Establish Business Credit Fast
Why don’t more small business owners establish credit for their businesses?
The likely answer is because many don’t know how to get started and where to find the right credit sources. We all pretty much know how personal credit works and what it takes to build positive FICO® scores.
The good news is the process of getting business credit is not all that different from building your personal credit. In today’s post we’re going to cut to the chase and simplify the business credit building process in five easy steps.
Set up a formal legal structure for your business – Most small business owners start out as a sole proprietorship but the benefits of converting to a formal structure such as a limited liability company or corporation has many advantages. First, it formally separates you from your business which is one of the staples to building business credit. It’s about separation between you and your business both from a liability and financial standpoint.
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