This is exactly what www.mynewcreditfile.com teaches you. I should know, I bought the manual for $40 out of curiosity. Legal file segregation.
Thanks so much for this post WestCap! I was just about to ask these questions for myself. I am trying to decide if I want to be incorporated or not. I will. This is the best information I have gotten here in a year. Thanks again.
Wescap, do you know a good link to a business board that's gives information on setting up a Co, making it grow. A board like creditnet, but for business. I need to make my film Co a legitmate business Thank You
Hello GuyCali, I am likewise a student of Ray Reynolds, and while we have achieved pretty good success over 4 years (well over $100k), I was also sucked in under the false premise that a PG wasn't that important, later to find out it was nearly everything!! Anyway, I would like to network with you, since we could share a wealth of info we have independently acquired over time, and help each other grow all the faster. Please e-mail me at qwbintl@aol.com
This topic is exciting. My question is, if you start a business and do all of this, do you actually have to do something? Do you have to file taxes based on this so-called business?
Yes, you should, but never be afraid to file taxes for a business. Businesses get many tax advantages that indivuals don't. I am involved directly or inderectly with 3. CreditWorks allows my sister and my wife to get very nice refunds that they would normally not be able to get. www.creditsense.com
I don't want to be a wet blanket, but doesn't this sound a little like the explicit warning of illegal "credit repair." In that scenario, perhaps people apply for a TIN/EIN and then pretend that it is their ssn. Maybe what is being suggested here is different 'cuz you never pretend the EIN/TIN is a personal SSN. Any comments? Thanks
That is what I was thinking. I ordered a book last year that suggested that you do this. Then it came out that file segregation was illegal, and this seem to be what this is. Illini EX - 605 EQ - 630 TU - 683
I am certainly not suggesting that you use the tax id number or employee id number as your ss#. I am all for a legit business. There are many legal ways to establish a business and have that business be your credit supplier. CreditWorks, LLC was able to create a business from credit cards, anyone can start a business, use something you enjoy and love to do and make it a business. The benefits of a business are many and well worth it. www.creditsense.com
You can, but be careful with licensing requirements. I know sometimes people can complain when a business gets traffic in a residential area. Do some investigating before setting it up, but I am sure you can work around a lot of regulations, if you study and stick to the business at hand. Whatever you do, be prepared to keep good records to substantiate both the business and it's business deductions. Keep your personal and business expenses separate. Open a business account and stick to depositing business income and withdrawing business expenses. Get yourself an accounting package such as quicken for home and business. www.creditsense.com
Hello All, WestCap Here. I have been busy handling private clients for the past few months and have not had the opportunity to post a followup to this popular thread. Let me quickly state that anyone can start a comapny. Simply follow the steps in my original post and I can virtually guarantee that you will be approved for the cards mentioned in the post. Do not waste your time on a LLC. It must be a C Corp. This is not file segregation and is not illegal, it is simply a way for "small businesses" to receive additional unsecured funding. Once the paydex hits 75 you are home free. Since I last posted, I have been able to secure a 2002 Lexus SUV under a corporate name.... WITHOUT a PG from Toyota Motor Credit- Lexus Division at a 5.5% APR. I believe this says it all and many of you who are my private clients have seen the same results! All that you have to do is ask, and present a strong corporate financial statement....at the end of the dealers month and ...voila.. a 2002 LEXUS! WestCap
I'd like to know what business services you offerplease e-mail me a xdtrader@onebox.com sincerely xdtrader
We built CreditWorks, LLC with credit. We have exercised the credit to make it grow. It is not a difficult enterprise. Establish credit, borrow and pay it back. Pay it with large and on time payments. www.creditsense.com
Westcap, A C corporation is double taxed. Also , you have to file a separate income tax report for your corporation. You have the same corporate benefits with a S corporation without being double taxed. You still have to file a return, usually a schedule K, but the profit and loss of your business will be included in your personal income tax return. The only requirement to establish a S corporation is you must be a United States Citizen and have no holdings in any foreign businesses. Dani PS Please only consider setting up a business when you have a need for a legitimate business - you provide financial services, program computers, etc. There are organization costs and tax implications that also need to be addressed before setting up any business.
CreditWorks, LLC total annual cost is $50 to the state of New Jersey. It cost less than $200 to set up. The tax benefits far outweight the annual costs. www.creditsense.com
