credit. Could purchasing a house cash for $30,000 be a means of establishing the company credit? And if I wanted to refinance, would a bank approve my company for a loan? I have a credit score of 600, but the company will be purchasing the property in cash, not me.
2007-08-13 08:26:24 · 2 answers · asked by new biz 1 in Business & Finance ➔ Credit
Anything you buy on credit in the corporation's name will establish credit for the corporation. However, officer's of the corporation will be entitled to anything purchased under the corporation's name, and when and if the corporation is dissolved, you will have to split everything that was purchased by the corporation, with the corporate officers. Mind you this is based upon California Corporate Law, the credit issue would be nationwide.
2007-08-13 08:31:36 · answer #1 · answered by grace95838 4 · 0⤊ 0⤋
Just go to the bank and ask. It depends on the property, your income, the balance sheet, the value of the land, etc.
2007-08-13 08:31:49 · answer #2 · answered by hottotrot1_usa 7 · 0⤊ 0⤋