How to Set up a Business Entity to Obtain Corporate Credit

By Susan Carter

As you begin a new business venture, you have probably already decided what kind of business you are going to run, and even what you are going to name it, but you still have one more important issue to decide. You need to know what type of business structure will be the easiest and most beneficial for your company. Have you heard of the terms LLC, C-Corp, and S-Corp? If your answer is yes, but you dont really understand the difference, then read on.

There are many business structures you can use when you are setting up a new company. They each come with different benefits as well as liabilities. Here's a breakdown of the most common:

Sole Proprietorship. This is best known as the one-man show where the individual person running the company keeps the profits and absorbs the losses. Unfortunately, the person also carries all the responsibility and liability. This is definitely the least desirable due to the huge personal risk thats involved for the individual. Partnership. In this structure, at least two or more people are the owners of the business. They put similar amounts of money and/or time into the business and they choose who is responsible for running it. They also incur the credit debt for the business and can be held personally liable - if sued. Limited Partnership. In a limited partnership there are, again, at least two partners involved, but they dont always have the same level of involvement, responsibility, or authority. One (or more) of the partners make the decisions and the others remain silent partners. The amount of monetary contribution per partner also differs. Limited Liability Company (LLC). This generally proves to be the most flexible business structure and definitely one of the easiest to set up in the beginning. Its a very good entity for small or large businesses because it helps provide personal asset protection. It also offers a format that makes it easy to distribute profits and losses among the owners. With this type of entity structure, the liabilities of the company are not taken from the personal assets of the individuals, but rather taken from the business assets of the LLC. C-Corporation. There are two ways to file your business as a corporation " either as a C-Corporation or as an S-Corporation. The C-Corp is the most stringent and structured form. The business profits are taxed twice " once at the corporate level and once at the stockholder level. With this type, you can have unlimited stockholders to own the company. The C-Corp is taxed as a separate entity, unlike the other form know as an S-Corp. S-Corp. This too is corporation. However, it has a limit in the number stockholders that can own the business " a max of 75. A plus for this business type is that the profits arent double taxed like they are in the C-Corp structure. This is known as a flow through entity " which means the profits or losses flow through to the personal, individual tax returns.

Financial institutions generally view the LLC and corporation structures as higher rated business entities. By choosing one of these structures for your business, you are presenting a more professional image to the financial institutions and they are more likely to offer business credit and trade credit to the business.

About the Author:

Learn more about how to set up your business structure correctly and learn the advantages and disadvantages of each type of entity. Learn how to present your company as an established business so that you can get business lines of credit from lending institutions and obtain vendor credit without risking your personal FICO scores.

The Truth About Guaranteed High Risk Personal Loans

By Trinity Manning

People that have really bad credit often believe that they arent going to be able to borrow extra money. When their car breaks down, or when their kids get sick, panic sets in. They dont believe that they have any options.

Granted, the options arent as good as they would be with a person that has good credit, but there are still ways to get your hands on some extra funds.

A loan type that is available to almost everything is often referred to as the guaranteed high risk personal loan, otherwise known as the payday loan. Payday loans are available to almost anyone, regardless of their credit history. In fact, credit history isn't part of the approval process for this type of loan.

These loans are also sometimes referred to as cash advance loans. Usually you can take out an amount up to what you normally get paid. The lender will often want to know exactly how much you make so that he can lessen his risk somewhat.

These loans present a significant risk for the lender, so the interest is generally quite high. Normal rates are ten to fifteen percent of the loan amount. Since the term is normally quite short, this interest is quite extreme if you calculate the APR.

If youre going to take out a loan of this type, you will want to make sure that you only borrow an amount that you can pay back on time. There are usually high fees if you dont meet your due date and since the interest is already extreme, it can put you in over your head very quickly.

With these loans, the most important thing is to borrow small. That way you can pay back the loan quickly, avoiding extra fees.

