Asset Based Loan

I started a company with another person and he asked me to apply for business line of credits for the company to use. He then max-ed out the money on the credits. I’m now no longer with the company, but that person is not responding to my requests of him taking over the line of credits responsibility. What I can do? Thanks

You can TRY to get the bank to release you. Assuming the line of credit is in the BUSINESS name, you have a shot at that. In the very likely chance they won’t release you, your ONLY option is to pay off the existing balance and sue him for repayment. You CAN inform the bank you will not be liable for any FUTURE borrowing against the line. If they allow your partner to keep using the line, they must pursue HIM for those amounts.

I have four business accounts:

Dell
Office Depot
Staples
Exxon

If I were to use my Exxon for half business and half personal, is that illegal? What are the stipulations on using your business credit for personal credit and writing the expenses off on your taxes? This will be the first year that I am doing real business. I just want to make sure I am doing everything right.
I have a legitimate business with a Tax ID Number and I do have one client so far. The only major purchases I have done is bought a new Dell computer for my home/office. Also, I have bought some office supplies but that’s about it.

your home office has new, complex, laws. check with your accountant on how he/she wants you to document usage.

as for you business credit accts. you may use any/all you want for personal legally. it only becomes illegal when you try to claim them on your taxes-that’s when IRS can come calling.
depending on your business type. these personal expenses could be calling on prospective clients, gas/mileage, office supplies, meals (with client), etc. just document everything. in many instances it is not how proper you are as how proper you appear. if it looks legit then IRS flags will not be raised. this leaves you with only the random audit.

http://businesscapitaltoday.com
Get $200,000 to $300,000 in cash and UNSECURED new business lines of credit by following a 4-step system.
Dear Entrepreneur

I want to introduce you to an amazing credit system that taught me where to get huge unsecured lines of credit.

This guide shows you where to get $200,000 to $300,000 in cash and UNSECURED new business lines of credit by following a
4-step system.

An unsecured business line of credit is the easiest short cut to getting money that you will ever find.

You will learn how to get money in the name of a business using any registered business entity, and stop using your personal name and social security number to apply for business credit.

The secret to successfully getting large amounts of business credit is to use stated income applications to qualify for money from many different lenders.

This system will show you exactly how to properly complete the stated income application process at each of the national lenders on this lenders list.

Business lines of credit come in the form of multi-year loans, convenient checks and business credit cards that offer cash advances that can be used anywhere.

Get the complete guide with workbook, lenders list, CD set and everything you need to get the money at:

http://businesscapitaltoday.com

This system has helped me tremendously, that’ why I want to share what I’ve learned with you.

Duration : 0:2:44

Continue reading »

Technorati Tags: business, credit, money, start-up

I have a construction business that is 6 yrs old. With current conditions I am finding that I need more capital to run the company. Can anybody suggest a source for a $150,000.00 line of credit?

yes,ask Bill Gates to loan you some.

I have good but limited credit. I need to get a line of credit for ongoing use. How do I get my bank to step up?

The best way it to meet them. If you have a proposal, especially cash flow analysis make one & discuss with them. With your good historical records & a reasonable not too optimistic cashflow projection, certainly you can get something.

Many people believe that the banks will turn their request down due to their lack of credit history, which is possible for small businesses and new start-ups. But one can get a credit card if he has a steady source of income. Most people stumble into the same kind of problem when it comes to using and managing their credit card. Most banks ask for prior credit history or some kind of guarantee so that it could be proved that the applicants business will be a good payer. But most of the time people lack this. It is true that building a credit card history is not easy but it’s possible.

Banks are hesitant to issue a credit card to users who are unable to show their credit history. This may involve young people and those who are applying for a credit card for the first time. They will always face this problem. If your business has a good credit history and you don’t, or even vice versa, then consider applying through the most reliable source.

