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Thread: I'm a Dancer and I'm STILL suffocated by DEBT

  1. #1
    Kaiyla
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    Default I'm a Dancer and I'm STILL suffocated by DEBT

    I've been reading these forums for months now and finally got the courage to ask my big, most troubling question. I am in so much debt and do not know hte best way out of it. I am embarassed to ask the other girls I work with, because I am afraid they will judge me as not making enough money and/or making poor financial choices. But I am panicking -I finally feel like I am in over my head. I just got out of college, but have been dancing for three years. I feel like a failure because I have not saved up a dime of my dancing money. Instead, I bought expensive furniture, lavish vacations and meanwhile have managed to rack up maxed out credit card debt. I don't know what to do. Financially I am screwed. Between interest fees up the ass, overlimit fees, and barely making monthly payments, I am suffocated in this debt. Two years ago, the money was great. I stupidly thought "Oh I'll pay the debt back later." I thought the money would always be there. I was so dumb. Now, the money has decreased dramatically in this business (as I'm sure many of us now realize) but now I am in over my head. Should I call a debt consolidator? Will that reflect poorly on my credit (I would like to buy a house in a few years if I ever manage to pay off this debt and keep saving my money). What should I tackle first? My credit card debt, the car I am fincancing, college loans (I took out before I was dancing). I feel really afraid and sleeping at night has become nearly impossible. Financially, I am a wreck. It's taking it's toll on me to the point where I am a wreck all the time. Can anyone help? I don't know what to do. Has anybody ever been in the same predicament? Please help me.

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    Veteran Member SexyBooty's Avatar
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Calm down all your thoughts and write down all the debts you have. Stop thinking about HOW you are going to get out of situation. It will just make you feel more depressed. After figuring out how much money alltogether you owe, divide them all into smaller payment amounts. I know you havent saved, but hey its life. Once you start paying off with small payments of 50 or 20 you can always pay 400 or 1000 whenever you have it.Just be calm trust me nothing is impossible. My hubby was in debt of 12 000 $ for all the schooling etc etc, but now but he is paying it off little by little and its already done. It didnt take him 1 year it took him 2 because he did not stop paying sometimes big amounts sometimes small amounts. We had to satisfy a lot, but that helped us to get a house quick. Maybe move in into smaller apt and move all your stuff with you, exchange the car into something cheaper, you wll always have a chance for better things and on and on. This is just a little advice , am telling you dont blame yourself, whatever is done is DONE. Just start doing things right because its never late! I am sure al these places you owe will be willing to negotiate. HEY you went trough school and thats a plus you can always use that later.

    I wish you the best!
    Most people would rather be certain they're miserable, than risk being happy.

  3. #3
    Kaiyla
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Thank you so much, Sexy. Your post made me feel better, less guilty too. I knew this would be the best place to ask for advice, since there are so many women here who know what they are doing, financially. Women who have been smarter with their money than I have been.

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    God/dess Zofia's Avatar
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Kaiyla,

    Don't lose sleep over debt! It happens. One good strategy is to take the highest interest debt, and start paying it off. Another is, if you are still getting credit card offers in the mail, is to pay off a high interest debt by transferring it to a new low interest card, and making at least the minimum payment, or better as much as you can until it's paid down. Three are lots of good ideas on clarkhoward.com. He's really informative.

    Good luck,
    Z

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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    It makes a difference whether you're talking about levels of debt that add up to 6 months worth of income to pay off, or levels of debt which add up to 6 years of income to pay off. One fact about dancing is that, for the most part, a girl's earning potential is greatest while she is young. If you allow 100% of your earnings to go to servicing these debts for the next 6 years, you might find yourself with no opportunity to recover financially when you're dancing 7 years from now.

