Additional details: This business is a partnership (no inc. involved) and both parties have good credit...
2006-12-06 16:36:20 · 6 answers · asked by John P 1 in Business & Finance ➔ Small Business
Unsecured is always the way to go if you can get it and at a fair rate.
You can't deduct a home equity loan used for that purpose as mortgage interest.............I guess you can but trouble is in the wind.
It would be a standard business deduction.
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2006-12-06 16:43:38 · answer #1 · answered by MN-Mike 4 · 0⤊ 0⤋
If you take out a HELOC (home equity line of credit), you can pay just the interest for the first three to five years, depending on the product, and write this off like you would normally write off interest on a mortgage. I think the tax form to use is a 1098. After those initial interest only years, you have the option to lock in a fixed rate based on the prime. HELOCs are great because you use them just like a regular line of credit, only they come with a convenience credit card and a checkbook.
2006-12-06 16:44:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Advice from an accountant, attorney and a bank manager would be best. Given a choice; I would get as much unsecured credit as possible as long as the terms were good for the business. Use personal assets (homes, CCards, vehicles) as last resorts. You want to have something to fall back on if things go south.
Also, incorporate if you haven't. I believe it lessens your vulnerability.
2006-12-06 16:44:03 · answer #3 · answered by bionicbookworm 5 · 0⤊ 0⤋
I advise by no skill borrow to commence a employer - think ofyou've got 9 years journey yet like many workers haven't any genuine theory the fee of operating a employer. First are you prepared to bypass a minimum of three years for no revenue or a perfect say $three hundred.00 in line with month? Your employer isn't making each and each and every of the money you imagine she is. not attempting to be advise, yet for goodness sake you do not opt for to positioned your position on the line for what gained't be almost as good a bypass as you imagine.
2016-11-30 06:07:33 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Unsecured loans have a lot of benefits. Advantage Loans are one of the more popular unsecured loan brokers. Even if you don't use them, there's still a lot of useful info on their site: http://www.advantageloansuk.co.uk
2006-12-08 01:46:07 · answer #5 · answered by Rislah Kendal 2 · 0⤊ 0⤋
depends on the business. talk to a tax attorney. Also speak to whoever will be doing the accounting if it is you, then i would suggest to speak to an accountant
2006-12-06 16:40:27 · answer #6 · answered by investing1987 3 · 0⤊ 0⤋