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mikerichx3
06-23-2015, 02:00 PM
Now most of you guys know me for asking a lot of questions. How can I up my chances of getting a bank loan or line of credit. I have 3 credit cards that I use. I have a credit union one a discover one and a commercial one locally. Do I need to have my business fully registered to do this, do I need to have paper work that shows my expenses and profit. If so how can I show that. I am new and I have no experience on how to obtain this feature.

Another question that may be irrelevant is with those credit cards with a business transaction such as travel gas and etc are those tax write offs once my business is fully registered as an LLC or does it count now.

Pfalcone
06-24-2015, 07:46 PM
There are also plenty of alternative lending solutions that I've used for certain projects....the payback on the money is much higher than any of us would get from a bank, but it takes days to get the money and in some cases the bank wouldn't fund me enough to complete the project.

Those are only tax write offs when you have a Tax ID number. You need to build your business credit, and continue to use AND make money. When looking at your bank statements for the last 12 months, have you increased sales steadily, have you stayed even, or have you been failing?

mikerichx3
06-24-2015, 11:04 PM
There are also plenty of alternative lending solutions that I've used for certain projects....the payback on the money is much higher than any of us would get from a bank, but it takes days to get the money and in some cases the bank wouldn't fund me enough to complete the project.

Those are only tax write offs when you have a Tax ID number. You need to build your business credit, and continue to use AND make money. When looking at your bank statements for the last 12 months, have you increased sales steadily, have you stayed even, or have you been failing?


Can you tell me what have you been using? I am in the process of waiting for NYS to document my LLC. But even as a sole proprietor or an independent person doing taxes it still couldn't be a tax write off?

turboguy
08-12-2015, 03:57 PM
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Another question that may be irrelevant is with those credit cards with a business transaction such as travel gas and etc are those tax write offs once my business is fully registered as an LLC or does it count now.
It would seem to me that if you are trying to do business but have not filed as an LLC yet that you are then operating your business as a sole proprietorship and can deduct your expenses on a schedule C. I would suggest separating your income and expenses that occur prior to the filing from those that are filed after. They will merge on your final return but it will be more like operating two businesses.

hnavia
08-19-2015, 10:47 AM
There are alternative sources of financing other than traditional banks that offer lines of credit, credit based loans, and revenue/asset based loans. I am well connected with one of them, and they may raise funds through various financial institutions, and will set you up to have a good relationship with them. These are options to consider when your chances to go straight to the bank and getting funded are small (for whatever reason). The most reputable ones, such as the one that I know, do require some documentation and have other credit score requirements, but usually, they will go through the process of improving your profile with you, to offer you better service and fulfill your funding needs. <removed>