LLC funding/credit

[Mark Cruse]

I'm attempting to build a pattern of good credit history so I could get loans in my company name. I assumed when I acquired a credit card in the business name it would be separate from my personal credit report; it was not. In addition, I don't want any more real estate financing tied to me. Is there even a way to have my LLC clearly established as a separate entity with its own history?

Thanks

Mark

[Michael Seeker]

Hey @Mark Cruse if you opened the CC, then it will show on your credit statement.  I have a corporate credit card through my employer (fortune 100 company) and I had to back it with my personal guarantee and it shows on my credit.

To establish credit for your company, you really need to build up a track record and separate yourself from it.  You'll need financial statements, auditing, etc.

Now, if you want to get a loan that doesn't show up on your personal credit report, you can get commercial loans on your property. They will still require you to personally guarantee them in most cases (recourse loans), though some might even offer you a non-recourse loan if the numbers are good enough. In either case, a commercial loan to your LLC, backed by you should not show up on your credit. You'll still be on the hook if the business fails, but it won't show up when you go to get personal loans or use your credit for anything else.