DucaiMann wrote:I did not. Most of the debt I accrued is on credit cards. Not a smart way to go, but I didn't want to have to slow down to think about money and I was/am confident I will have most of that debt paid off in 6 months or so.
Thanks for reading!
I assume you have a LLC + insurance (you need insurance because some doofus will have an accident and you don't want it to ruin your life)
I would convert the credit card debt ASAP... friends & family & angel investors are sources of $ (in return for shares in the LLC), also small business loan or line of credit secured by a guarantor and/or mortgage on the commercial land would all be ways to pay off the cards right away and save all that interest. Shares don't have to be voting.
Get the debt into the LLC, sell all the equipment to the LLC, and start expensing. No sense in bearing the debt burden personally at 21% or whatnot. You also have the opportunity to do income splitting... any income coming out of the business can be divided up amongst people working for the business to take advantage of lower tax rates.
Maybe you already know all this.
Best of luck!