Line Of Credit
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Answers
Who gets the best (highest/most) line of credit? LLC, S-Corp, or C-Corp?
Also, how is that determined? If I incorporate in someplace like Nevada, can I get a credit where I live in CA for my business?
If it is a start up operation, it doesn't matter, there is no difference from a credit standpoint. The various terms you refer to relate to legal/tax status and not credt worthiness. If you incorporate in a state other than your domecile, there must be a rationale for doing so and the bank will be the first to ask. Assuming there is a good reason, they will still require an authenticated certificate of incorporation, audited financials and tax returns(usually 3 years back). Most important is what you want the money for, hence a need for a solid business plan, without it, your chances for a line of credit or any type of borrowing are minimal.
If you are just starting out, you may want to consider the small business administration as they are a bit more lenient to deal with although a lot more bureaucratic. However, they will ask for similar data.
Home equity lines of credit are a liquid form of a home loan that is available to the borrower at any time, and interest is only paid on what is ...
When entering a partnership LLC, are both individuals responsible for using their personal credit?
If you apply for credit in the LLCs name, both partners will probably be required to guarantee the line of credit. RJ
Price:
$9.95
$9.95
I've found websites that sell seasoned shelf corporations, some also with seasoned credit. What does that exactly mean? Are their already lines of credit established? It seems to me that, upon purchasing the LLC, the lenders would still want to look into the reputation of the seller, etc. In other words, is this too good to be true? I have a good rep. but something to me doesn't fully add up.
There is no free lunch! We are in the business of forming and selling custom LLCs and creating shelf companies.
When someone wants to sell a shelf company with credit, you will have to check with Dun and Bradstreet for its PAYDEX score. This will tell you its rating. (100 is perfect).
Price is usually commensurate with the ability to obtain credit.
You would also have to check with the lenders who were offering the credit to see if it is still available.
All in all it is a risky business. You can see more detail at www.corp95.com
David
I have a single family investment prop that is owned by an llc and i wish to find a lending institution that will give me a line of credit so i can buy other properties quickly.
You'll have to take your property out of the LLC and grant deed it back into your name for the loan process. You can grant it back to the LLC after the process.
I can help you with a loan if needed. Send me an email, simply click on my bio.
The LLC and I are both in New Jersey. I know a judgment is eventually put on my credit, but what does that allow the bank/creditor to "do" to me personally?
Take possession or put a lien against everything you own until the debt is paid off, they can even garnish your wages. Plus you won't be elligible for any new credit until the judgement is taken off your credit report.
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Keeping Your Options Open
Credit is tight. Loans are hard to come by. Lending guidelines are getting more conservative. These are the consequences of our current economic crisis. Unless you've been living in a cave isolated from society for the past year, you know these facts to be true. You have probably also heard the terms "Green Shoots" and "Economic Recovery" being flung about by economic pundits over the past 6 months or so. These are the same pundits who in 2007 were saying that it was impossible for the United States to go into recession given the strength of our financial markets. In other words, don't believe everything you hear. Credit may remain tight for some time. Everyone has an opinion as to when/if credit...
News
Suit: Chick Downtown defaults on line of creditBizjournals.com - Dec 22, 2009
15, declaring in court documents that Chick LLC has defaulted on its revolving line of credit and seeking a claim of $972830. Chick's owner, Amy Reed, Chickdowntown fashion shop fails to pay debt, suit saysall 4 news articles »
Dallas Business Journal - Dec 29, 2009
Pilgrim's Pride emerges from Ch. 11Pittsburg, Texas-based Pilgrim's Pride emerged from bankruptcy with a $1.75 billion line of credit from CoBank as the administrative agent. and more »Boston Globe - Dec 28, 2009
They say he provided DiMasi the $250000 credit line, and made him a silent partner in a real estate management firm, Genesis Management Group LLC. and more »
Wall Street Journal - Dec 29, 2009
She can float the studio using a line of credit, but she doesn't feel comfortable with what she calls the "sit-back-and-wait approach.Wall Street Journal - Dec 22, 2009
Her company, Ivy Planning Group LLC, a 19-year-old consulting and training firm in Rockville, Md., had its $750000 credit line cut off from Wachovia about and more »PR Newswire (press release) - Dec 30, 2009
In December 2009 Onstream's line of credit arrangement was extended for two years with an increased borrowing limit of $2.0 million. and more »CNNMoney.com (press release) - Dec 18, 2009
The $10 million equity line of credit represents one phase of Insight Management's long term financing strategy and will be used for working capital and for and more »