Posted by Anonymous on 10/21/05 2:31am
Msg #71639
To CristoferIL - How to Start a Signing Service Company
This may be helpful information to begin you on your journey (not an expert by anyway, if others have insist please give Cristofer some assistance):
If you have not done so already, it may be best to register a business name and obtain a TIN. You would also need to determine, what type of business entity you want to create, i.e. corporation, llc, etc. - you would need to make that decision or discuss that with an attorney or CPA.
The only want to establish a signing company would be for you to begin marketing to title and mortgage companies to obtain a good volume of the work generated from these companies. You would also need to network with experienced NSA's to provide you assistance so you are ready and able to assist with the higher voulme of work - you also need to determine are you going to begin within your state only and then try and move on by going nationwide as more assignments come your way in different states. (i.e. best to begin within your state first, then grow from there)
You should create an independent contractor agreement establishing fees paid to the IC and other terms and conditions, have the IC fill out a W-9 - note: you must provide a 1009 at the end of the year to each IC, provide the IC provide you with credentials (certificates, title producer license) and any other relevant information you want to have on file for each IC you have working for you. You should maintain a database containing your list of NSA to be aware of their availability, contact numbers, coverage areas, etc. In addition, you may consider establishing a sign up method on your website, as some other signing services have to maintain their notary network list - note: research this further for the appropriate system you would want on your site.
As the signing company, depending upon your agreement with the mortgage or title company, you may be required to receive the documents and send it to the NSA, and receiving them back from the notary to confirm everything has been properly signed and notarized (i.e. you could have the NSA fax applicable documents to your attention until you feel comfortable with their work so they do not delay the package getting to the mortgage or title company).
With e-docs becoming more popular every day, you may also have to consider using some form of document retrieval on your website (note: research what would be most suitable based upon the clients you obtain)
Good luck.
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Reply by Anonymous on 10/21/05 3:34am
Msg #71641
Re: To CristoferIL - Other Items I just thought of...
In addition, you must look into general liability/commercial insurance and workers compensation insurance.
You should check out the SBA website to give you further insist on how to start your business up right, the site provides a Business Start Up Check list.
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Reply by ChristoferIL on 10/22/05 10:13am
Msg #71878
Re: To CristoferIL - Other Items I just thought of...
Thanks Jac_il!
I will do first thing monday morning. You sound like this is something you've already checked into? I truly appreciate anything (phone #s, names, info, etc) that you can supply me with.
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