HOW CAN I PLACE MY CAR AND LAPTOP UNDER MY LLC???

General Real Estate Investing
1

HEY EVERYONE,

HOW DO I PLACE MY CAR AND LAPTOP UNDER MY LLC? SINCE I WOULD BE MAKING PAYMENTS TOWARD MY LLC COULD THAT BUILD UP MY CORPORATE CREDIT SCORE? IF NOT HOW COULD I BUILD IT UP?

THANKS EVERYONE.

2

definitely a question for your tax professional, or attorney

3

I am not an accountant but I think that you have to have a performing asset for your corporation to build credit. I don’t think that you can build credit from a depreciating asset.
Someone correct me if I am wrong but I thought that the way to get credit against your llc is to have positive cash flow and build net worth thru your company by buying properties. You create equity, borrow against it.

4

There are several ways to build credit for a company. First set up the company, then open a bank account. Take a small loan against the balance in that account. Use that loan money, to open a bank account with another bank. Do the same thing again.

That gives you 3 reports of credit. Pay them off after a couple of months, and you now have business credit.

I got this from the book “Credit Repair to Credit Millionaire” by Donna Fox. I believe that can be found on the Investor Resources section of the site at http://www.wcrt.org

5

Thanks 4R Management,

I was thinking about the answer you gave me in building my corporate credit. What is that called when you borrow against your account balance? Is there a particular thing I need to say to the rep. in asking to do something like that? Or do they already know what that is? Could you give me a personal example of how you went about doing that?

Thanks A Bunch.

6

Faster way is to make sure you have EIN for your company. Wait for the business credit apps to come in. Fill them out 2 a month. Wait for the cards to come in!!! This is a simplistic view, but with paper apps, u dont need to state how much you have in the bank. ALL they care about is the person standing behind the credit card before they approve the credit card…

In answer to your very first question. Someone can correct me if I’m wrong, I remmeber my folks put the house, jewelry etc into that living trust. I think everything, including the kitechn sink can going into a living trust, llcs/lps can hold typically in our case real estate. Corps to move money from llcs legally all of which is part of asset protection.

steve