Just formed an LLC whats next?

[mcwagner]

first, to an earlier post.  a quitclaim deed doesn't transfer title, it only releases (quits the claim) your claim to the title.  to transfer title you need a general or warranty deed.

Greg,

interest goes to the business, as if the business has assumed the notes.  if it ever becomes a problem, you show IRS the deed transferring the property.  they don't care who deducts it, as long as it's only deducted once and is consistent with your business.  

[GC Star Properties]

Thanks Mark,

That takes a load off my mind.

Greg

[Thoward]

MCWagner,

               I've read in numerous posts about the "personal guarantee" with lenders to lend to your LLC. 2 questions for you.

1) How does the "personal guarantee" actually affect you if the mortgage is under the name of an LLC. I would imagine the guarantee would still hold you liable if you were to become deliquent on the loan

2) What sort of history would YOUR lender be looking at to lend to an LLC. 2 years of tax returns? prior business? To someone looking to obtain financing on a new LLC with no business history, how hard is it to obtain financing?

Hopefully you can help to shed some light on this for me. Thanks!

[mcwagner]

1.  yep
2.  they qualify YOU on the loan, so whatever docs the lender wants/needs.  but the loan is to THE COMPANY with you as guarantor.