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Old 06-30-2009, 10:45 AM
 
113 posts, read 533,823 times
Reputation: 35

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Being a business owner and trying to get credit lately has been tough. Not a good year reported 2 years ago so any attempt to get credit ( car, home, etc ) can happen, but usually at a higher rate or denied. Often I am asked for 2 years fo tax returns for any kind of credit/loan

I was wondering if there is a way around this? Is there a way for me to put my business as a TRUST of some kind so I dont own it, but I just collect a pay check. Now, I am an employee and the loan process is much easier. Certaintly I dont want to lie/ cheat the system, but what can be done?

My wife works full time, but I am not sure that putting the business in her name is the answer as that would off set her attempts for any credit.

How do you tackle this hurdle?

Thanks!
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Old 06-30-2009, 12:10 PM
 
28,383 posts, read 67,936,355 times
Reputation: 18189
You might look at changing the structure of your business. There are valid reasons to structure the business as an LLC or S Corporation, either of which could issue you a valid W-2.

You can't get around providing two years of tax returns for any kind of documented loan these days...
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Old 12-30-2012, 08:47 PM
 
2 posts, read 3,472 times
Reputation: 10
Default commercial loans

Have you tried companies with an asset mgmt,equpiment colatteralizing etc.structure
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Old 12-30-2012, 09:52 PM
 
Location: None of your business
5,467 posts, read 3,637,971 times
Reputation: 1170
People believe the government gives small business loans. I never heard of anyone getting a government loan but people insist they are available. Shat about an SBA loan?
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