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10-02-2019, 10:04 AM #1
- Join Date
- Oct 2016
- Posts
- 25
How to fund a Corporation with Multiple Shareholders??
I have a merchant that has a successful business need funding 300-500k every few months for the next few years.
Here's the catch it is a corporation with several shareholders and no one is the decision maker nor does anyone want to be personally responsible for the debit?
What can be done here?
Thank you
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10-02-2019, 10:09 AM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,485
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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10-02-2019, 10:21 AM #3
- Join Date
- Aug 2014
- Posts
- 194
As Kevin mentioned that should outline who has signatory authority, also a simple board/corporate resolution giving signatory authority could also work in addition to the operating agreement
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10-02-2019, 10:44 AM #4
- Join Date
- Mar 2019
- Posts
- 95
Depends on financials of course But also in your specific case using corporate credit and banks. It’s still brokerable though. When do they need it by?
Do you have access to someone with signatory power?
You can find an alternative lender that will consider this but they can probably get a much better product outside of what’s normally offered here.
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10-02-2019, 11:07 AM #5
Articles wont matter, Operating agreements, Bylaws and or corp resolution supersede the Articles, they could also draft a shareholder agreement showing percentages, signed and notarized.
this will hold up in any court, we do them quite often for real estate closings.
** On a side note - Anyone can for a corporation and list themselves as officer, Ambr, Mgr etc and have nothing to do with said corporation - This is where the above docs come into play.Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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10-02-2019, 11:54 AM #6
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- Mar 2019
- Posts
- 95
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10-02-2019, 12:43 PM #7
So, They need the funds - but they don't want to pay it back.... You gotta love this.
"Here's the catch it is a corporation with several shareholders and no one is the decision maker nor does anyone want to be personally responsible for the debit?"
What can be done here?Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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10-02-2019, 01:06 PM #8
- Join Date
- Jun 2017
- Posts
- 2,049
No One is The Dec Maker.
The Board has to Decide.
And someone Needs to SIGN the contracts. How Can No One be Personally Responsible? What are you going to do? Have The COMPANY SIGN? No it has to be a person, and the Corporate Resolution will grant the power to the signer on behalf of the corp.
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10-02-2019, 04:49 PM #9
- Join Date
- Oct 2016
- Posts
- 25
Great thank you for all the info.
Now who funds these deal?
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10-02-2019, 04:57 PM #10
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- Oct 2016
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- 4,318
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10-02-2019, 05:35 PM #11
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 727
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10-02-2019, 06:09 PM #12
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10-02-2019, 06:09 PM #13
- Join Date
- Oct 2016
- Posts
- 25
Thank you.
Quick question -
Why do we need to run personal credit and have a signer if the advance is not personally guaranteed? Or is it personally guaranteed?
I get asked this question all the time. Any input is appreciated. Thank youLast edited by Olah54; 10-02-2019 at 06:34 PM.
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10-02-2019, 06:12 PM #14
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10-02-2019, 10:51 PM #15
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- Mar 2019
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10-03-2019, 09:08 AM #16
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- Jun 2017
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10-03-2019, 09:24 AM #17
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- Aug 2019
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