtaining a loan in a business name is difficult when just starting up, but if you involve some record of expenses and income for proof viability, you can get financing for operating expenditures or business extension. At first, it shall seem like starting from scratch.