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Updated about 10 years ago on . Most recent reply

User Stats

73
Posts
11
Votes
Cooper B.
  • Real Estate Agent
  • Birmingham, AL
11
Votes |
73
Posts

Accessing 0% personal credit for use by LLC

Cooper B.
  • Real Estate Agent
  • Birmingham, AL
Posted

I have a decent amount of 0% credit available on a personal credit card. Can anyone tell me if there is a way for my LLC to access this credit to help with rehab costs? Of course, it would need to be done in a way that will allow me to maintain the personal liability protection offered by the LLC.

I saw mention of just creating a promissory note between myself and the LLC but that seems very flimsy to me.

As an alternative I was considering applying for a 0% business card, but I hate to have the credit inquiry on my report if the application is either going to be denied or approved with a small credit limit.

I will discuss with my CPA but given the time of year he may not get to me right away. Any advice would be appreciated.  

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