Help!! CHICKEN/EGG QUANDRY

[VinceGore]

A partner and I are about to start a home based business, we have not yet decided what form of corporation we will be..S,LLC, etc. We will need to obtain a bank loan to finance the start up, do we need to have a corporate structure in place FIRST, and THEN go get the loan, or can we get the loan and then form the corporate structure? Does it even matter? HELP!

 

[ALawyer]

It probably won't matter -- the new business will not be credit worthy to a bank so the bank probably will commit to make the loan to you, or possibly to the business and you jointly.

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