Business Credit (didnt know where else to post)

B

Bass40

New member
How does your business credit works? If I was to apply for a business credit card. Does the business have seperate credit from me, If some how the credit got messed up for the business credit card. Would it effect me , the business, or both?
 
There's no "simple" answer... it depends on the kind of business (corporation, sole proprietorship, partnership, LLC, etc...) It also depends on the type of credit - credit cards are only one form of credit - there are credit lines, overdraft credit, cards, business loans....

The one thing you can be sure of, to get a business loan of ANY type - assuming you're not into the illegal side of things - it has to be a legitimate, operating business....
 
Hey thanks for replying.

Can you tell me more about the business loans or informational links will also help.

it has to be a legitimate, operating business....
Click to expand...

Does it matter how long the business has been running. Reason is Im getting ready to set the business up as far as the license and etc goes. Will a business loan effect ones personal credit? How does this work?

Thanks alot.
 
Hey I just found out about equipment loans... Im still doing ready on it but from person to person do anyone have any experience or know anything about equipment loans and is it possible to get an equipment loan for record labels?
 
Friend, I don't mean this is a mean way, but if you don't know the answers to those questions right now, you're in no position to open up/start a business!

What you need to do is go to any bank's website, and check out their links/resources for "starting a small business"... most banks will have these types of links and it will guide to to the dizzying array of topics that you have to deal with/understand if you want to run a business....

I'm in Canada, so the legalities may be different, but if you can't find a bank with such resources, try this one --> http://www.rbc.com/
They have all kind of business info resources (again, Canadian, but it will give you a start...)

Also - most lending institutions are very leery of extending business credit to music/audio-related businesses.... far too high risk for their tastes unless you already have enough capital that you don't need the loan to begin with!
 
must agree with the bear..........

Blue Bear Sound said:
Friend, I don't mean this is a mean way, but if you don't know the answers to those questions right now, you're in no position to open up/start a business!

What you need to do is go to any bank's website, and check out their links/resources for "starting a small business"... most banks will have these types of links and it will guide to to the dizzying array of topics that you have to deal with/understand if you want to run a business....

I'm in Canada, so the legalities may be different, but if you can't find a bank with such resources, try this one --> http://www.rbc.com/
They have all kind of business info resources (again, Canadian, but it will give you a start...)

Also - most lending institutions are very leery of extending business credit to music/audio-related businesses.... far too high risk for their tastes unless you already have enough capital that you don't need the loan to begin with!
Click to expand...


this is written in iron "you will not get a loan to START a small business without signing PERSONALLY to secure the loan".

you just won't. you do not get venture capital (what you start a business with) from a bank. You can get a loan against the equity in your car or home and start a business with it, if the bank has enough of your assets tied up, they don't care what you do with it. but if you default on the loan, it won't matter what name is on the loan or what form your business is in (inc, llc, whatever) your credit will be shit and you will lose whatever you put up.

I suggest you get a book on writing a business plan, because you will get laughed at by any serious investor without one.

try the Small Business Administration, their website or you may have an office near you. any bank loan officer will know, and may have some info for you.

good luck.
 
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