    If you ARE talking debt levels which will take 6 years to pay off, you're truly better off considering filing for bankruptcy. Currently, most state bankruptcy laws allow people to keep their car, their "tools" (in your case all costumes and shoes), and their home, but allow them to simply erase all of the other debts (except government educational loans I think). Yes, a bankruptcy on your record is not a "good" thing, but it isn't any worse than a record of overdue/unpaid bills and debts stretching for years. 7 years from now, you'll be in a much better position to buy a house if you go bankrupt now and erase your debts, bank the money you earn over the next 6 years, and pay cash for the house. If you don't go bankrupt, then you may spend every extra penny you earn over the next 6 years trying to pay down mountainous levels of debt, and afterwards find yourself trying to ask a bank to grant you a mortgage with only a small down payment and a long history of overdue/unpaid bills. Also, banks are bound by non-descrimination laws in regard to previous bankrupcies, making formerly bankrupt persons with a 5 year record of paying bills on time after bankruptcy MORE likely to get credit approvals 7 years down the road than persons who did not go bankrupt but who were consistently delinquent on their loans, bills etc. over a period of several years.

    Sometimes discretion is the better part of valor. There is talk in Washington of enacting new more restrictive personal bankruptcy laws such that some debts would no longer just be erased. Instead they would be 'refinanced' over very long time periods like 5 years where the person going bankrupt would still be required to make payments on these overdue debts. If you wait, and if new more restrictive personal bankruptcy laws are enacted, you won't be able to do later what you could do right now. I'd definitely talk to an attorney about bankruptcy if you're talking more than $10,000-$20,000 worth of debt. Remember that if you have, for example, $20,000 of debt, that if you choose to pay this down over a 5 year period without going bankrupt, you'll also be paying out another $20,000 plus in interest, late fees etc. on top of the $20,000 you owe, or a total of $40,000 plus. If you go bankrupt now, the $20,000 debt disappears, the $20,000 that you would have paid in interest and late fees winds up going in the bank EARNING interest instead (probably at least another $2,000 over a 5 year period)! Going bankrupt would in effect save you $42,000 on a $20,000 debt over the next 5 years.

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    Veteran Member anklefrog's Avatar
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    I don't know a whole lot about this, but a friend who deals with finance in the car business says that a credit counseling service - debt consolidation - will show on your credit report and reflect badly. He told me it means "you can't manage yourself financially"

    I don't mean this as an insult. Please don't take it as that. Good luck to you, you'll get through this!
    It's better to be looked over, than overlooked.

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    God/dess Lena's Avatar
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT


    Credit consolidation is only if you can't afford your minimum payments. They actually make it cost more and take longer.

    A good strategy would be to start with your credit cards (since they're probably the highest interest). Pick the one with the highest balance and start paying that down while making the minimum payments on everything else. Once that's paid off, move on to the next one.

    Meanwhile, write down all of your monthly bills and see which ones you can eliminate or minimize.

    Of course, you can always do something drastic, like sublet your apartment and dance in Japan for a couple months...

    Lena



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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    my girlfriend and i just paid off ALL or our DEBT, we had about 12,000. We started on Jan 1, 2003 and we planned to be paid off by dec 31, 2003. We did it by NOT BUYING MORE JUNK. i know when you bring home cash everynight you think, Ill spend this money i made todat and make more tomorrow. Do not use this method of thinking. like everyone else said, theres no majic formula to it, start paying NOW so your future doesnt look like your present situation.

    The only bills we have now is rent and utilities. we paid off our car payments, credit cards and school loans. we ruined our credit by not paying our credit cards for over 1 year, but we are working on fixing that now by getting small limit credit cards and paying the balance in full by the end of the month. i have also been getting small loans through the local credit union and paying them off quickly, further increasing my credit score. My girlfriend is doing the same.

    I didn't take the bankruptcy route, so i'm not going to comment on it, but i will say it's the FIRST thing they asked me when i called to get a loan for our first rental unit a couple months ago, so i can't imagine it's something that the like.
    i look at it like this they what looks better to a lender, if you pay late and they make MORE off interest, or if you dont pay at all and you file for bankruptcy. plus, if you did it once, whats to say you wont do it again. I dont think lenders like bankruptcy too much. JUST MY OPINION.

    My advice to you is (only if applicable)

    1) STOP using credit cards, if you don't have the money for something don't buy it.

