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One thing I didn't realize until recently is that when applying for a home loan, they perform an audit of your business in addition to your personal assets if y
by rpedela 10y ago
One thing I didn't realize until recently is that when applying for a home loan, they perform an audit of your business in addition to your personal assets if you have an LLC. The reason is because the company's profits pass through to the owners so it is considered personal income from the perspective of the lender. However with a C Corp everything is separate which saved me from a business audit.
- tptacek 10y agoI'm not sure what that means, but I had no trouble buying a house in 2005 right after we started Matasano. What's an "audit of your business"?
- rpedela 10y agoStarted with tax returns. Given how the rest of the personal audit went, I am sure they would have asked for more. BTW no one had trouble buying a house in 2005 which helped 2008....