|
As others have said, you will have to personally guarantee any loans. That's what my wife and I did with our business. That said, they were also concerned with our business's performance, and we had to provide current financials at renewal time, and if we hadn't been doing well enough, the loan would have been hard to renew. And, of course, all assets were cross-collateralized six ways from Sunday. I couldn't fart without somebody filing a UCC-1.
I'll add this: be careful how you depreciate assets. Our first CPA chose an accelerated depreciation schedule, which had the effect of "shrinking" the value of assets on our books. Our second CPA said "why did you let him do that?" Uh, 'cause I'm not an accountant?
|