About the Author:

Trinity helps people to learn about loans, how to find guaranteed high risk personal loans, and about unsecured personal loans.

Retirement Planning Calculators Are Useful Tools

By Michael Geoffrey

Calculating your necessities during retirement can be much easier with a retirement planning calculator. It can help you determine how much money you will need each month of your retirement years. Then you will be able to plan accordingly when preparing for retirement. That means that once you reach retirement age you will not be worrying about whether you have enough money to care for your needs and maintain your standard of living.

Most people looking forward to retirement do not want to go from one job to another because they find out that they do not have the necessities to retire on time. Early in their careers people should find a good retirement planning calculator, and they should take the information from this device seriously.

Where can you find this useful tool? You can find them online possibly on your bank's website or other financial institutions. You can also visit your bank or as the human resources representative at your place of employment to see if they can provide one for you.

People can visit the sites and work online to insert information into the retirement planning calculator. These tools then provide facts on different scenarios for a great retirement. The retirement planning calculator is a tool, but the potential retiree must supply relevant information in order to make the best use of this great device.

A Retirement Planning Calculator Provides Figures For The Future

So many things change when you retire. Your job will no longer dictate certain aspects of your life. If you chose your current home because of a job opportunity retirement will afford you the opportunity to relocate to a preferred area. These new choices and changes will create new financial decisions and circumstances.

Some of these decisions could make a substantial difference in the funds available for retirement living. While working and raising a family, people have to consider schools for their children, and they usually have to pay taxes for good schools. After raising their family, they no longer need a community with great schools so they might avoid high property taxes.

People also need to consider their healthcare costs after retirement. Many people get their health insurance from their employment. After a certain age, people will get their healthcare insurance from the government. If people want to retire before they are eligible for government healthcare benefits, they might have to factor in additional healthcare costs. All of these factors could be considered with a good retirement planning calculator. Careful planning with one of these special devices could make for a truly delightful retirement.

About the Author:

Is credit counseling the best way for you to get out of debt? Possibly, but there's no single best way for everyone. Visit the Debt Smackdown website at http://www.debtsmackdown.com for more helpful information about getting rid of your debt for good..

Credit Repair

By Darren Cason

The term "bad credit" really means a poor credit rating. A credit history that is less than ideal can result in the rejection of an application for a loan, especially with the more conservative lenders such as banks. However, bad credit does not have to be a hindrance any more because there are lenders out there who are willing to offer packages to assist people in financial difficulties. It is possible that you won't even have to offer any security to obtain the loan. If you are in this situation, it may just mean that you have to pay a higher interest rate to offset the risk that the lender is taking with you.

There is a solution to your problems now, even if you are unable to make a payment at some stage. It is possible to repair your credit, but to do this you have to work out what resources you have to assist you in the repayment of the loan. There are some kits available in the market to help you with this dilemma and there are also resources in certain libraries that you can research. You should be able to make photocopies of any relevant information. This information will also assist you with any negotiations you will make with your prospective lender. Most kits will guide you step by step through the process.

Your intial step should be to obtain copies of credit reports from the credit agencies. Clear up any discrepancies or false information as this will be of benefit to you in the future when you are establishing your creditworthiness.

Once you have obtained the reports, carefully examine your credit score and evaluate your financial situation and if you are finding it difficult to meet your minimum payments, consult with your lenders to decide upon a mutually satisfactory solution. Most lenders will be more than happy to work with you as they realize that it is better to have some repayments happening than none at all. Explain your situation in detail; don't try to embellish the truth so you can have honest suggestions on how to improve your credit score.

Once you have made the first difficult step in repairing your credit rating, it is important to maintain your rate of payment to transform a "bad" credit into an "excellent" one.

About the Author:

Knowledge you can use for everyday living on the subject of how to improve your credit score. Drop by today at http://www.debtjerk.com/improving-your-credit-score.html.