This problem has many solutions. Some banks routinely offer visa and master cards to first time applicants. It’s true that at first you will not have a credit history, but you may have to make a credit history some where down the line. Making mortgage payments, either through your business or otherwise, is a good indication that you intend to pay on time every time.

What if the applicant doesn’t have a credit history at all? Then he has some other alternatives. Go and buy a shopping card from your departmental store or a gas station. They offer store and gas station specific cards, and they will most likely give you their card. Use that card wisely and mange and properly to build your credit history. Buy something from the store and then pay it off on time when the statement arrives. You may do this for several months and then re-apply for a visa or a master card. The bank will then have a proof of your steady income and this credit history as basis upon which they will decide whether or not to assign a card to the applicant.

Another way of establishing a credit is to get your self a debit card. Debit cards work like credit cards but they are issued when a bank account holder applies for it. They are issued easily. They are secure in the sense that the user can not exceed the amount he has in his bank account. This is a good option for those who are having problems in establishing their credit history and getting a credit card for the first time.

Remember that it is extremely important that you pay off in time if you are using gas station or departmental store’s card because that will be the credit history you will show to the bank. As long as you pay on time and do not carry a large balance from month to month, you have got yourself in the list of likely candidates for a credit card.

Devin Gilliland
http://www.articlesbase.com/credit-articles/getting-your-first-business-credit-card-110323.html

Small-business owners have a lot more things to think about than what to do if they don’t have enough cash flow to cover their business expenses, and OPEN from American Express appears to be the solution for small business owners’ problems. OPEN offers several credit card options in order to take some of the pressure off the small-business owner as they try to make the transactions and business moves necessary in order to generate revenues and increase profits. The Business Gold Reward Card from OPEN is just one of the solutions that American Express offers to make it that much easier to turn your small business into a financial giant.

To begin with, the Business Gold Reward Card asks for no collateral to be put down during the application process either for a loan or for a line of credit. After receiving approval, you’ll be charged no annual fee for the introduction period of the first 12 months. After the first year, there is a $125 annual fee on the primary card. Additional cards are also available for the use of your employees in order to consolidate and control your business spending. These additional cards (a total of nine available) also have the annual fee waived for the first year, with a $45 fee incurred each year thereafter. There is no APR on purchases.

There is no preset spending limit on your Gold Reward Card. Instead, purchases are approved based on a variety of factors including account history, credit card history, and personal resources. The Card requires payment in full each month, but cardholders are encouraged to enroll in the extended payment option, which is available upon credit card review.

Of course, when you’re talking about the American Express family, you’re talking about membership rewards. The Business Gold Reward Card automatically credits your account with a welcome bonus of 5000 points on your first purchase using the card. Thereafter, you can expect to receive one point for every dollar spent on your card. There are additional bonuses available as you use your card, including 5000 points when you reach $20,000 in spending, 20,000 bonus points for reaching $50,000 in spending, 10,000 points upon the renewal of your card after one year, and 60,000 points available if you spent an average of $5,000 a month upon your credit card.

As you can see, Reward Card holders have the advantage of seeing their points accumulate very quickly. Use your points to team up with other participating members in the membership rewards program including AT&T and Hertz. There are literally dozens of other hotels, airlines, and entertainment businesses that redeem membership reward points.

Finally, the Business Gold Reward Card will allow you access to all the American Express customer care options available. These options include the 24-hour, seven-day-a week helpline should you have any concerns with your credit card, insurance protection for your card, and the opportunity to interact with other small-business experts in order to pose questions and gain insight into running a small business. The emergency services program offers speedy help in the event you need a card replaced, a check cashed, and to assist with hotel check-in.

Anthony Samuel
http://www.articlesbase.com/finance-articles/the-business-gold-rewards-card-from-american-express-getting-business-credit-with-rewards-57620.html

Apply for a business ID# from the state and apply for a credit card or a loan from a bank. The ID# is the only difference in personal credit and business credit.

Banks do that.

They normally cannot do this on a joint account but they can verify your income and still take it if they have a court order to do so….