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7 Replies Last post: Mar 19, 2008 10:35 PM by TJMorehead

From my name to LLC

Mar 17, 2008 1:35 AM

1Comma 10 posts since
Mar 14, 2008

I recently started investing in real estate, I am scheduled to close my first deal 02Apr08. I am buying this property in my name but I want to switch it over to my LLC. I also plan to a credit line on the property to purchase my next investment property. What is this best way to go about this and would this be a good way to gain business credit?

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TJMorehead 98 posts since
Mar 16, 2008

1. Re: From my name to LLC Mar 17, 2008 3:42 AM

Filing a LLC is a way to separate personal liability from your business' own entity. As far as building credit, an LLC alone won't do it. You need to secure a Dun & Bradstreet number, not the free one. You'll need to establish credit lines under that number. At some point you'll want to transfer the new investment property and put it under the D & B number.

Establishing business credit takes time, but can be expedited with companies who consult in this area. Visit www.moreheadsconnections.blogspot.com to read post on Business Credit building.

Warm regards,
TJ Morehead

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1Comma 10 posts since
Mar 14, 2008

2. Re: From my name to LLC Mar 17, 2008 3:46 AM

in response to: TJMorehead

OK... I have an EIN number and an open bank acct under that number. Is that the same as the D&B number?

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TJMorehead 98 posts since
Mar 16, 2008

3. Re: From my name to LLC Mar 17, 2008 4:01 AM

in response to: 1Comma

No. An EIN is for tax purposes. However you can purchase things using a EIN number, but vendors, or financial institutions can't report your payment performance to that number. Dun and Bradstreet is the credit bureau for business credit reporting.

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LUCKIEST 7,935 posts since
Aug 6, 2007

4. Re: From my name to LLC Mar 17, 2008 7:26 AM

From my name to LLC, Do you have an Accountant??
Sounds like you need help. Do you know about SCORE??
SCORE is FREE and helps people in business succeed.
You can visit a SCORE office and talk in person or go online. (all FREE)
LUCKIEST

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1Comma 10 posts since
Mar 14, 2008

5. Re: From my name to LLC Mar 17, 2008 7:35 AM

in response to: LUCKIEST

I have never heard of SCORE could you tell me more? I also do not have an accountant, but I have a very close friend that has a Masters Degree in Finance and she has been very helpful in advising me and also creating budget strategies for me.

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Israel 1 posts since
Mar 19, 2008

6. Re: From my name to LLC Mar 19, 2008 8:54 PM

in response to: 1Comma

Go to www.sba.gov

Once you're there go to the search field and type SCORE with capital letters.

From all the results click on the ones that say SCORE, this will take you to the SCORE section.

SCORE is part of the SBA, it consists of a group of retired Succesful Businessmen who are willing to volunteer their time to help small businesses succeed.

This is a free service and I encourage you to use it. This will open allot of doors for your business.
Good Luck with your company.

Israel

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TJMorehead 98 posts since
Mar 16, 2008

7. Re: From my name to LLC Mar 19, 2008 10:35 PM

in response to: Israel

Love the name Israel. My son's name is Israel.

Have a great one.
TJ Morehead

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From my name to LLC

Mar 17, 2008 1:35 AM

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