Maximize Your Business Creditworthiness By Filing Your Business Name Correctly

By Author: Constance Martinez
Total Articles: 624
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The paperwork needs to be done right. Everything should be double checked for accuracy. Here's a checklist to make sure you look like a real business - not a hobby.
Your Company Name - Your business name must be available in your State. You can't register your business if someone else has already taken it. You can usually find out if your name is available by going to your State's website. In Michigan you would go to www.michigan.gov. If your business name is available, then make the decision at this point what business structure (LLC, corporation) is going to be the best for your business. You can generally obtain the forms you need to register by going onto your State's website and getting them for free.

Your Business Address - Your business needs a real address. You can use your home address if you wish, but the main idea is that your address needs to be a physical address that can accept mail for your company. The address you register with the State must be the exact same address you use when applying for vendor credit, a business credit card, or a business lines of credit.

Tax ...
... Payer Identification Number - After registering your company with the State, you must then get your Employer Identification number (also known as your EIN) from the Internal Revenue Service. You will use this EIN when you apply for business credit. You should not use your social security number on business applications.

Telephone Number - Once you have your EIN, you should get a separate telephone number for your business. This number must be listed in the national 411 directory with the same address and name that you used with the State. Be sure you use your EIN and not your social security number when setting up your business phone. Never use your cell phone number. Lending institutions will call 411 to verify the name and number you listed on your application and it must match the information they find on the State website. If there are discrepancies, you may not be able to obtain any business credit.

Remember to consult a professional. It's in your best interest to consult with a tax professional or a lawyer before you begin any new business venture. There may be tax issues that could hurt your business if you set up your company wrong. A tax professional may also offer the benefit of discussing the advantages and/or disadvantages of the business structures and can help you decide which is best for you.
Find out more about the other secrets of how to establish your business so that you can get lines of credit, business credit cards, etc. from lending institutions and start obtaining vendor credit without risking your personal FICO scores.
For more information on these topics, go to my website: http://www.SusansBooks.com. Get your Free Credit Restoration Guide when you purchase my e-Book and start using it immediately to clean up your personal credit.
Susan Carter, author of Basics of Business Credit, has created an e-Book that provides instructions on how to set up a business entity correctly from the start. She has the knowledge to help anyone avoid the trap of having to use personal funds and assets to get their business started
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