Sunleaf Business Capital, a funding service in Spring, Texas, answers the questions owners raise before a funding request. Tax and legal questions belong with an accountant or attorney; this page covers how requests, partners and products work.
Does a Montgomery County, TX auto shop need an EIN for a small business loan?
Partners lending to a business generally want the business's own tax identity. An auto shop set up as an LLC or corporation has an EIN from the IRS; a sole proprietor without employees may be using a Social Security number. Ask each partner what it requires, and keep business and personal accounts separate either way.
Does a Montgomery County, TX physician office loan application affect your credit score?
A partner reviewing a request may check the owner's personal credit, the business's credit, or both. Whether that check affects a score depends on the kind of inquiry the partner makes. Ask the partner before it pulls credit, and read the request form's consent box before checking it.
Can I get a loan to buy a Spring, TX IT firm?
Yes, a loan to buy an existing business is a term loan sized to the price. For an IT firm, the partner reads the seller's tax returns and client contracts, the buyer's experience and down payment, and how client relationships transfer. Business term loans covers acquisition loans in more detail.
Is line of credit interest tax deductible for a Spring, TX IT firm? Ask your tax adviser
Interest on a business line of credit used for business purposes is a business expense, and whether and how it is deductible is a tax question for the firm's tax adviser. Keep line draws for business costs only, and keep the statements that show what each draw paid for.
How long is a line of credit good for at a Spring, TX auto shop?
A line of credit lasts as long as its agreement says: some have a set draw period followed by repayment, and some renew after an annual review. An auto shop should know its end date, what triggers a review, and what happens to a balance when the draw period ends. Business lines of credit in Spring, TX covers draw periods.
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