Posted by: darren bird ®
02/08/2005, 20:38:08
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Peter you wrote:
“One thing you have to be careful about is getting mortgage under your corporation. Some banks require much higher down payments for corporation. As individual you may qualify for better terms.”
I find this statement interesting. Are you saying that people should get mortgages under their own name personally? If the people own the properties personally how are the under they control of their corporation? Are you saying buy the property, then roll it into your company? If the title of the property and the mortgage is in your own name personally, does that not affect your corporation’s ability to protect you from lawsuits etc? How can you say your corporation owns an asset when the individual’s name is on the title and the mortgage? That clouds up the whole “who owns this property” quite a bit in my mind. Also, I am not trying to challenge what you are saying here, I am only trying to clarify because I am interested.
Modified by darren bird at Tue, Feb 08, 2005, 23:33:23
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