Jump to content


  • Posts

  • Joined

  • Last visited

  1. We do not require a license either as far as County goes. We're in an unincorporated area of the county and too lucked out that there is no requirement. However due to the nature of our business we do need proffessional licensing issued by the state. If we were to run a comic book store than no license of any type would be needed. I have another business ( S Corp) that does not run under any Prof. needed license and as such has no license at all, D&B has no issue with this and we have had no issues good or bad that differ from the other bus. credit reporting wise. HTH!
  2. Have not posted in a while... here is my take on it... Depends on what stage you are in. Are you in the building credit lines and/or will be needing as good as you can muster credit for a soon to be pulled ap? Or are you now focused on business and need to cut all expenses and focus on making money? If you are seen in a "universal default" way by your lenders will this make other obligations (credit accounts) rate hike you? Who are the other lenders? If they are major banks and you end up dropping your score due to utilization will you be up a creek? If you are going above 50% util. but don't expect it to really hurt your score dramatically and you can save a fair amount of money in interest charges and get a chance to pay down the debt and you will not be needing the highest credit score that you can muster than do it. The other thing to worry about is that you are trading a business debt and making it a personal debt. There are issues there. It's now your problem not just the business. Do you have a Sole Prop (not as big of an issue) or do you have a Corp. (Bigger issue). What about bookkeeping? You can still write off the interest paid, but you need to track the debt under the business instead of the personal. Did the debt originally have no personal guarantee? It will now. Hope I helped more than I confused
  3. BOAPS for DH and I never died I'm not complaining, just not sure how it happened. I pull them for each of us everyday, and they are definately new reports... anyone else?
  4. We opened bus. #2 that way too, female owned majority shares, I'm with Mary though, we have had no special financing offers based on minority ownership- at all! The only time it has come to play is winning contracts, 2 come to mind, Walmart, and Goverment (military). HTH, HD PS Union Bank of Cali. has a woman lending special, however I believe it ties in with SBA, maybe a 50/50 deal. Can't recal too much about it!
  5. Thanks for the replies, I am going to look into the suggested banks and go from there. I have decided I have to get it done next week, no more excuses HDPR14
  6. I have a LLC in NY, I need to open a bank account for it. I have put this off for almost a year as I really can not afford a credit report pull (we are in REI and are pulled almost constantly) anyways, I don't care about Check systems, but am hoping that someone knows an internet bank even that I can open a bank account at that will not pull a personal, or maybe TU or EQ? Even one in NY that you know would open an account over the phone. I don't want to buy anymore money orders to pay the bills. Thanks all! I appreciate any advise! HDPR
  7. I agree with the above poster, however I have also found that a CPA needs a little guidance and ideas. This is how I went about tax issues. I bought alot of books on real estate tax issues. I then read as much on any of the ideas that were presented in the books that A. I did not understand or B. sounded like it could be useful to us. After I did these things I narrowed down specific items and then went over it with our CPA. I really feel like you have to be a partner type mentality with any of the prof. you use be it CPA or attorney and need to do your homework too, to make better use of your money on many different levels. Really, you should have already met with the CPA to better structure the income and the payout and receiving of the money prior to now, but I think your best bet would be to start reading and make a list of ideas that caught your eye and go from there. I too ask how you made the money, maybe with more info. you will get more answers. HTH, HDPR
  8. another for e-fax! Love it!
  9. I applied for 2 AMEX products last month. That evening I checked TU and had 2 inquiries from AMEX, the next day I checked TU again and there was only one inquiry from AMEX. HTH, HD
  10. "We let them pay the whole amount on the card and then are the credit card fee (~2%)" Now I know why it looked like we charge a fee, the "are" in the above statement was to be "ate". I was typing late and did not catch that typo.
  11. Just to clarify... we NEVER charged an extra fee, nor did WE set a min. or max. We had a VERY small markup to stay competative with the big guys, yet we still accepted CC's. I was just stating the industry view on the subject. Although I am aware of the rules regarding accepting credit cards,(and I chose to follow them) I was not a big dealer of new cars, I was a used car dealer, an independant one at that. The ones that would "break the rules" are the large auto specific dealers. Although they are not complying with the CC acceptance rules, I was just stating what I know from talking to other dealers. I have found that it is good to know the "rules", but also to know how situations are handled, regardless if others are following the "rules". Hope this helps, HD
  12. We used to have a car lot, just closed it down... anyways, you can use any payment method the dealer allows. We never once had a chargeback of a credit card purchase, main reason is if they ever did they would never receive title. The paperwork could would not be submitted for DMV registration with out payment. We let them pay the whole amount on the card and then are the credit card fee (~2%) Second item is that new dealers always set a limit normally of $2K (a decent down) for a credit card transaction, reason here is not for chargeback concerns, but because the dealer does not want to eat the discount fee. IE. they do not want you to charge a $25K car and then they have to absorb the 2-3% charge. (car dealers have higher rates due to the perceived greater risk in the car biz).
  13. Hi QSM, I'm not too familiar with the area, just know it's in Buffalo. A very kind person here has offered to help, so hopefully I'll have answers soon! HD
  • Create New...

Important Information