« previous next »
Pages: [1]   Go Down

Author Topic: Any cpa's in here?  (Read 672 times)

0 Members and 1 Guest are viewing this topic.

Offline Burnboy

  • Hot Shot
  • ***
  • Posts: 458
Any cpa's in here?
« on: September 22, 2009, 11:01:27 PM »
Im thinking of starting a small bar and grill and have some questions. Anyone with any advice please chime in as well.

My partner and I want to form an llc for obvious reasons but dont know how lending works with an llc. Does everyone pretty much require a personal guarantee? Does that mean I have to have enough assets to cover the loan? Im just worried about getting a large loan to start this up and if something went wrong I'd personally owe the full amount of the loan if the llc went bankrupt.
Logged
1975 CB750
1973 CB350F

Offline bucky katt

  • Old Timer
  • ******
  • Posts: 4,564
  • i am a pastafarian!
    • facebook
Re: Any cpa's in here?
« Reply #1 on: September 22, 2009, 11:13:27 PM »
the wife has been doing bookkeeping and accounting for 20+ years. let me ask her in the morning, well later this morning.
Logged
Of all God's creatures there is only one that cannot be made the slave of the lash. That one is the cat. If man could be crossed with the cat it would improve man, but it would deteriorate the cat.
Mark Twain - Notebook, 1894

Offline Burnboy

  • Hot Shot
  • ***
  • Posts: 458
Re: Any cpa's in here?
« Reply #2 on: September 23, 2009, 12:31:49 AM »
Thanks in advance.

After some extensive googling, I think I know the answer, it'll be near impossible to get a loan without a personal guarantee or some corporate credit. But hopefully someone here has some better news, or info on grants.
Logged
1975 CB750
1973 CB350F

Offline Jerry Rxman Griffin aka MuthaF'er

  • This MuthaF'er is getting to be a
  • Really Old Timer ...
  • *******
  • Posts: 14,914
  • Bought her new 4/75
Re: Any cpa's in here?
« Reply #3 on: September 23, 2009, 09:42:11 AM »
Unless you get a large inheritance or sell a stakes winning horse................... Nobody will loan you something without a guarantee plus you're going to have to develop a very good looking business plan for the lender especially in today's economy. More startups fail than not. I developed a small business without any outside funding but I still had the risk of all the capital I invested. Started small with a good product and a good business plan in my head. I did not risk my home or my retirement plan. Went up against 6 well established competitors. Couple of them folded while attempting to put me under including one that moved in across the street. Way too much work for the limited income. Sold it and moved on. The "established" competitors that remain have greatly downsized and my old business is doing just as well in a bad economy. Have a good plan and cash in the bank to weather the bad times. Expect to be the lowest paid employee too while working the most hours. Good luck to you. 

(I have a couple old buddies from Lexington out visiting. They didn't think it snowed in Sept  ;D )
Logged
As of today 3/13/2012 my original owner 75 CB750F has made it through 3 wives, er EX-wives. Free at last.  ;-)

Offline Duke McDukiedook

  • Space Force 6 Star General
  • Really Old Timer ...
  • *******
  • Posts: 12,690
  • Wish? Did somebody say wish?
Re: Any cpa's in here?
« Reply #4 on: September 23, 2009, 09:46:38 AM »
Yep, someone in your group has to have the collateral, the days of loans for nothing will not return for a while.
Logged
"Well, Mr. Carpetbagger. We got somethin' in this territory called the Missouri boat ride."   Josey Wales

"It's Baltimore, gentlemen. The gods will not save you." Ervin Burrell

CB750 K3 crat | (2) 1986 VFR750F
Pages: [1]   Go Up
« previous next »