Can a coporation be set up to purchase tangible estate and how would that work?
To e more specific, can a corporation be formed to purchase tangible estate lacking an individuals credit report mortal pulled. What characteristics of a company would that be and would it work?
Answers:
You can no problem set up a corporation for that purpose (just set up a LLC). The problem is the corportation won't enjoy any credit history (at most minuscule not at first) so the mound won't lend it money. Typically the corporation would any own to settle up bread or the owner would own to sign for the loan themselves (though the corportaion could stillhold title - mostly for safety/insurance reasons).
Legally speaking, it would be a piece of cake. C corp, S corp, LLC, wouldn't concern.
The snag would be finding someone that would if truth be told lend money to a corporation.
Corporations that are loaned money crash into three category:
1. Those that own be contained by business a long time
2. Those next to a significant amount of assets to pledge
3. With a Personal Guarantee; they aren't interested in someone's guarantee short checking credit.
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Answers:
You can no problem set up a corporation for that purpose (just set up a LLC). The problem is the corportation won't enjoy any credit history (at most minuscule not at first) so the mound won't lend it money. Typically the corporation would any own to settle up bread or the owner would own to sign for the loan themselves (though the corportaion could stillhold title - mostly for safety/insurance reasons).
Legally speaking, it would be a piece of cake. C corp, S corp, LLC, wouldn't concern.
The snag would be finding someone that would if truth be told lend money to a corporation.
Corporations that are loaned money crash into three category:
1. Those that own be contained by business a long time
2. Those next to a significant amount of assets to pledge
3. With a Personal Guarantee; they aren't interested in someone's guarantee short checking credit.