Open Line Of Credit

I made a deposit from the line of credit to the business bank account to purchase fixed assets.In what account do I post transactions to the credit line and the interest?

Take a look at this discussion in the QuickBooks Community Forums...
http://www.quickbooksgroup.com/webx/foru ms/Banking/338/0

2007-01-23 09:45:28 by mom25

biz-mgrs.askjakefor.info Need and interest free, open line of business funding? Credit line grows with your business. Off balance sheet financing ...

a customer, if an the customer already has an existing line of credit open with the same bank but it has a zero balance? The problem being my brother who had my mother's POA opened a second home quity line of credit for our mother without closing the existing line of credit, therefore leaving two liens out there of the property. Was that legal for the bank to do so?

Yes, there are no limits to how many liens can be placed on a property.

Edit: If anything it would be more of an issue for the title company than the bank. But having 2,3, or even 4 liens isn't unheard of.

2007-11-01 07:37:44 by sam

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I heard that your business can have its own line of credit. How do you open a line of credit in your business name completely seprate from yours?

You would need a Federal EIN number which is the business equivalent of a social security number.

Keep in mind though, depending on how long you have been in business and what your numbers look like, a Federal EIN isn't going to help much.

Most banks will not loan to new business's w/o your signature under your social security number (it's called a personal guarantee).

Credit cards may be different. All our credit cards are in the business name, however they are under my husbands SS#...I still think your signature is a personal guarantee on those as well.

Our bank said the personal guarantee on loans will generally last at least 3 years for a new business before they will consider loaning without it based on the money the business makes and how it is being managed.

2008-04-13 04:42:37 by Anthony M

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In US, we can open a line of credit based on equity of a property. You don't have to say what reason you use that line of credit for (obviously for personal use such as updating your kitchen or use it for buying a vacation home, etc)
I am wondering if I can open trhe same line of credit in any banks in India based on equity on properties in India.

yes it is possible. many or all banks offer the same .
for property is is called loan against property and for shares it is called loan against shares.
if you are a senior citizen, there is a new option of getting monthly income against your home.

regards

2009-10-18 20:51:47 by tazaguru

I originally used the credit line to buy into a business. I have since sold my share in the business, paid off the loan in full and the credit line has remained open. I would now like to buy a car (that has nothing to do with the business). The interest rate is low and it would be easier to use the credit line rather than having to get a new loan. Are there any rules or restrictions to do this?

Don't risk it. Try your bank for another loan. Evidently you have good credit already. So, it is possible that the rate of interest will be fairly reasonable. But, whatever you decide, just don't fall for the scams being offered to loan you thousands of dollars over the internet.

2009-11-15 07:16:00 by whitney