“The 10 Overlooked LLC
Issues People Often Screw
UP!”
Issue No. 6
LLC Credit and Credit Cards
Now you’ve got a better idea of “why an LLC” and how to get more asset protection and tax benefits – you’re making more money. Face it. The name of the game is more security and more money.
Sure, you can work harder and make more money, but if you use the law and know the ins and outs of the LLC, you don’t need to work harder. You can make more money without working harder.
When you commit to study up on the LLC and you’re determined to work smarter, not harder, you’ll ultimately have a lot better life.
Have you ever noticed: some rich people just float over the top of all the problems? Maybe their “legal structure” allows them to avoid the traps.
Credit is one “trap” a lot of folks fall into. I can’t solve all your credit problems, but there are a couple of hints that might make life easier.
Thus, the 6th Essential LLC Issue — Here’s One Trap You Should STAY OUT OF!
I get lots of people who have gone overboard on the issue of building credit in their LLC or corporation. Not to be discouraging, but it isn’t going to happen.
Until your LLC is worth tens of millions of dollars, you aren’t going to get credit for the company. Oh, you’ll get a line of credit and can borrow in the name of the company, but not really.
You’ll always have to sign personally. They’ve got you.
The trick is to protect your assets from the personal signature. That requires a combination of the How to Double Your Asset Protection eBook and my award winning Time-Warner Book-of-the-Month Club book, Protecting Your Financial Future, hard copy book.
It’s a moral obligation you have to your family to protect your family’s assets from the business debt you take on. Unfortunately, people fall into the trap of believing that their assets are safe, because the money was borrowed in the name of the company. Not True!
You owe it to yourself and your family to separate your personal assets and shield them from the business loans. And by the way, the “corporate shield” won’t give you any protection on this one.
Once you know the tricks, it doesn’t take any more time or money to protect the assets. It’s just a “change of mind” that you have to make. It’s that easy.
In addition to the personal signature trap, another big trap is the “business credit card.” People think they are cool because they have a business credit card. Big Mistake!
New laws limit the losses on a personal credit card to $50 out of your pocket. Business credit cards have no such protection. If you get the card hacked or lose it, you’re personally liable for whatever the crook charges on the card. That’s the law.
It’s tricky, because you can’t commingle money between your personal use and the business. If you commingle money, that’s the number one reason attorneys “pierce” the corporate shield. Commingle – you lose all asset protection of the LLC or corporation.
Use a personal credit card. Each month when the statement comes, carefully go through and mark each expense as a personal expense or as a company expense. If you have more than one company mark the company the expense relates to.
Cut a personal check, a check from company one’s bank account, a check from company two’s bank account, and so on. Actually enclose three checks in the credit card statement when you mail the payment in.
By carefully separating each expense on the personal credit card and paying for the expense out of the proper account, you have convinced the courts and IRS that you are not commingling money.
Your asset protection is good, and you have solved the liability problem of the “business credit card trap.”
I’ve prepared a full list of these “little” traps that will kill you. No, one of the little traps won’t kill you, but it’s like a paper cut on your finger. It hurts and a thousand of them will kill you. The LLC Wizard Course goes through the list for you.
Tomorrow: Shifting Income for More Money
You Can Get Double the Asset Protection
I’m seeing more people lose their business these days, because they get in trouble personally, than I am seeing people losing their personal assets because their business gets into trouble.
How do you protect your business from your personal problems? There’s a whole world out there that your advisers have never warned you about.
If you haven’t done so already, pick up the How to Double Your Asset Protection eBook, and get all the details your lawyers never showed you. If you aren’t enlightened and think you can get the double asset protection, just request a refund. It’s that simple.
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Tomorrow : LLC Overlooked Issue No.7, “Shifting Income for More Money”
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