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As far as business credit is concerned, can you still obtain good credit as an LLC or does a business traditionally gain credit easier as a corporation?
I have been strongly considering an LLC vs Incorporating as my business will be small to medium at most in size.
It dosent make a diffrence about business credit if your a LLC, S-CORP, C-CORP.
My company is a LLC, I have no problem getting credit for it.
@medic8404 wrote:As far as business credit is concerned, can you still obtain good credit as an LLC or does a business traditionally gain credit easier as a corporation?
I have been strongly considering an LLC vs Incorporating as my business will be small to medium at most in size.
An LLC is a corporation (Limited Liability Corporation). It really depends on what you want to accomplish. If you are merely protecting assets and liability, an LLC or Sub-S are often used to avoid double taxation that will occur in a C Corp if you have any taxable income within it.
But all forms of the corporation can obtain credit.
I have 3 seperate llcs, 2 of which Ive built credit on. I have them set up as subs and one is the parent. I have heard people having Corps getting bigger lines of credit. I know, though, that in some states corps have to pay $500 a year in tax minimum, so if your using it as a shelf corp kinda thing, that's alot to pay if its not a revenue generating operation yet.