Maggot Businesses?

[Blurred]

kind of off topic but>

when you incorporate, and that business applies for a loan, do the banks look at your credit history or start with the clean slate of the new business?

[Canuk]

kind of off topic but>

when you incorporate, and that business applies for a loan, do the banks look at your credit history or start with the clean slate of the new business?

Blurred...can't say for sure how they do it in the US, but in Canada, until a company is well established, has a history of profitability, strong cash flow, working capital, blah blah blah, at least one of the shareholders will be tied to the bulk of the borrowing the company does (at least that is my experience as industrial equipment financier to the stars.)

I am in the begining stages of starting my own venture. Currently working on transitioning myself from an employee to a sub-contractor, and hoping that by June I will be sufficiently capitalized to start doing some short term, asset based lending. I'm super lucky though, and will be shown the 11 herbs and spices right from the outset, which is huge.

[watersnowdirt]

Many congrats!! Sounds like a great move. Wish you lots of success and not too many sleepless nights!

I've been my own boss for about 7 years. It drove me nuts, made me crazy stressed, but now after many years, I can take tons of vacation, have a killer client base, and really, really love my work.

I can't imagine that any maggots need my services, but should you know any non-profits that need event production or consultation, feel free to send them to www.organicevents.org.

In the process of starting another business - quite different. Launching a product with a friend/business partner. Will certainly keep you all posted.

[Castro's]

kind of off topic but>

when you incorporate, and that business applies for a loan, do the banks look at your credit history or start with the clean slate of the new business?

Most banks require majority owners to personally guarantee the business debt regardless of whether its a sole prop, C corp, etc. The credit history plays a major role in the decision. Depending on the bank and the type of loan they are sometimes based soley on credit history, however, if the credit history is weak and the guarantor is very liquid you can work around it.

[Evmo]

Hey Blurred... if you find a bank that will loan to you without your personal guarantee on it, definitely let me know.

When we incorporated, any loans had to be personally guaranteed (ala Castro's comments)

[SkiingBear]

Congrats Bob...but you already know that, what with my car in your shop already.

[MacDaddy]

Bob I need some pipes cleaned, you can help, no?

Congrats I'm glad you pulled the trigger, now I see why you dont call any more.

[UTdave]

Congrats Bob! Good luck with the business.

Currently, I don't have my own business but I likely will in about 2 years. As soon as I've passed the CPA exam I'm either going to purchase an existing firm or start my own. That's why it's about 2 years out because I have to get my masters degree to sit for the test and I'll be starting that this fall (as long as they let me in). In the interim I'll continue to work for someone else's profit.

[splat]

Wow, Bob, that's great.
Now if you just had a loaner 4X4, it'd be a perfect setup for out of town maggots to drive to SLC for repairs, drop their car in the morning, go ski, and come back for their car later. (gimme a reason to come over)
Best wishes!

[skifishbum]

I was gonna offer to trade you a bro tune for an oil change and tire plug.
But someone told me you don't tune your skis.

[A-wreck]

My friend and I just got back from an art show where we sold $4500 worth of glass. I'm part owner so, I guess I own a business.

[Core Shot]

My friend and I just got back from an art show where we sold $4500 worth of glass. I'm part owner so, I guess I own a business.

I dont care how fancy they are, but glass bongs and pipes are not "art"

[A-wreck]

I dont care how fancy they are, but glass bongs and pipes are not "art"

Well, they are not bongs. Or pipes. But thanks for chiming in.

[MassLiberal]

Best wishes, as a partner in a business myself, I wish you luck!

[13]

Best of luck, Bob.

[midget]

Congrats and best of luck Bob, that is a friggin HUGE shop!
...Can I come and borrow your lift and air tools so I can work on my suspension? haha

[MacDaddy]

I dont care how fancy they are, but glass bongs and pipes are not "art"

ahh come on Core Shot! sure they are, especially when all that resin changes the color of the glass to make a truly unique piece of work.

[midget]

How many people do you have working in that shop btw?