Slow-paying clients and lax collection policies on a Fortune 100 client put us in quite a jam. We're very busy, but staying afloat is difficult. We have some chances for growth but no cash to make it happen.
Our controller refuses to handle the processing of credit applications, checking credit references or banking inquiries for new customers. He expects the sales department to handle these duties. I think the sales department should never be involved in accounting.
Our current operation limits the volume we can produce. To implement the necessary changes, we would need about $30K. We have an interested investor who wants partial ownership of our company. We currently don't have any competition.
I'm the owner of a one-person LLC. I was told my another business owner that I didn't have to declared 100 percent of the income (minus expenses) as salary. Is this acceptable to the IRS and if so what are the limits?
Is this the best way to improve cash flow? I have a swimming pool construction and renovation company and I'm adding a line of hot tubs and spas to the offerings. Because we are a seasonal business I am concerned about investing too much cash into inventory in the off season.
I have a sub S Corp with credit cards and loans. Recently, Capital One reported my corporate loans--which I guarantee--to my personal credit report. This has had an adverse affect on my credit score because it looks like my total debt and ratios are too high for my income.
My boss, the owner of a small LLC, is having problems getting a loan for the LLC because he has credit card debt, and a credit score between 650 and 700. Someone told me that we could use an officer of the company to guarantor a loan for the LLC, and not use my bosses name or info. Is this true?