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Old 17th November 2008, 04:44 AM   #11
Mike.loans
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there are a lot of ways to find finances for you business if you don't want to take the money out from your personal pocket. They even offer you the best and gives you more options to what type of loan suites for your kind of business. GOod Luck!

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Old 4th December 2008, 03:44 AM   #12
GeorgeClifton
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The first step is for you to make sure that your business foundation is set and that your business has done the simple items that lenders require and that will at least get you listed with the business credit agencies.

Once you have made sure that your business foundation is correct, the next step is to develop business borrowing relationships vendors and suppliers that are willing to extend to your business credit payment terms and that will report your payment history to the business credit reporting agencies. You will need five such vendors and/or suppliers that extend this credit without it being tied to you social security number or personal guarantee.

To establish business credit, the third step is to obtain three business credit cards that are not connected to you personally and that all report to the business credit agencies. Unfortunately out of more than 500 business credit cards, there are less than 60 that will even consider approving you without using your persoanl credit too.

Once those steps are complete you can then build on those credit relationships and use them as references to obtain larger and larger accounts. Remember, how to establish your business credit is a process that can only be completed if those who extend your business credit report to the bureaus.

The most important part to establish business credit is to separate your business credit from your personal credit. When you use personal money or credit scores to secure funding for your business, you become personally liable for all your business debt. Then, if the business fails your personal credit gets destroyed too.

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Old 22nd June 2009, 05:23 AM   #13
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What a great post, Raise Capital.

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Old 24th June 2009, 07:26 PM   #14
ClaudioCadwgawn
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Default How To Establish Business Credit

A business will have a Taxpayer Identification Number (TIN). This is like a SSN for a business. You get one by applying to the Internal Revenue Service.
Businesses usually need a Dunn & Bradstreet (D&B) rating to get credit, too. Otherwise, a real person will have to guarantee the account. This is a little like cosigning for a loan. You are saying you will be responsible for paying off the card if the business dosen't.

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Old 1st July 2009, 06:23 PM   #15
robertson240
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Default How to Establish Strong Business Credit

Obviously the first step in establishing a strong business credit score is incorporating. From there you want to register with DNB, and then start opening trade tape accounts such as staples and quill. It can be a pretty difficult process, but there are some companies out there than can help you. Just do a search online for strong business credit.

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Old 9th August 2009, 06:50 PM   #16
HollywudLandlrd
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Default Brilliant stuff!

Thank you, this is genius!

Amazing! I look forward to getting my Business LOC established immediately.

Thanks!

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Old 1st January 2010, 05:19 PM   #17
Lou
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Good stuff!

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Old 1st January 2010, 07:53 PM   #18
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Business credit is tricky, make sure you consult with a lawyer about the dealings. You could have your houses snatched away

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Old 7th February 2013, 04:40 AM   #19
williamjames732
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Follow some points To Establish Business Credit

1. Set Up a Business Entity

2. Get a Tax ID Number (EIN)

3. Establish a Business Bank Account

4. Get Listed with the Business Credit Bureaus

5. Establish Business Credit History

6. Maintain a Good Personal Credit Rating

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Old 6th February 2015, 11:18 AM   #20
DantheMan
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I have a question concerning the following quote:

"~Set up a Corp business. Smart to protect yourself and the only type of business that allows you to keep your business credit and personal credit seperate. LLCs and Sole are okay for contract work or property investment, but you still should get a Corp to manage them."

Can you elaborate on why a corporation should manage a LLC? For a single owner business structured as a LLC, what limitations or liabilities exist that most people are unaware of?

I appreciate the amount of insight and information you shared, I hope to use it as the very foundation of a business in the near future.
I have noticed that a significant amount of small business owners are completely unaware of this strategy and the benefits. Sounds like a business opportunity in itself. What type of license, if any, would you need to start a "business credibility" company?


Best Regards,

DantheMan

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