Can I legitimately build a business credit line that is separate from my personal credit? If so, any suggestions ?
I currently have an LLC and am looking to raise capital to start a small business and will need capital to fund the business. I do not want to directly impact my personal credit as this has caused problems for me in the past.
As an entrepreneur, your credit will be involved. While you can build credit for the business, it is going to be tied in with you when you essentially "are" the business. As any loans will most likely be secured by your personal assets anyway. The reason lenders do this is they want you to be at risk just like they would be and know you'll do whatever it takes to make the business a success. From my experience, it's going to be intertwined.
Creating a MAP will take no more than an hour of your time every month and will keep the lines of communication open, ensuring relationships with investors remain strong, and ultimately helping early-stage startups succeed.