Cliff Jacoby: You will have to seek advice an legal professional and an accountant whenever you're buying truly property, mainly whilst buying as a trade. Assuming you're renting, you can also wish to buy it in a CA LLC and hire it by way of a FL LLC. You will need to maintain your accounting separate regardless that.
Toby Caswell: Was this a real estate company before you purchased it?I don't know how you would "use" a corporation to purchase anything.Banks evaluate corporations in the same way they evaluate private individuals. They rate your credit history, income, length of time at your job (or the business). For corporate loans they just crawl farther up your butt.We just went through our business loan re-evaluation and had to refinance our commercial mortgage. This is what we had to provide 2 years of business and personal tax returns. Terms of our loans require quarterly corp profit/loss so they already had those.Personal balance sheet, as well as corpora! te b/s.Statements of personal cash flows.And all that was required even though we have a co-signer who has $6 million in assets and income of over $300,000 per year. Not to mention we put 20% down on the building and have already paid on it for 5 years.Owning a corporation does not mean people will walk over and give you money. In the current economic and financial climate it is going to be pretty tough.However, keep in mind that if you have an ongoing concern (your business is billing & making money now) and you get turned down by 3 banks, the SBA MAY guarantee a loan for you.Good luck...Show more
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