Business Credit Cards and LLC Management?? real quick!

[Creditaddict]

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!

[myjourney]

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

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@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!

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[Creditaddict]

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@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

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

[myjourney]

Correct don't even have to have a % 

Can be an employee w/o stock options

[myjourney]

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

[Creditaddict]

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@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

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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.

[myjourney]

State no ....your option

office letterhead from you to bank yes

[myjourney]

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

[cashnocredit]

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.