I have terrible credit from a divorce years ago and have not get caught up on it. My new wife and I are going to start a property management company next year as an LLC. Will I run into any issues getting insurance and such for the business? It wont take much capital to get started, but I will need a small line of credit (00 or so). Will this be hard to obtain? Will the bank go off my credit or the business?
Start the LLC easy. Get credit with bad credit – Almost impossible right now with the credit crunch. You problem is that you did not fail big enough. Now if you lost $10 Billion before, Uncle Sam would be bailing you out.
Your bad credit will not earn you a line of credit particularly in LLC since no officers/directors of LLC are personally liable for the company’s debt. If you live in a "common law" state, your wife’s credit score could persuade a bank to give you a loan. Good luck to both of you!