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Old 16th September 2017, 10:08 AM   #1
John Knox
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Join Date: Jan 2013
Posts: 5
Default Get Line Of Credit Before Or After Incorporation?

I own and operate a reasonably successful [normally] one-man business, 5 years in.

I have no problem with finances but I see the need for a bank or other line of credit to help with short term inventory for larger special projects.

I will be changing from a sole prop. to an S-corp soon and wondering about whether I should delay getting a bank line of credit until the corporation is formed or just get it now, which would be more convenient, since I could use it now.

I am mainly concerned about keeping the corporation and personal stuff separate and how the LOC predating the corp. would affect that. Really I have no understanding of the details of the corporate separation rules/customs.

It would all be personally guaranteed by me of course since the corp. would have no history and I'm fine with that. Just like I have some credit cards I use for business now and some for personal, that would continue.

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