When you join a LLC, its expected that you all work together to make each other money. Depending on the people in the group, they may be willing to help, but you may find that they want some of your credit. They may be in the same situation you are in
[addsig]
First you set up the LLC and if you wish to utilize it as a semi beard of your own activities. You nominate some rich highly undeserving member of your inner circle of friends. Now you take and write a glowing letter listing all of his bank accounts, properties etc.
Then if still inclined to achieve credit you reach out into the common herd and select two or three others who would like to join in on this money making campaign. They are listed as Secty Tres or Chief of Operations or Chief Executive whatever. Fill the slots.
After which in the local newspaper or weekly fashion sheet whatever you write a glowing feature article. In it you describe fully this new Corporation whose assets are vast and wonderous and who has the highest credentialized officers in the city.
All of this good stuff you now take to the bank and you borrow a very small amount of money on a 90 day roll over. Just stick the money in the account and in 90 days retire the loan. You now have a history of borrowing. You might also arrange for the issuance of credit cards to all the officers, no no never to the one unpaid employee, he she or it will just have to wait.
After this you can pad the Lily and contact D&B and send them a terse non descriptive article on the company.
You are now credit worthy. It is even nicer if you show the company owning a few pieces of paper that are generating income and perhaps a property of two. They do not have to be making money, just by their being in ownership they will spread the lustre of success.
You'll probably have to rely upon your own credit, or that of any members in your LLC.
You can use much of the techniques used to establish credit for yourself to establish credit for your LLC.
When you join a LLC, its expected that you all work together to make each other money. Depending on the people in the group, they may be willing to help, but you may find that they want some of your credit. They may be in the same situation you are in
[addsig]
First you set up the LLC and if you wish to utilize it as a semi beard of your own activities. You nominate some rich highly undeserving member of your inner circle of friends. Now you take and write a glowing letter listing all of his bank accounts, properties etc.
Then if still inclined to achieve credit you reach out into the common herd and select two or three others who would like to join in on this money making campaign. They are listed as Secty Tres or Chief of Operations or Chief Executive whatever. Fill the slots.
After which in the local newspaper or weekly fashion sheet whatever you write a glowing feature article. In it you describe fully this new Corporation whose assets are vast and wonderous and who has the highest credentialized officers in the city.
All of this good stuff you now take to the bank and you borrow a very small amount of money on a 90 day roll over. Just stick the money in the account and in 90 days retire the loan. You now have a history of borrowing. You might also arrange for the issuance of credit cards to all the officers, no no never to the one unpaid employee, he she or it will just have to wait.
After this you can pad the Lily and contact D&B and send them a terse non descriptive article on the company.
You are now credit worthy. It is even nicer if you show the company owning a few pieces of paper that are generating income and perhaps a property of two. They do not have to be making money, just by their being in ownership they will spread the lustre of success.
OK now go borrow some money.
Oh by the way what does this LLC do?
Onlooking Lucius
Thank you, Lufos, for another beautifully written and informative response. If you aren't or haven't been a writer, you should be. Zach
thank u for the overwhelming response on my question.. i will try the different suggestions giving to me and see what happens