I HAVE BAD CREDIT, BUT MY FIANCE HAS GREAT CREDIT. I AM PLANNING ON INCORPORATING AND MAKING HER 80% OWNER (BECAUSE THEY CHECK THE OWNERS CREDIT). THE QUESTIONS ARE. 1. WILL MY CREDIT BUILD AS 20% OWNER
2. IF SOMETHING HAPPENED AND THE COMPANY WENT DOWN THE DRAIN, COULD OUR CREDIT BE AFFECTED.
3. AS AN OWNER, IF WE PURCHASE HOUSES ETC… WILL OUR PERSONAL CREDIT BE TIED UP, EX. IF I WANTED TO GET A CREDIT CARD BUT WE ARE WORKING ON PURCHASING A HOUSE.
4. CAN YOU INCORPORATE IN ONE STATE BUT LIVE IN ANOTHER
5. WHAT TYPE OF CORPORATION SHOULD I USE
6. IS THERE SOMETHING THAT I AM MISSING BECAUSE I AM A NOVICE THAT I SHOULD BE AWARE OF
THAT’S IT FOR KNOW, I HOPE SOMEONE CAN HELP ANSWER MY QUESTIONS.
Will your credit build? What type of financing will you use? Who will sign if you go conventional?
Could your credit be affected? Could be, depends on the type of financing you use. If you use conventional, almost certainly starting out, but not always.
Will your personal credit be tied up? Depends on the type of financing you use.
Can you incorporate in one state and live in another? Depends on the state’s laws in the state in which you incorporate. You probably can, but you’ll almost certainly have to have a resident agent.
What type of corporation? Ask an attorney familiar with the state laws of the state in which you wish to incorporate. It will depend on the type of deals you are doing and which entity will give you the greatest tax benefit and the least personal liability.
Are you missing anything? Tons, but who isn’t??? Don’t worry about figuring ev erything out first, just start. The first thing you should do is get together a team of competent professional advisors. Happy hunting!!!