Business Credit...Need it NOW!

Discussion in 'Business Operations' started by Piscitelli Landscape, Mar 14, 2008.

  1. Piscitelli Landscape

    Piscitelli Landscape LawnSite Member
    Posts: 51

    Ok here it is I have been in business for 10 years and have done almost everything on my own with cash. I did finance the occasional mower or piece of equipment. I have never really had a Business loan.

    I am going to incorporate or form a LLc for my company now. I know I should have done it a long time ago. But the question I face now is two parts. one which one should I do the s-corp or LLc. and more importantly how do I get business credit for a business loan for general expenses or if i want to finance business equip in the company name,

    I have had good credit all along but a year ago a drunk driver hit me head on and now all the medical bills are piling up which lead to late payments and etc. I am now fixing my credit which has become ruined.

    So till I do and because I should anyway I need to get a l;loan in the business asap. I don't know where to start with business credit. Is it automatic or do you form it like personal credit. Is there a loan or grant I should be looking at now or a few diffrent ones that I should go for that can mend my company till the "big one" comes. Help!!!!!
     
  2. flattoplawncare

    flattoplawncare LawnSite Senior Member
    Posts: 321

    OK I did this and i have the worst personal credit, so far i got the staples and office depot for 750 each and a discover business card with 3,000 on it. Just do as this says and you will be good to go. http://www.lawnsite.com/showthread.php?t=160031
     
  3. echeandia

    echeandia LawnSite Bronze Member
    Posts: 1,131

    Your story is just like many others who don't plan for the rainy day. When you have a business you should always get some type of bank loan. Pay it back and get a larger one. This is true even if you don't need the money. Keep getting loans until you can get a line of credit. With a line of credit then you have access to money when you need it. Good luck.
     
  4. eshreve1234

    eshreve1234 LawnSite Member
    Posts: 184

    Become an S-Corp. In Ohio its only $125, plus a stamp. You can do the paper work yourself. I can help you if you wish. Also the Secretary of State's office is pretty helpful.
     
  5. BeautifulBlooms

    BeautifulBlooms LawnSite Senior Member
    Posts: 613

    You can be an S corp and an LLC. Scorp only pertains to how you get taxed (meaning you can have your profits carry over year to year and not get taxed on them) LLC pertains to liability. LLC will protect your personal finances and assets from liability.

    I dont know enough about you or your business to tell you how to set up the business but these are things we (my wife and I) were asking last year and we always were an LLC taking draws from the business. Now we are president (my wife) and vice president (me) and we take a salary fromt he business. This is advantageous because the profits can stay in the business and not get taxed the self employment tax that they were taxed when we were just an LLC (before we incorporated).
     
  6. gd8boltman

    gd8boltman LawnSite Member
    Posts: 1

    your business with your SS#. My advice to you is find your local bank or credit union, talk to someone about your situation, and perhaps they can make you a small loan to get it started. As far as an LLC or INC. spend the money and talk to an accountant...
     
  7. Tider6972

    Tider6972 LawnSite Senior Member
    from Alabama
    Posts: 649

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