    2) dont waste money buying fancy cars, cars are the worst investment there is

    3) dont take a vacation until all you debt is paid off, and you have the cash to pay in full, then you will really enjoy it because you wont have to pay for it when you get home.

    4) when you have your debt paid off take 30%, yes 30% of the money you make every night and put it in an account. it doesn't matter how much you make ALWAYS FOLLOW THIS RULE. This has been th golden rule for me amd my girlfriend to save money. The first 3 weeks we saved 2200. every night when she got home we took out 30% and deposited it the next morning and PROMISED not to touch it. We have tried everything and this works great, try it. If you cant save money dancing, whats the point of doing it. I know its not an easy job, so make it worthwile.

    One thing that works good too is treating yourself to something you like after each debt is paid off, like a nice dinner, or a night out with your SO. this worked good for me and my girlfriend because i would say "we're not going out to dinner until such and such credit card was paid off" and i'll be damned if that credit card wasn't paid off by the end of th month. Another thing is don't try to live like a movie star. Make money, invest wisely, and be comfortable in your future. Dancing can get you out of the rat race, just have some will power to not TURN CASH INTO TRASH.

  9. #9
    Kaiyla
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Thank you all so much for these repsonses. They have helped me immensely. I have already taken action and am feeling better already.

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    God/dess Emily's Avatar
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Kaila-
    Maybe I missed it, but is dancing your only job? If not, maybe get another job?

    I originally started dancing to supplement my income because I was in the same boat. I was afraid to add up all my debt, but it was over $50,000 and my regular job just wasn't cutting it.

    Now, one year later, I have a lot less debt. I'm still doing both jobs, and I'm still working to get out of debt. I do splurge every now and then, but I force myself to keep focused on paying off the debt. So far, my discipline has paid off. I'm completely out of credit card debt and I'm working on my student loans now. They were 2nd priority. It wasn't as fun as splurging all the time, but being out of CC debt feels sooooo good. I also had money for those little, but expensive, emergencies that always seem to come up when you are trying to get out of the hole.

    One thing I don't think was mentioned is that you can't eliminate student loans with bankruptcy, so that wasn't really an option for me since I'd be ruining my credit and still owe a lot. Depending on how much your student loans are, bankruptcy might not be a palatable option for you either.

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    Banned Melonie's Avatar
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Emily is correct about government backed student loans not being dischargable through bankrupcty, as I posted earlier. In order to really evaluate your best option, you need to sit down and figure out

    A. the total you owe in gov't backed student loans +
    B. the total you owe to everybody else (with interest and penalties)
    then
    C. your average earning potential under present economic conditions
    and
    D. the minimum amount you need to spend for cost of living in 'bare bones no luxuries' mode.

    this will result in a number equal to how many years you'll need to keep working to pay off your total debt if you keep your cost of living expenses to a minimum for the entire time. If this turns out to be 1-2 years, then it's clearly do-able without bankruptcy. If this turns out to be 5-7 years, then you may want to give serious thought to bankrupcy PROVIDING that the amount you owe on your gov't backed student loans is only a small percentage of your total debts. If, however, your gov't backed student loans are the majority of your total debts, and it calculates out to a 5-7 year period to pay everything off, then you're simply screwed for the next 5-7 years UNLESS you make a change which increases your income substantially.

    Remember to think in terms of a difference - the difference between what you figure is the lowest amount you need to spend to cover monthly living expenses for the lowest acceptable standard of living you're willing to accept over a long period, and the amount you are actually earning after taxes. If you're earning $50,000 annually but only get to keep $40,000 after taxes, and your cost of living expenses add up to $30,000 a year, that's only a difference of $10,000 a year which is available to pay down your debts. Increasing your income from $50,000 to $60,000, by whatever means, would provide about $48,000 after taxes and a difference of $18,000 instead of $10,000 available to pay down your debts. With reduced interest and late fees considered due to your making faster payments, that extra $10,000 or 20% in income would actually translate into actually paying off your debts more than twice as quickly.

