How Do You Start A Repo Business In Arizona?
The repossession (repo) business is a very lucrative business, especially during downturns in the economy when more people are having trouble staying current with their car, RV or boat payments. When a person defaults on their loan, the creditor contacts a repo business to recover the property. In order to be the repo business that creditors call in the state of Arizona, there are specific requirements that must be met. The more that you know, the greater chance you have of owning a successful repo business in Arizona. Consult with an accountant and an attorney to determine the type of business entity you want to use for the business. You can operate as a sole proprietor or partnership, a limited liability company, or a corporation. There are different tax and legal advantages for each entity and your accountant and attorney should be able to advise you on the best entity to use for your repo business. Develop a business plan. You need to decide how you will find clients; how much you
