Page 115 - Winning The Credit Game Bundle (CK Patrick)

CHAPTER 2
BUILD YOUR

FOUNDATION

Starting a business can be intimidating, even if you’re not
thinking about credit and funding. The necessary legal and
financial steps will vary depending on a business’s industry, the
city and state it operates in, and who runs it. Although some
businesses can get away with far less paperwork than others,
having specific pieces of legal paperwork in place makes it
possible to build business credit which is separate from your
personal credit and finances, not to mention making it easier to
handle issues like legal liability and taxes.
A new business may need to:

Legally register with their city, state, and local
governments.
Register as a legal entity such as a Limited Liability
Corporation or an S-Corporation.
Pay sales tax and/or business income tax.
Create a business bank account.
Apply for business loans or credit lines.
Hire subcontractors or employees.
Make legal and financial arrangements with suppliers,
vendors, and partner businesses.

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