Leah’s question
Leah
On one of your calls it was mentioned that it is better to create a business name that ends in “services,” not “real estate”/”realty.” That being said, when I am registering my business name with the state, under what category should I classify these businesses. I do not wish to raise any red flags with “other.” I just want to be able to enter the “best” information to obtain the greatest results when applying for business lines of credit-and–of course–it HAS to be legal. Thanks for your time Tom.
TOM’S ANSWER - your state does not care what kind ob business you create. The designation (other) makes no difference.
When you name your business you want to -
1. Avoid offending the homeowners you may be doing business with. Some homeowners don’t like to sell to an INVESTOR. So call your real estate investing company something nice - not “Cut Throat Real Estate Investments, LLC.”
2. Use the term “Mang. Services” when applying for business credit. Do not use Construction or Real Estate. Mang. Services are approved for the largest lines of credit.