    At one stage in my life I was burdened with my ex-husband's credit card debts after a divorce. I was living and working in a low income area, and the difference available to pay down his debts would have taken me 4 years. By moving to a high income area, and doing exactly the same amount of work, I was able to increase the difference available to pay down his debts such that they were paid off in less than one year! My income was only 50% higher in the big city, but with credit cards charging 21% interest rates on delinquent balances that extra difference being available to quickly pay off the credit cards prevented the super-high delinquent interest rates from "eating up" the majority of the money I was paying. If I had stayed in the small town with a lower income, the difference available to pay down the credit cards would have mostly gone toward paying interest and not toward paying down the debt.

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    God/dess Emily's Avatar
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    2) dont waste money buying fancy cars, cars are the worst investment there is

    I respectfully disagree here. Cars are bad, but the worst is....clothing! At least cars will last more than one season! I can't get over how much girls spend to keep up with the latest trend. And really, are any of us all that impressed with a girl walks in to work with all the designer crap? No!

  13. #13
    Pamela
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    And that Ryan is my down fall......CARS.
    Clothing is cheap, even designer clothes, but a car lost the value by 20% as soon as it's taken off the lot.
    I am stuck with my car, and it's going to be 5 years old next year. I already put money into it, and will not get it back.
    It will rot at my home before i sell or trade it in. Worst investment ever....cars. Clothes i can turn around and sell to another dancer for the price i paid, or even e-bay will sell with no loss. Just keep the clothing in excellent shape. Cars....yea right. MY loss

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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    the best car to buy is a honda, they will get well over 200,000 miles, they never break down, they are inexpensive and they hold their value VERY well.

    My girlfriend is about to sell her dodge neon (which we just paid off) and we are going to but a nice off lease accord or civic cash. One less monthly payment, and piece of mind that the car isnt going to break down. Also we have a daughter so we will need a four door instead of the 2 door we have now.

    DONT waste money on cars, nice cars are nice to look at, but not fun to pay for. Owning a reliable newer car outright is a MUCH better feeling that having a NEW car that you have to pay 500 a month for. Hey, as soon as you drive it off the lot, it's considered used anyway.

  15. #15
    Pamela
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Had an Acura years ago, great car. Yes the mileage went very high. Very good cars, i agree. Honda is the one picture of the car i am sitting on outside the club in the gallery. It's a 2001. A friend owns it, and i just wanted to GO HOME, while they talked.'

    Anyway, i moved with the more money i made in the car Dept. I have a Mercedes 300 E. class. Beautiful car, the picture i have of it does no justice. I need a side shot, it is loaded, and i am stuck with it. LOl.
    I will throw the pic. up in the gallery, so you can see the maroon colour i HATE, and getting it done black, soon. It eats money. It's only 4 years, and i am pretty much stuck with it. Then again i put lots of miles on it.
    Ignore pretty much most of the pic. it is shitty, but this is the ass of my car. Pamela
    PS ryan, i do love a Benz (still) however, just high maintence.
    Pamela

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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Are you in the Bay Area? My fiance lived there for years. If so, are you living in San Francisco, Marin County or the Peninsula? The cost of rent there is ASTRONOMICAL. He always lived in Solano County, or West and East Contra Costa County. Cities like Vallejo, Pinole, Fairfield, Antioch, will save you a lot on rent.

    My guy used to have a credit repair company there and file bankruptcies for many of his clients and then set them up with a brand new credit profile called file segregation where their old credit would not merge with the new because new personal data was used for the new file.

    Stop paying the bills and have all of your mail go to a mail drop. Move to a new place before your credit gets late. Do not get utilities in your old credit. Use the new file. Have no trail of your real credit follow you to the new address.

    Have a friend or family member with perfect credit and no late payments add you on to 2-3 of their creidt cards as a JOINT APPLICANT not an authorized user. Theirt credit history will show up on your clean profile within 60 days andif they have had these accounts for several years your new credit file will appear to have been established for as long as theirs. If you are 25 years old make sure you only have cards added to your file that have been opened years wise relative to your age. Don't add moms master card and Nordstrom cards which have been opened for 13 years as you were not of age to have established credit then. Find cards that have been opened no sooner than you turned 19-20 years old. Make sure they are paid on time and if the primary cardholder starts having problems pay the card for them. THEIR GOOD ESTABLISHED CREDIT HISTORY WILL ALLOW YOU TO JUMP RIGHT BACK IN THE CREDIT WORLD AS AN ESTABLISHED BORROWER. This way you can rent apts and buy a new car or pass a credit check when needed. Just keep your debt manageable this time.

