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How do I build business credit for my LLC?
When building business credit for a LLC, you need to have assets that lenders could use as collateral or at least a 680 credit score. You will always hold liability in the business, because it’s an LLC. When you decide to take on a partner under that LLC, they too will have liability in the business. They’ll be able to apply for business loans and credit cards by amending the bylaws to give them that authority.
If you’re trying to get funding for your LLC without the personal guarantee, they there a lenders that will give you funding off your existing business accounts receivables. You may want to check with companies like PayPal that offer loans against accounts receivable. So there are alternatives to getting credit for your LLC without using your personal credit.
Nonetheless, you have to have something for the lenders to work with. If your wanting to learn more about funding your business checkout 3wayfunding.com. They offer you free videos on how to setup your business to get funding without a personal guarantee, you also learn, how to repair your personal credit and how to get funding for your business and personal needs.
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