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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 112669
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I am going to turn my sole proprietorship into a single member

Resolved Question:

I am going to turn my sole proprietorship into a single member LLC. But my question is I want to apply for one of these Recovery Act Loans for a woman based business. It "seems" like I can do it but I want to get this right this first time out. Do I need to work with any atty to help me or an acct or someone else altogether.
Submitted: 7 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 7 years ago.
You would do best sitting with a business/corporate attorney to set your business up properly as an LLC and get all of the proper paperwork submitted to have it declared a minority owned business. The attorney will make sure all of the LLC paperwork is properly submitted, obtain the tax ID number in the name of the LLC and once the business is registered as an LLC, then you can proceed to complete the documentation required for the minority business classification for eligibiity for the loan and grant program.

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Customer: replied 7 years ago.
I obtained my TIN already and sent in my LLC papers. I have looked at the grants and the loans for the recovery act and I am not sure I am qualified to do one of the studies for the grants. Are most banks that are giving the Recovery Act loans only looking at financial statements or are they asking for the entire business plan as well.
Expert:  Law Educator, Esq. replied 7 years ago.
They are looking for both the business plan as well as the financial statements to determine whether or not you actually have a viable business proposal and a plan to carry that proposal out as well as the financials to determine if you would be capable of carrying the plan out successfully with the proper funding.
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