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Build Corporate Credit For Your Small Business
One of the most common misconceptions is that small business owners cannot build corporate credit. In most cases there is really only one obstacle preventing them from starting which is the legal structure of the sole proprietorship that they choose for their company.
Unfortunately, this happens to be the most common choice among small business start ups. Normally you don't pay anything to start a sole proprietorship. Of course you don't get anything, either.
Unless you count the following as valuable business assets:
* Lots of personal liability
* No protection from your business creditors
* An increased risk of being audited
* Problems with valuation for a subsequent sale of the business
The reason for this lack of protection is because a sole proprietorship is not considered a separate legal structure. Instead, it is considered a personal extension of you and because this business types is considered a personal extension of you, you don't have any protection from it.
In addition,[link widoczny dla zalogowanych], you can't build business credit separate from your personal credit with a sole proprietorship. In order to build corporate credit you will need to first incorporate your business and next obtain an employee identification number (EIN).
This step by far is the most important because it's the foundation for what you will build your company credit upon. Not to mention all the other important areas that entity selection affects such as taxes,[link widoczny dla zalogowanych], liability and asset protection.
Once you incorporate your business and have obtained an employee identification number you will then need to complete the standard corporate conformity guidelines that creditors expect your business to complete. There are over twenty specific tasks that I review with my clients prior to setting up their business credit file and applying for vendor credit lines to establish corporate credit.
Now if you're wondering why your small business would need to build company credit ask yourself the following questions:
Do I use my personal credit cards to pay for my small business expenses?
Do I purchase goods and services from other businesses using my personal credit in order to operate and grow my business?
Do the credit card charges I incur for my business end up on my personal credit reports?
When you build corporate credit you have the unique opportunity to obtain business credit cards with no personal guarantee. Best of all when you use these cards for your business expenses they don't affect your personal credit reports,[link widoczny dla zalogowanych]!
Some other benefits include:
- Business credit cards have much higher limits than personal credit cards.
- You can build business credit even if you have bad personal credit
- Reduce your tax burden and improve accounting
If you've been doing business up to now without a business structure,[link widoczny dla zalogowanych], both the IRS and your state government defaults your business into a sole proprietorship.
And that means you're exposed.
Now is the time to select the right business structure so you can build company credit without putting your personal credit at risk.
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