New answers tagged small-business
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I guess if I were a bank I would not lend to any LLC that doesn't have any assets or income either. I mean, the whole point of having an LLC is to keep business losses from affecting your personal finances. This means that as a bank I would be on the hook 100% if you cant pay me back.
I bet the bank would have a different attitude if you had a business ...
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The root problem is that you are located outside the US. This is why no US bank wants to give you or your business a credit card.
The bank wants you in the US so you are subject to the US legal system and they can obtain judgements and garnishments against you (i.e. seizing money from your paychecks and bank accounts). It's generally impossible, or at least ...
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If you applied for credit and were denied, you have the right to a copy of the information they used to make that decision (i.e., a free copy of your credit report). Step 1 would be to avail yourself of this free resource and verify that the information in your credit report is accurate across bureaus. Even if you've already pulled your annual free copy, ...
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Because the owner of the LLC is generally not personally liable for the company's debts (with certain exceptions), so your personal credit history has no bearing on the LLC's credit-worthiness (except under the circumstances outlined in the linked article, such as if you co-sign for your LLC).
Put differently, the LLC is borrowing the money and, under most ...
answered Apr 1 at 15:31
EJoshuaS - Reinstate Monica
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I have now resorted to applying for personal cards, but am still getting my applications denied. I can remember getting spammed constantly with credit card offers, but now cannot get approved for one despite my best efforts.
When a lender wants to check your credit history, they first need to verify your identity. Part of this is confirming your address. ...
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Small businesses can't get credit of any type, there's no such thing.
LARGE business - about $5m a year in profit 10+ years - can get credit. Small businesses, LLCs, etc., can not get credit. There's no such thing.
(Note: the "business" credit card your bank offers is simply a personal card with a business name printed on it. There are no credit ...
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A bit of a frame challenge: Instead of trying to get credit for an entity (the LLC) without a credit history, you should be trying to build a credit history for your LLC.
You should do this in the same way as you would do it for yourself, services and secured credit cards.
In the meantime, you might want to consider pre-paid debit cards.
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Just use a personal credit card and be done with it.
Your idea of compartmentalizing for bookkeeping purposes is correct and essential to protecting the liability shield provided by an LLC. However it does not require the credit card to be in the LLC's name; it only requires scrupulous separation of bank accounts -- that is, this bank account is used ...
answered Mar 31 at 23:50
Harper - Reinstate Monica
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I can almost guarantee that it is because you are living abroad. When you apply, the location of your business actually doesn't matter much. They are not really loaning money to the LLC. They are loaning it to YOU, and they want to know where YOU live. So either you are leaving out personal information which is causing them to deny you, or you are including ...
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It's important not to confuse the IRS rules for goodwill amortization with the GAAP rules for goodwill impairment and amortization. See this article.
For small businesses, the IRS rules are the ones that matter, because you can reduce your taxes owed.
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You could be hurting yourself by submitting so many credit card applications, which can be a red flag in many systems regardless of your personal credit score. I realize you say that according to Chase your score is over 800, but what does TransUnion or Equifax say your score is? Do you belong to any of the sites that let you track your score for free? It'...
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This question is impossible to answer without knowing some details that you probably should not share over the internet. As you are discovering credit score is not the only means utilized for credit approval.
Since you are looking to establish a clear delineation between your personal life and your business, which is a great idea, you should work with your ...
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Just called NorCal regional SBA center that connected me with 3rd party company assisting SBA in these kind of questions.
They told me that it is up to lender's discretion to figure out how average payroll costs should be calculated if it is non-standard situation (e.g. if new business and/or business was impacted excessively by COVID19 lockdowns).
They ...
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