    This works. Many of our associates havent used their actual indentities for credit in years.

    Read this book by Bob Hammond, Life after Debt. He tells you how to set this up. He has two versions of the book. One is for the goody too shoes people denouncing new files and the other one shows you how to set the file up . Obviously read the latter.

    after about 5 years you can dispute the old unpaid credit accounts as the creditors probably have purged your info and then they can be removed from your real credit file. Bankruptcy stays on the file for 10 years and the credit accounts you filed on for 7 years but every time the accounts are sold to a collection agency, the time extends.

    I threw a lot of info at you. Get the book. Borders or Barnes and Noble should be able to order it for you.

    Good Luck.



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    Senior Member tooma's Avatar
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Be very cautious if you are thinking of the Bankruptcy route. Aside from the future credit rating risks (that are permanent), many employers as a matter of practice do not hire people that have declared bankruptcy. It is perfectly legal for them to do.

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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT


    Um, Tina, isn't your credit report attatched to your name and social as well as your address?

    Lena



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    God/dess Bridgette's Avatar
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Yes your credit report is attached to your name and SSN, but there ARE ways to get around that. Apparently it has something to do with getting a Federal Employer Identification Number from the IRS, which is 9 digits in length just like a Social Security number, and using that new 'business name and ID number' for credit purposes instead of your SSN, but some say that practice isn't exactly legal. Actually, I don't think it is explicitly ILlegal, since businesses do make purchases and utilize credit as part of normal business activities, and that FEIN is the way a business entity is kept track of. Might be something to look into. We do have to file taxes as businesses after all....

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

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    God/dess Lena's Avatar
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT


    Oh. That makes incredibly good sense. It is really easy to get a FEIN... hmmm...

    Lena



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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    My guy never set up files using an EIN # and of course the govt will frown on this procedure.

    I just recommend reading the book I recommended to you. Then if you have questions PM me for more info.

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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    tina if you incorporate yourself as a dancer, the corporation legally needs to set up a tax id number for the business. this id number can and should be used to establish and use credit for the business. the business can buy a house as an investment and sell it to you. i know a guy who has a construction business who did this. he built a house using the construction businesses' credit and then sold it to himself. he was basically using his after tax paycheck he took from the business and paying off the loan that way. he did this because he had bad credit and he couldnt get a loan through his social security number to buy the house.

    ths business can also co-sign a loan for you - because a corporation is considered it's own entity, just like having a co-signer.

    also once the business establishes credit you can use the credit to buy a car, chlothes ect. as long as they are for work.

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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    www.incorporatingyou.com can set anyone up with a nevada corp and even one with an established credit rating so that anyone can do just like the guy you know did.

    This guy used to work with the old Credit Repair gurus that my fiance knew in the early 90's.

    actually his method which is what you describe is the way to go for a "savvy" dancer.

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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Tina, my accountant agrees completely that a person continuing to struggle making late, partial payments on lingering credit card and other debts over a period of several years is much LESS likely to be extended credit for a home mortgage or auto loan 5 years down the road than is a person who goes bankrupt now and spends the next 3 years rebuilding his credit by some of the methods you mentioned. There is actually a law on the books that PREVENTS financial institutions from discriminating against formerly bankrupt persons by denying loans based only on their previous bankruptcy if their "recent" credit history is good.

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    Senior Member tooma's Avatar
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    Default Re: I'm a Dancer and I'm STILL suffocated by DEBT

    Obtaining an EIN number doesn't allow you to establish new credit. The credit is still obtained using the owner's of the corporation's credit rating (obtained via a SS#), until the business has been in existence long enough to warrant it's own credit rating. If the business is set up as an S-Corp, which is most likely what you are talking about since it is the most tax friendly to an individual or small group, the SS #'s will always be used.

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