We have compiled our Top 10 most common mistakes that businesses make when trying to establish their business credit or corporate credit.
1. Trying to cut costs by using your home address for
your business address.
2. Using a P.O. box or mail drop location for your business address.
3. Not having a separate business phone number from your home phone; also not having a fax number. [Read more »]
Those looking to form an LLC in California can choose either to hire a professional who specializes in the formation of Limited Liability Companies and Corporations, or you might decide to save a little bit of money and form the LLC yourself. If you choose to do the work yourself we have listed here a few things steps to take.
Paying state taxes might seem a little tricky since each entity in California has different tax rates. Understanding the tax rates can also help you decide if you want to Incorporate, setup an LLC, or set up a Partnership. Currently the LLC is taxed with a $800 per year and a world-wide gross receipts tax based on a current tax table. The C Corporation has a 8.84% net profits tax and the S Corporation has a 1.5% net profits tax. [Read more »]
The Paydex score system with Dun and Bradstreet goes from 0 to 100. Although your Paydex score is not as important as your DnB rating your business, it is a very important start to building your business credit.
To receive an 80 Paydex score your business much have at least three vendors that report to DnB that you have paid your bill on time. Although this seems very easy since most businesses have far more than three vendors they deal with. The tricky part is finding three of your vendors that will actually take the time to report to DnB. [Read more »]
Small business owners have many aspects of their business to oversee and manage every day. Many ignore or don’t think about their business credit score, making the mistake of thinking it is not important. In reality your business credit score is a vital part of your business success and ability to expand your business down the road.
This is the perfect time to focus on your business credit score as the economy starts to recover. Banks are starting to ease on making small business loans and consumers are starting to spend more money.
The first thing you need to do is to check what your business credit report. Make it a habit to check it once or twice a year. You should schedule this, just as you would schedule your taxes and other business reports. [Read more »]
A small business owner can take steps to improve their bad credit. Improving a bad credit rating is important and something a business owner should be concerned with. [Read more »]
After a few years of banks keeping a tight cap on extending credit to businesses, these companies are starting to relax a bit. If you are looking to get credit for your business there are still a few things you can do to help make it easier for you. [Read more »]
Setting up a Limited Liability Company without an Attorney can be easier than you might think. First you want to research the benefits of having an LLC to make sure it is the best option for your and your business. [Read more »]
A Limited Liability Company (LLC) is a popular option for many small businesses. An LLC is a type of business that had the benefits of the limited liability of a corporation with the tax structure of a partnership. [Read more »]
With small and large businesses in hard times the past few years, getting a line of credit for your business without a personal guarantee might have appeared to be impossible. There are still real ways of getting a line of credit and being able to do so without a personal guarantee on your part. [Read more »]
Good news for the New York area. Yesterday, New York Congressman Anthony Weiner released a study indicating the total amount of small business loans in the city has risen 45 percent this year over last year. [Read more »]