GATC Blog – March 2016

get-access-to-capital_sam-leccima_green-check-markMISSION: Possible!- March 1, 2016

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get-access-to-capital_sam-leccima_green-check-markTHE LLC – MARCH 4, 2016

 

A Limited Liability Company (LLC) is a form of business whose owners enjoy limited liability, but which is not a corporation. A limited liability company is a flexible form of enterprise that blends elements of partnership and corporate structures. An LLC is not a corporation; it is a legal form of company that provides limited liability to its owners. LLCs do not need to be organized for profit.

In certain US states, businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but required to form a very similar entity called a get-access-to-capital_sam-leccima_llcProfessional Limited Liability Company (PLLC).

A Limited Liability Company (LLC) is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC, although a business entity, is a type of unincorporated association and is not a corporation.

The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation, and it is well-suited for companies with a single owner.

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get-access-to-capital_sam-leccima_green-check-markSHELF CORPS AND YOUR BUS.-MARCH 7,2016

 

Shelf corporations are not looked upon unfavorably by regulators, lenders, or the business reporting agencies. Many say they are unethical, borderline illegal, andget-access-to-capital_sam-leccima_old-book-shelf-corp some call them a fraud.

From Dun & Bradstreet… “It is unclear whether it is legal to use shelf corporations to access credit. It is clear, however, that this is a deceitful, unethical maneuver that serious entrepreneurs should avoid.” If the credit bureaus learn about the company being under new management, they will list it on their reports, effectively “re-aging” the company.

“Shell and shelf companies can be created domestically or in a foreign country. Shell and shelf companies are often formed by individuals and businesses to conduct legitimate transactions.

However, they can be and have been used as vehicles for common financial crime schemes such as money laundering, fraudulent loans and fraudulent purchasing. By virtue of the ease of formation and the absence of ownership disclosure requirements, shell and shelf companies are an attractive vehicle for those seeking to conduct illicit activity.” FDIC Special Alert, April 24, 2009.

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get-access-to-capital_sam-leccima_green-check-markBANK ACCT START DATE-MARCH 10, 2016

 

Many lenders now look at the bank account start date as the corporation start date. Most shelf corporations don’t come with established bank accounts. Some shelf corporations have actual credit problems making it harder to get funding, not easier. Most lenders know what to look for to see if the corporation is a shelf corporation. Things like your business Bank Rating could tip them off. Public records also show the change in ownership which raises red flags.

gatc_mature-bank-account_leccima

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get-access-to-capital_sam-leccima_green-check-markARE YOUR VENDORS REPORTING?-MARCH 13, 2016

 

Many business owners think they have items reporting on their business credit reports that really aren’t reporting. But over 90% of trade vendors don’t report to the business credit reporting agencies. So chances are good that the negative information you think is on your report might not even be there.

get-access-to-capital_sam-leccima_credit-reporting-vendors

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get-access-to-capital_sam-leccima_green-check-markF.R.C.A.- MARCH 16, 2016

 

You might have already heard of the FCRA. The Fair Credit Reporting Act outlines consumer’s rights to dispute get-access-to-capital_sam-leccima_fcra-fair-credit-reporting-actinaccurate information on their credit reports. But it’s essential to know that this law does NOT apply to business credit repair. There are currently no laws which outline business owner’s rights regarding credit disputing.

 

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get-access-to-capital_sam-leccima_green-check-markAddressing the Credit Report-MARCH 19, 2016

 

Equifax business also has an online system for credit disputing that they provide through their online credit monitoring platform in their member center under “Disputes”.get-access-to-capital_sam-leccima_credit-report-dispute


Keep in mind, the business credit reporting agencies may not be allowed to release the name of the person making the negative reference on your report. REMEMBER, you don’t have the same rights as you do with consumer credit reporting as there is no fair….

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get-access-to-capital_sam-leccima_green-check-markBusiness Credit Scoring – MARCH 22, 2016

 

Business credit scoring is based on how you pay your bills. If you pay the majority of reported accounts on time or early, you will have a good score. Most business owners have little to no credit reporting. So, even one negative account can have a BIG impact on their business get-access-to-capital_sam-leccima_credit-scorecredit score.


It is essential that you continuously build your business credit profile just as you do with your consumer credit. One of the best ways to battle negative information on your report is to offset it with LOTS of positive information. So continuously build your business credit profile just as you do with your consumer credit.

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get-access-to-capital_sam-leccima_green-check-markCorporations-MARCH 25, 2016

 

A corporation is a separate legal entity that has been incorporated either directly through legislation or through a registration process established by law. get-access-to-capital_sam-leccima_c-corpIncorporated entities have legal rights and liabilities  that are distinct from their employees, shareholders, and members, and may conduct business as either a profit-seeking business or not-for-profit. Despite not being human beings, corporations, as far as the law is concerned, are legal persons, and have many of the same rights and responsibilities as natural people do.

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get-access-to-capital_sam-leccima_green-check-markSBA LOANS-MARCH 28, 2016

 

SBA loans are also tough to qualify for because the lender and SBA will evaluate ALL aspects of the business and the business owner for approval. To get approved all aspects of the business and business owner’s personal finances must be near PERFECT to ever get approved.

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get-access-to-capital_sam-leccima_green-check-markPrivate Money-MARCH 31, 2016

 

Private money financing includes Equity Investors, Private Financing and Crowdfunding. Contribute money in exchange for a percentage of equity, or ownership, in your company. Think Shark Tank, percentage of ownership based on risk, typically 20-60% is a viable option for startups as no tax returns are typically required, the “idea” might be enough to attract an investor. Investors will want to see value, such as a product with patents. In many cases they would prefer to see a tested and proven concept over just an idea.get-access-to-capital_sam-leccima_private-money


Private money often serves as SBA fall-out financing for loans that are close, but can’t qualify for SBA. Collateral is required, although often only 10-30%. Tax returns are required for two years, so no startups. An Executive Summary is required. Lenders are looking for average credit of 650 +.  Loans can be in the millions, even billions of dollars. Loan times take 30-90 days to close and receive funds. Interest rates are usually 7%+ depending on risk.
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