in general, to the lenders, what type of vanity do you traditionally see approach you for loans, an llc, corp., and who is liable, for whose borrowing the money? >> as a micro lender, we expect the principles, the corporate form, to provide guarantees. >> personal guarantees. >> the same. 20% ownership in the company. [inaudible] >> [inaudible] >> i heard something about sba guaranteed loans. maybe i missed something. does that have to do with the sba guaranteeing the entity? >> the question on the sba guaranteeing a entity as the order of the business, whether it is a corporation or partnership, for any small business lending, you should expect to be guaranteeing that long personally. as

in general, to the lenders, what type of vanity do you traditionally see approach you for loans, an llc, corp., and who is liable, for whose borrowing the money? >> as a micro lender, we expect the principles, the corporate form, to provide guarantees. >> personal guarantees. >> the same. 20% ownership in the company. [inaudible] >> [inaudible] >> i heard something about sba guaranteed loans. maybe i missed something. does that have to do with the sba guaranteeing the entity? >> the question on the sba guaranteeing a entity as the order of the business, whether it is a corporation or partnership, for any small business lending, you should expect to be guaranteeing that long personally. as a small-business owner, from a lender's point of view, we want to see that you are as invested in the business as you are asking the bank to be. the idea that non recourse loans, the way you describe it, loans that you get without having yourself personally liable is not the way it works. you should assume you will guarantee the loan regardless of the structure of your business. the good news, though,

in general, to the lenders, what type of vanity do you traditionally see approach you for loans, an llc, corp., and who is liable, for whose borrowing the money? >> as a micro lender, we expect the principles, the corporate form, to provide guarantees. >> personal guarantees. >> the same. >> the same. 20% ownership in the company.

the money was given through an llc.iven when money is contributed through an llc, simply basic information like a name and address. governor scott has vie owed $1.3 million for 30 rape crisis centers. we'll be right back. ♪ break the ice with breath-freshening cooling crystals. ice breakers. we will not settle for easy answers. (vo) the former governor of ny eliot spitzer, joins the new news network. >>every night we will drill down on the days top stories in search of facts that inform. >> we don't stop until we get answers that are truthful, serious, and not based on simplistic answers. >>we're here because we're independent. >> announcer: ladies and gentlemen, it's the "stephanie miller show"! ♪ i'm walking on sunshine, woe ho, i'm walking on sunshine, woe ho ♪ ♪ it's time to feel good ♪ >> it is the "stephanie miller show" welcome to it. 6 minutes after the four. 1-800-steph-1-2 the phone number toll free from anywhere. stephaniemiller.com, check it out you are email us all there. or you can go to sexy liberal.com t

why they are paying a third of what an llc pays in new york city is because they have the ability to buy off crooked politicians who are giving these tax breaks to these companies. that's why our tax code is so long. >> jonathan, hold on. we will have to go to the fox business.com to get into that side of it. jonathan, at the same time, you are making the argument here government doesn't have the right. but these communities could use big companies to come in. isn't it fair -- hold on. isn't it fair, jonathan -- you have to let me finish now. isn't it fair, though, for them to say? it's a huge economic boost to any city who can get a company like apple in its doors. >> well, i don't -- i disagree, cheryl. i don't think it's a boost to anyone to give them a job that they are not deserving. it's like economic affirmative action. it actually sabotages people's own self-esteem to know, i didn't get this job because i deserved it, i got it because somebody down in city hall or washington or whatever pulled a string in my favor. it sabotages people whole sense of worth to contribute to a c

guest: well, if it's an llc there are special rules for how it's filed. d if it's just a one person llc then it's i guess technically for a single member llc and it's disregarded and you have to file a schedule c. now, when it comes to travel and entertainment there's no limit as to how much you can deduct but you have to have good records and you have to follow the rules as to, it has to be business related. host: we've got about another 28 minutes. so if you haven't had a chance to call in, by all means do. our next call comes from massachusetts. stanlly, you're on the "washington journal." caller: i bought a car before i left new york, a 70 olds mobile converitible from a friend of mine whose father died. and i sold it and made $8,000 on it. now, i hope that's not taxable. guest: why would you think that it wasn't taxable? caller: i don't know. host: kevin. guest: i think bob answered the question earlier on the silverware. the i.r.s. is going to -- the i.r.s. isn't going to know about this but the law says you should report as a gain the difference bet

an organ donor. come back at 5:00. thank you. [ captions by: caption colorado, llc 800-775-7838 email: comments@captioncolorado.com ]

tax rates to expire, which means our small business ors will see an increase in their taxes, they operate as subchapterrer "s" and llcsear about the buffett rule that takes capital gains tax from 15% to 30%, but automatically, you will have a raise in the capital gains tax. ure have dividend taxes going up. you have the death tax. the exemption, the minimal exemption will drop from $5 million to $1 million and the rate gallon from 35 to 55%. we have the highest corporate business tax in the world. so this is what the cbo said a week ago, the fiscal year 2013, obama budget plan for 10 yearsville an adverse effect on the economy. it will be a destructive nature upon our economy. >> greta: but there is another aspect of it. look, i suspect, if i am so bold to spiel for the -- speak for the american people, they are feeling gamed by the tax code. it's incomprehensible. there are 3300 earmarks in the tax code, things that are put in the tax code because of special interest. if you look at the wealthy people in the country, what they are paying, i picked the obamas, they paid 23%. the romneys paid 15% and the bidens paid 30

llc name, you know, as regularly as their underwear. but we have since learned who the owners are behind the company and we have filed an amended lawsuitter the owners and some of the managers of the company personally, make them personally liable for the -- to pay the $10 million award. >> sure. and i know you would like to see the laws changed and what's the number one thing for people who are getting calls from debt collection agencies? they need to know, diana. >> they have a right to request that that company that's calling them put in writing that they do -- prove in writing that they actually owe the debt. it's called a debt validation letter. you don't have to pay anything over the phone without getting that letter in the mail. >> that's really good to know. all right, diana mey, thank you very much and good luck with your next day in court. hope you get that money. >> thank you, steve. >> all right. by the way, we reached out to the attorney representing the debt collection company. they did not get back to us. shocking. and if you believe you have been harassed by the same debt collection company, please send an e-mail to the