Daytipper: A good way to finance your home based business

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A good way to finance your home based business
A good way to finance your new home based business is with a line of credit. How? Simply establish your new business as a legal entity. Register your business as an LLC. You'll receive credit card applications from banks who want to lend to your new business. You can then apply for a credit card in your business name. The best part is you establish yourself as a professional, and this credit does NOT show up on your personal credit report!

Diane in Elizabeth, CO | Tips Published: 1

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This tip is misleading. Those credit cards may be offered in the company name, but even if your business is a Corp. Or LLC you will still be required to give a personal guarantee and your personal credit will be checked before the bank makes a decision to issue the card or not. It is a myth that just forming an LLC will shield the business owner. If you default then your personal credit WILL be damaged.

Greg from Monroe, WA | Tips Published: 0
09:20 AM, April 28, 2008 PST

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