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Old 07-04-2008, 12:47 AM   #1 (permalink)
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LLC qestions

What I would like to know is how does forming an LLC affect your credit.
I am a young graphic designer and that is how I make my living. I'm thinking about forming an LLC.

If I were to have formed an LLC and later applied for credit for a car loan, does my LLC show up on my credit report as a Job?
I really don't under the personal benifits it can have on you. Does my LLC affect my credit? Does LLC's show up on the owner's reports?
Also does the IRS report your profits and that shows up on your credit report as your salary. I have read very much about the benifits of forming an LLC, but could'nt find answers to these qestions. Thanks, any info is appreciated

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Old 07-04-2008, 10:39 AM   #2 (permalink)
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Income from an LLC especially if it is a 1 man LLC shows up just like pay from any other job tax wise. You have to pay a self employment tax on it. As far as your credit goes an LLC is a separate entity, like a person that exists only on paper and will not effect your credit score.
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Old 07-06-2008, 02:48 PM   #3 (permalink)
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I was actually wondering the same thing. Thanks criniit for the advice. I would love to hear more about it if anybody has anything else to share.
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