2007-06-09 15:55:21 · 2 answers · asked by Marcella D 2 in Business & Finance ➔ Credit
I mean the business I don't want the credit I need it for the business.
2007-06-09 16:08:16 · update #1
The LLC can get credit, yes, but you'll need a D&B rating and credit history. No one will loan you money just for the heck of it. The likelihood is about 99% that you'll have to personally guarantee any type of loan that comes from a credit institution. There will be plenty of businesses that will offer you de facto credit, but getting a cash loan will be near impossible without a guarantee.
As an example: I work in the radio business. Many radio stations will run ads for you and bill you at the end of each month after the ads run. If your contract with them is in the LLC's name, they can only come after the LLC, rather than you. So, in effect, this is "credit" because you could default on them and they couldn't collect (assuming your LLC had no cash or assets). However, getting credit in the sense most people assume, such as credit cards or other cash instruments... not so likely.
2007-06-09 16:02:37 · answer #1 · answered by AJH 2 · 0⤊ 0⤋
The business can; you can't.
2007-06-09 22:58:26 · answer #2 · answered by Ted 7 · 0⤊ 0⤋