What’s good Wealthbuilderz It’s yah boy DeVaughn back again with another blog and video.
Today we are talking about The 10 Steps To building your business credit. Before we get started make sure you subscribe to the blog it would definitely help. So now back to the 10 steps to building your business credit.

The First 5 Steps To Building Your Business Credit

1st step to building your business credit 

incorporate your business. Even though you may be incorporated when you’re reading this, it deserves a mention. With sole proprietorships and general partnerships, the business is legally the same as the owner; therefore, there can be no separation of business credit history from personal. Incorporating a business or forming an LLC creates a business that is legally separate from the owner or owners.

2nd Step To building your business credit

Obtain a federal tax identification number (EIN). The EIN is basically a social security number for a business. It is required on federal tax filings, and is also required to open a business bank account in the name of the corporation or LLC. In order to comply with IRS requirements, many larger businesses also require an EIN from their vendors in order to pay them for services provided.

3rd Step To building your business credit

Get A Duns number. If you don’t know what a Duns Number is, its an abbreviation for Data Universal Numbering System. It’s nine digit identifier for your business. It is used to establish a D&B business credit file. Which lenders will reference to when your applying for a loan.

4th Step To building your business credit

Open a business bank account. Open a business checking account in the legal business name. Once open, be sure to pay the financial transactions of the business from that account. If you use a business credit card for many financial transactions, be sure to pay the credit card bill from your business checking account.

5th Step To building your business credit

Establish a business phone number. Whether you use a landline, cell phone or you use VoIP, have a separate number for your business and in your business’s legal name. List that number in the directory so it can be found.

Really Build your Business Credit Following The Net Steps

6. Open a business credit file.

Open a business credit file with all three business reporting agencies: Experian, Equifax and TransUnion.

7. Obtain business credit card.

Obtain at least one business credit card that is not linked to you or any other owners personally. Pick a business credit card from a company that reports to the credit reporting agencies.

8. Establish a line of credit with vendors or suppliers.

Work with at least five vendors and/or suppliers to create credit for your company to use when purchasing with them. Ask them to report your payment history to the credit reporting agencies.

9. Pay your bills on time.

Perhaps it should go unsaid, but be sure to pay your bills on time. Like with your personal credit, late payments will negatively impact your business

10. No really pay your bills on time.

There is nothing worse then working your ass off to get your credit right and mess it up by not paying your bills on time.

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Until next time it’s yah boy DeVaughn signing off for
Ten Steps To Building Business Credit.

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Top 5 Youtube Videos On How To Build Your Business Credit