topic Business Credit Cards and LLC Management?? real quick! in Credit Cards

Business Credit Cards and LLC Management?? real quick!

Creditaddict — Thu, 28 Mar 2013 22:21:14 GMT

Sorry this might be moved but was hoping someone would catch for a quick response....

When it comes to signers for credit cards and lines for a business they can just be % interest in a LLC correct? or silent investors?

do they need to be full members of llc?

I feel like this might have changed since the days of free free fre 2008!

California if matters!? sure it does!

Re: Business Credit Cards and LLC Management?? real quick!

myjourney — Thu, 28 Mar 2013 22:29:39 GMT

Quick answer they can be im pretty sure as long as they show as part of Corp or LLC not sure about silent investor.

I.E. vice president, CEO,CFO, manager etc etc

@Creditaddict wrote:
Sorry this might be moved but was hoping someone would catch for a quick response....

When it comes to signers for credit cards and lines for a business they can just be % interest in a LLC correct? or silent investors?

do they need to be full members of llc?

I feel like this might have changed since the days of free free fre 2008!

California if matters!? sure it does!

Re: Business Credit Cards and LLC Management?? real quick!

Creditaddict — Thu, 28 Mar 2013 22:34:41 GMT

@myjourney wrote:
Quick answer they can be im pretty sure as long as they show as part of Corp or LLC not sure about silent investor.
I.E. vice president, CEO,CFO, manager etc etc

so they don't have to own 51% or more or anything right? just a percentage?

Re: Business Credit Cards and LLC Management?? real quick!

myjourney — Thu, 28 Mar 2013 22:53:04 GMT

Correct don't even have to have a %

Can be an employee w/o stock options

Re: Business Credit Cards and LLC Management?? real quick!

myjourney — Thu, 28 Mar 2013 22:58:18 GMT

Trying to type fast b 4 its moved

My son is listed as VP but I own 100% stock options

because of being listed as corp. officer he.Qualifies as signer

Re: Business Credit Cards and LLC Management?? real quick!

Creditaddict — Thu, 28 Mar 2013 23:02:13 GMT

@myjourney wrote:
Trying to type fast b 4 its moved
My son is listed as VP but I own 100% stock options
because of being listed as corp. officer he.Qualifies as signer

okay so do I need to go back and add him with state also above and beyond what I think the bank is saying they would accept right now as a hand written add on from me on company letter head?

Thank you so much btw too, exactly what I was looking for.

Re: Business Credit Cards and LLC Management?? real quick!

myjourney — Thu, 28 Mar 2013 23:05:12 GMT

State no ....your option

office letterhead from you to bank yes

Re: Business Credit Cards and LLC Management?? real quick!

myjourney — Thu, 28 Mar 2013 23:07:09 GMT

In florida May 1 st is my annual filling date so thats when I make any corp officer changes....state wise....hope this helped

Re: Business Credit Cards and LLC Management?? real quick!

cashnocredit — Thu, 28 Mar 2013 23:23:51 GMT

I've recently been looking at this having a similar situation. I also have experience in regular corporation structures.

I don't think most CC care. The most important thing is to make sure anyone authorized to recieve a biz card under the LLC is authorized according to the LLC Charter. LLCs are highly flexible but you need to make sure that you follow the LLC's rules for authorizing any financial instrument or you can make it easier for creditors to break the insulation LLCs provide their owners. Each CC issuer has their own rules as well and most will want personal gaurantees unless the LLC has a long established history so you may not be able to apply LLC isolation to CCs. Still, it's important to follow your charter in case there are other liabilities.