The History of Credit Cards

By Jason Asthworth

Edward Ballamy first introduced the world to the idea of the "credit card" in his 1887 novel, Looking Backward.

It was however, first used as a way of selling gas to an ever-increasing number of vehicle owners in the United States of America in the 1920s. These cards were initially known as charge cards and in time various companies allowed the use of different cards. In the early days it was quite easy to falsify a credit card, as a number of these cards were printed onto a type of card, and not plastic like they are today.

Another type of credit card that appeared in the 1930s and 1940s is the Charga-plate. The credit card was made of a small piece of metal and had the owners name, city of residence, and the state in which the person resided imprinted into it. The Charga-plates were most of the time kept in a store and only large retailers made use of these, and they only issued them to their everyday clients.

Diners club was founded by Ralph Schneider and Frank X. McNamara in 1950, and instead of using many cards people where allowed to use one card. This card had to be paid in full at the end of each month which is differnt from the modern credit card.

The next card to come along was Carte Blanche and then American Express in 1958. American Express led to the creation of a global credit card system. The Visa system also came into existence in 1958 via Bank of Americas Bank Americard. MasterCard came into the world in 1966 and it was first known as MasterCharge.

With development of high security and safety in banking system in the United States of America, the credit card market rose. Travellers gained benefits of being able to use credit cards safely and easily all over the world.

In 1966, the first credit card was released in the UK. The credit card system was not accepted by other countries. Reasons cited for not wanting to use credit cards included bank reliability or a preference to use cash.

Before the advanced technology came, there were reported many credit card frauds. But in recent years, microchips in built credit cards are developed which give you safety. Recently, affinity cards are also developed which are linked with specific group or companies.

Usually,when your earning increases you are more able to return debt of your credit card which ultimately lead you to increase use of the credit card.

About the Author:

Jason Asthworth is the content syndicator for applyforvisacreditcardnow.com the leading resource credit cards and applying for a visa credit card.

Finding The Right Credit Card, And Using It Responsibly

By John Brennan

For some people, finding the right credit card can be a difficult process. There are multitudes of cards available with a host of features, variable rates, and other things that can make choosing the right card for your spending habits hard. If you know what to look for, you can find the right card for your needs, while avoiding getting into debt trouble.

The best option is to find a card with fixed, low rates. These cards keep consumers from being surprised with hidden fees and costs down the road. Repayment can be easier with these cards as well, because they can offer more flexible spending terms.

Consumers should also look at the ease of paying monthly bills. Normally, cards can be set-up to have automatic withdrawls from personal checking accounts. In addition, many cards offer flexible payment plans to work around your earnings schedule, so bi-weekly payment terms are not out of the question.

To have a good credit life, it is vital to use cards responsibily. If used unwisely, you can find yourself in a credit pinch. If you find yourself in over your head in credit debt, the consequences may last for years.

Hard work and using spending decretion can help in pulling you out of any bad credit situation you may be in. Its also important to seek outside help if you find yourself in this type of crisis. There are many services that can provide help in getting consumers out of debt quicker.

Having guidance and the right tools from a service is the best route to take. Service providers such as Free in Five can facilitate in dealing with credit counseling, lower payments, and create better repayment agreements. With these tools available, getting out of debt can be much easier.

A credit counseling service can also help the consumer develop good credit habits, including learning how to properly spend using credit. Many consumers are unable to properly get a grasp on how to use a credit card until they talk with a credit counselor. By knowing how to use a credit card, consumers can find the right card and make purchases that they can afford, avoiding getting into a debt trap.

Its important to find a card that is applicable to your lifestyle and needs. After finding the right fit, be sure to spend wisely and only purchase items you can pay back in a resonable amount of time. By using common sense and showing personal restraint on spending, you can avoid falling into a debt crisis.

About the Author:

To find out exactly how you can get credit card debt help visit my debt solutions website.

