How Did You Finance Your Basement Reno For Home Cake Biz?

Business By Motta

Motta Posted 24 Jul 2009 , 3:03am
post #1 of 1

Looking for advice.

We have a personal line of credit (PLC) with room on it to finance basement reno that would include a kitchen and I could legally sell cakes part-time. That PLC interest rate is a wonderful 3.25%.

A friend suggested I get a corporate name and license and then get a small business loan in order to build the kitchen. The corporation takes the loan and if the business is not successful, the loan isn't against me personally and none of our assets are touched. The business just dissolves by going bankrupt. I'm pretty sure the business loan will be at a much, much higher rate of interest.

Anyone have some good financial advice for me? I'm looking to do renos next year once I get a lot more practice with cakes. Right now I do have cake requests but I can't charge because I'm not legal. I'm too afraid of getting caught!

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