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Being a business owner and trying to get credit lately has been tough. Not a good year reported 2 years ago so any attempt to get credit ( car, home, etc ) can happen, but usually at a higher rate or denied. Often I am asked for 2 years fo tax returns for any kind of credit/loan
I was wondering if there is a way around this? Is there a way for me to put my business as a TRUST of some kind so I dont own it, but I just collect a pay check. Now, I am an employee and the loan process is much easier. Certaintly I dont want to lie/ cheat the system, but what can be done?
My wife works full time, but I am not sure that putting the business in her name is the answer as that would off set her attempts for any credit.
You might look at changing the structure of your business. There are valid reasons to structure the business as an LLC or S Corporation, either of which could issue you a valid W-2.
You can't get around providing two years of tax returns for any kind of documented loan these days...
People believe the government gives small business loans. I never heard of anyone getting a government loan but people insist they are available. Shat about an SBA loan?
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