4 ms·
IANAL, but I don't think you can have stock as an LLC, You'd need to be a C or S corp. As for wanting to make it something bigger than a "mom and pop shop", th
by eggbrain 16y ago
IANAL, but I don't think you can have stock as an LLC, You'd need to be a C or S corp.
As for wanting to make it something bigger than a "mom and pop shop", that's fine, and you not going out of business last year is great, but you WILL go out of business if you try to expand with money from loans or stock if you don't have the clients to back it up. You are cash flow positive right now, work on getting more and more clients. Once you are at capacity for the work you can do, add on more contractors.
You won't (and shouldn't) get loans to try to boost up your business, you get loans by looking at trends in your cash flow (I am growing by 3 clients a month, but I don't have the ability to work that much), and getting loans based on that (Example: I've been making a steady $2k in profit each month for 24 months, growing at 500/mo. Based on that, I'm going to get a loan for $50k, and pay it back over the next 5 years.)