Answers on EINs, what a credit check during a partner review means, using a loan to buy a dental office, line of credit interest and taxes, and how long a credit line lasts.
Does a White Plains, NY law firm need an EIN for a small business loan?
An EIN, the Employer Identification Number, is the federal tax ID number the IRS issues to a business. A law firm organized as a PLLC or a partnership files under one. Whether a funding partner needs it for a particular deal is the partner's call, and the request form here does not ask for it.
If a partner does ask for it, the EIN, the name on the business bank account and the name on the tax returns should all agree. Check that before the review starts.
Does sending a funding request affect a Westchester County, NY law firm's credit score?
The request form carries contact details and three ranges and is no credit application; a funding partner may check the owners' credit, the firm's credit, or both during its own review, and can say what kind of check it runs before running it.
A firm that cares about the timing can ask that question on the first call, before any partner review begins.
Can a loan help buy a White Plains, NY dental office?
It can. A business term loan can fund part of the price of an existing practice: the patient base, the equipment and the name. The buyer still needs a signed purchase agreement, the seller's financial records for recent years, and money of its own toward the price; the partner decides how much it covers.
The real estate, if the office owns its building, is a property purchase and outside this site.
Is a line of credit tax deductible for Westchester County, NY consulting firms?
The line itself is not a deduction: money drawn from it is borrowed, not earned or spent. The interest paid on what is drawn is the cost that can enter the tax picture. How that interest is treated for a given firm is a question for its tax preparer, not for this site or a funding partner.
How long does a business line of credit last for Westchester County, NY full-service restaurants?
As long as its agreement says. The term is whatever that agreement sets; at renewal a partner can review the line and keep the limit, change it or close it. A line may also split into two stages, draws first and then fixed payments on what remains.
A restaurant should find three dates in the agreement: when draws stop, when the line comes up for renewal, and when any remaining balance is due. For a draw period worked in numbers, see the line of credit page.
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