Page 17 - Everything You Need To Know About Personal and Business Credit by Adrean Yancy

Everything You Need To Know Abour Personal & Business Credit

Creating your Business Credit Files

The following steps will guide you in creating your business credit le seamlessly.
However, it is essential to note that each credit bureau has its system and
requirements for helping businesses create business credit les.

The steps listed below should su ce regardless of which bureau you are applying to.

Step 1: Step 3:

Incorporate your Business Legal Get your Employer Identi cation
Entity: This involves separating your Number (EIN) from the IRS: As stated
personal and business accounts. Upon earlier, your business credit report is tied
incorporation, you can decide to register to your EIN, while your Social Security is
your business as a Limited Liability tied to your personal credit report. EIN
Company (LLC), S Corp, or C Corp. This has a unique nine-digit number for each
way, you would have successfully applicant.
separated the personal nances from
your business nances. It also helps To get your EIN, you can apply through
position your business to get loans the IRS website for free. The bene t of
quickly. Incorporating and legally having a having an EIN is that it gives you the
separate business entity helps de ne means to open and operate a business
how you pay taxes. bank account for your business and

access to business loans and entities.
Step 2: Note that you will need a valid Taxpayer
List your Business Address and Phone Identi cation Number (TIN), your Social
Number: The next thing to do is business Security Number, and ITIN.

listing. Google has always been the
medium people use to search for and
nd businesses. Nowadays, things are
transforming as local listing directories
are given more importance than search
engines.

Also, listing your business address and
phone numbers helps vendors, lenders,
and bureaus to nd your business
e ortlessly. Note, when listing your
business address and phone number, do
not forget to include that information on
the Yellow Pages, 411, and other online
directories.

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