2006-07-15 16:23:05 · 8 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Incorporate your business and get the loan in the companies name. Oh, and don't expect to fail!
2006-07-15 16:26:29 · answer #1 · answered by Jim 2 · 0⤊ 0⤋
You don't sound smart enough to own a corporation. If you did, you would know that a business loan to the corporation only risks the corporation's assets - UNLESS you get a personal loan which could jeopardize your house.
2006-07-15 23:28:06 · answer #2 · answered by snvffy 7 · 0⤊ 0⤋
As long as the house is not on company books you should not have any problems. A corporation is a seperate entity from you. You might want to check with your lawyer though. It may vary from state to state.
2006-07-15 23:28:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Make your corporation an LLC, or limited liability corp. Your house is outside of this LLC, so you're covered. Plus, don't borrow against your home, only your business. They can't take what you didn't put up as collateral.
2006-07-15 23:27:34 · answer #4 · answered by chrystalgypsey 2 · 0⤊ 0⤋
yep... like pp said... you register in your state as a corporation, and have the business loan under the corporate name. it protects you and your assets. talk to someone in corporate law. they'll be able to tell you exactly what you need to do in your particular case! good luck!!
2006-07-15 23:31:32 · answer #5 · answered by kaydeedid 3 · 0⤊ 0⤋
Your best bet is to find actual investors. Investors live for the gamble and do not require you to put your *** on the line. If your company does not profit, nothing bad happens to you.
Loans are more difficult, as they always want some sort of collateral.
2006-07-15 23:26:53 · answer #6 · answered by suliman 3 · 0⤊ 0⤋
If you own a corporation I think that question should go to your accountant.
2006-07-15 23:28:24 · answer #7 · answered by dpat421 2 · 0⤊ 0⤋
YOUR A BUSINESSMAN?
DON'T PUT YOUR HOUSE UP AS COLLATERAL. GET A SMALL BUSINESS LOAN WHICH IS GUARANTEED BY THE GOV'T.
2006-07-15 23:29:26 · answer #8 · answered by LARCO 4 · 0⤊ 0⤋