What you need to know about bankruptcy assets

By Josh Ramos

Bankruptcy serves as a real option for those who find themselves unable to pay off their debts. However, one of the main concerns that people have when it comes to bankruptcy is what will happen to their assets. To understand this, we must first explain the two most common forms of bankruptcy.

The most common form of bankruptcy is chapter seven bankruptcy. This is the kind that most people think about, and it is meant to completely wipe out your debts. In exchange for eliminating your debt, you will have to forfeit certain assets to help pay off your debt.

The other major form of bankruptcy is called chapter 13. Instead of just getting rid of your debt completely, chapter 13 is meant to form a payment plan to help you get back on track. This is often used to help people get caught up with their mortgage payments, and the repayment plan usually last 3 to 5 years. The good part about chapter 13 is that you don't have to forfeit any of your assets.

As you can see, chapter seven is the best option if you wish to rid yourself of your debt entirely. The major problem with this, besides the damage to your credit, is liquidation. In other words, you will have to get rid of some of your assets to help pay creditors what you owe them.

Of course, if you're filing for bankruptcy, then you may not have many assets to speak of. In fact, in virtually all cases, no assets are forfeited for one of two reasons. Either the consumer doesn't have any assets to sell, or they just aren't worth enough to bother with.

That brings us to a question of the two principle assets that most people are concerned with: their house and their car. In most states, there is a homestead exemption which helps to protect the family's a house from creditors. However, the specifics depend on many factors including the state in which you reside, as well as a value of your house and how much you owe.

Thus, in order to successfully file bankruptcy while protecting your assets as best as possible, it is crucial to discuss your case thoroughly with a good bankruptcy attorney. A good bankruptcy lawyer can help you through the difficult process.

However, it helps to learn as much as possible before speaking with your lawyer. You should continue to learn about your options with regards to bankruptcy from articles like this one.

About the Author:

Don't let the fear of your debt take over your life. Get the facts about bankruptcy and learn how to get control of your debt. To learn more about what is the new bankruptcy law visit us at http://personalbankruptcyquestions.org

Foreclosure Help May Be Available To Save Homes

By Michael Geoffrey

In uncertain economic times, when unemployment and underemployment runs rampant, many families also have to fear losing their home to foreclosure. While some may have brought their troubles on themselves through irresponsible spending habits, many others are looking for foreclosure help due to factors over which they have little control.

Food, electric, and heating costs have skyrocketed in recent years, and this has understandably caused many families to decide between using the money they have to pay for the absolute essentials of life only.

Additionally, during last decade's housing boom when money was readily available at low, adjustable rate mortgages, many families were able to buy homes that under other circumstances they would not have been able to afford or been able to receive financing. For many of them, foreclosure help is their only chance of saving their home, but they have to be careful about the type of help they receive or risk being thrust deeper into financial turmoil.

Recently, many states government have stepped into the fray offering hope for many families looking for foreclosure help to save their properties. Many of these homeowners may also have been the victims of so-called predatory lenders that pray of individuals who may not qualify for a loan. Convincing them to exaggerate their income or low ball their expenses to qualify for a home loan are some of the common complaints lodged against these lenders.

Help Needed Before Foreclosure

Many people start looking for help after they have been consistently unable to make their mortgage payments and foreclosure now seems imminent. The best time to start looking for foreclosure help, however, is before the foreclosure process ever begins.

Unfortunately, too many fail to take the initial steps and by the time they start looking for alternative funding to save their family home, their credit record is damaged and they cannot qualify for low-interest loans.

Families who need help in making mortgage payments can receive such help from a variety of companies. Sometimes a home mortgage can be reworked so that its interest rate is lower but the loan's duration is extended. This could make the difference between a family losing their home to foreclosure or being able to keep it.

About the Author:

Is secured debt consolidation a good choice for getting your debt paid off? Find out more about what it is and whether or not it's a good choice at the Debt Smackdown website. Visit http://www.debtsmackdown.com for more helpful information.