Re: Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchas
Re: Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchas
Thank. You all for your replies. Got the LLC done and am working on our business plan and have a Capital Expenditure Loan set up. BUT, YES WE ARE DEFINITLEY SPEAKING WITH OUR CPA CONCERNING WHETHER WE SHOULD MAKE THIS SPRINTER PURCHASE AS A BUSINESS/COMMERCIAL LOAN OR AS A PERSONAL VEHICLE LOAN. WHICH BENEFITS US MORE AND HOW IS WHAT I'D LIKE TO KNOW. one has a 5.5% with 25% down for 60 mos. And I'll bet a personal vehicle bank lo
an we could get a little better rate on.
Hi
I would suggest checking what your LLC would cover, the reason for this is it would depend on what state your a residence of. Most of the states under an LLC only cover within your home state, and do not have anything to do if you have an accident in other states There would be no coverage at all.
The only way that you would be covered in all states is if you formed a "S" Corp or a Full Corp. If you wanted to be covered under the LLC you would have to form a LLC in each state you go through.
As Far as the loan is concerned it would not make any difference which loan you received, But if is a S or Full Corp
it woiuld have to be purchased in the Business name, You would also have to pay Payoll to yourself and pay quarterly taxes, Workmens Comnpensation, and Corporate Insurance.
I yiou have any more questions please do not hesitate to ask
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Providing Professional Accounting Services and Income Tax Preparation
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