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What’s the best way to establish credit for a newly formed business entity (LLC or corporation), even before it’s actually conducting business, to avoid having to personally guarantee a (SBA) loan, and to be able to open (vendor) accounts?

First you have to establish your business legally with your federal, state, county/local governments. Here a basic steps that may help.

- Secure a small line of credit with secured assets.
- Establish a supply base and make small purchases.
- Lastly contact one (or all) of the business credit agencies to establish a credit file.

This process may take 3-4 months. This is the least costly approach with an above average personal credit score.

Please know that I am not a proponent of using credit cards to fund a business, however, if the credit is for inventory where there is more than a likelihood that the inventory that you are acquiring will be sold and paid for within 60 days there is an avenue open to you.

Go to American Express – Plum and apply for an American Express Plum Card. Using the card judiciously will give you the option of paying two ways.

1. pay in full within 10 days of bill closing and receive up to a 2% discount
2. pay 10% when the bill is due and defer the balance for up to 60 days.

Yes, there is liability to the card holder (principal), however this does give you access to a great deal of funding within a safe environment for initial inventory purchases and is a great cash management tool.

When you have your business up and running, how will you determine the credit-worthiness of your potential customers? or more directly, why would you want to do business with your own company? Putting yourself in the shoes of your vendors will help answer your question.

Many local vendors will extend a small amount of credit if they know you. Alternatively, you can prepay vendors to develop a history of being able to pay for what you order. After a number of prepaid orders, they may be willing to sell to you on credit.

When setting up your banking accounts, you should be able to obtain a debit card. Use it as a credit card until you can qualify for a true credit card.

When you have assets (inventory or receivables), you can leverage them for cash when needed.

Hopefully you have a business plan and have developed some financial analysis and projections so you know your break even points, and how much inventory you have to have on hand to re-pay debt, and start building equity.

Michael Lemm
http://www.articlesbase.com/small-business-articles/whats-the-best-way-to-establish-credit-for-a-newly-formed-small-business-672705.html

Lehman Brothers may write off $4 Billion in 3Q, JPMorgan Chase says; Lehamn Brothers may sell part of its investment management unit, WSJ reports; Fannie Mae & Freddie Mac shares plunged to lowest in 18 years; Barcalys would consider U.S. Weath-Management

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The business credit cards are a real relief to all the types of firms may it be a small firm or large firm.The credit cards have emerged to be the best way of gaining credit from the supplies and various banks. They not only keep your money safe but also let you to have a large number of additional benefits. With the help of these credit cards you can make use of other people’s money to carry out your business without paying any additional charges. The terms of such a credit can vary widely from a few weeks up to many months and will depend, in many cases, upon the particular type of business that you operate.

It should be kept in mind that the creditors of the small business credit card company must not be abused as this can cause the withdrawal of your membership in the company. You should also remember that your creditors can also penalize you if you do not pay them on time. They will be entitled to charge you interest at penal rates. If you have an interest in purchasing a fixed asset like a plant or a machinery then you should make arrangements to obtain the long term finance. It is also financially sound for the lenders to lend you money for over ten years for an asset that will only last for three years.

These small business credit cards provide a great opportunity for the small firms to obtain credits which can be useful for them to carry out their business tractions in a very fruitful manner. All the small business credit cards come with a wide range of terms and conditions. Some come with the secured basis while others come with the unsecured basis. The other feature which you should look for in a small business credit card is the early repayment penalties. It should be made sure that even if you don’t have the means to repay the credit early; it should not cost you extra in terms of fee or the penalty interest.

Shipra Kaul
http://www.articlesbase.com/credit-articles/everything-about-the-small-business-credit-cards-717783.html

It’s no secret that a business credit card is among the best tools that a modern entrepreneur can have. As well as boasting the convenience of a personal credit card, a business credit card also offers the small company owner the capability to separate his own personal finances from that of his or her business. Initially, this may not appear to be an issue and many owners have started trading using their own personal cards as a resource. However, many small company owners have also fallen foul of their own companies; as the company expands, so to do the demands placed upon a credit card and if it’s trying to do two jobs at once, the result can often be costly.

Yet wise use of a business credit card not only allows you to keep your personal and business spending separate; it also allows you to monitor expenditure more easily and keep up-to-date on your company’s transactions with annual and quarterly reports. Owning a card also gives you the opportunity to launch a good credit history, which, in turn, can help when it comes to business expansion.

Despite the obvious benefits of owning a business credit card, there is a problem for those starting out in business: which is the right one for you? To begin with, the question should be asked, more accurately, as: which is the right one for your business? There are many cards out there on the market, each vying for the custom of the entrepreneur and each coming with their own set of advantages and incentives, so where do you begin?

Initially, it’s worth focusing on a few points. These, in turn, should lead you to answer other questions and, ultimately, help you make your decision. Firstly, it is well worth taking the time to consider the differences between the promotions that grab your interest. Many card providers catch your eye with offers of 0% introductory rates on APR. Whilst this is immediately attractive, it doesn’t hurt to research just how long these rates last for and, once they have expired, what will the APR be then? While you’re at it, you might as well check out the small print on things like annual fees and penalty fees – stay ahead of the game.

Next, consider the rewards on offer. Most of these are designed with the small business owner in mind and there are far more on offer than there are to consumers who want personal credit cards. Take the time to consider how useful certain products and facilities will be to your company. Would you benefit more from cashback on certain purchases or would you be better to embrace a card that offer Airmiles or petrol discount. These are considerations that only you can make, using your knowledge of your company, how it works and its aims.

You should also look at ‘grace periods’ i.e. how long is it before you are charged interest on your balance, once transactions have been made. In addition, you could find out whether the software issued with most cards is compatible with your accounting system; the less time you have to spend physically going to the bank to pay your bills, the better. And, although it is generally considered to be ’standard issue’, you should also check that your business card provides you with online access to your account; most card providers are generally happy to answer these points and any others you might have. Questions like these can only serve to help you make the right decision in choosing what is likely to be one of the most important business tools you can have.

Hannah Callen
http://www.articlesbase.com/finance-articles/how-to-find-the-best-business-credit-cards-in-the-market-688947.html

Possibly the most confusing aspect of choosing a business credit card for a new business is wading through the seemingly endless lists of incentives and perks that are on offer to the small business owner. These can vary from things such as cashback deals on selected services and supplies to reward schemes that offer discounts on petrol or hotel accommodation. These perks are designed to benefit the entrepreneur and, ultimately, save the business money. This fact, however, doesn’t necessarily make the selection process any easier.

In order to make the most effective choice, the business owner is well-advised to do a little ‘homework’. Firstly, it is a good idea to work out just how much credit the business could and should require. This can be done by analysing the projected turnover of the business and weighing it up against monthly outgoings and expenses, such as wages and office supplies. Once these figures have been compared, it should be relatively simple to decide just how much credit would benefit the company and help begin the selection procedure.

Next it is worth considering just how the card will be used, by whom and for what. If cards are to be issued to employees, it may be worth considering a business credit card that offers the facility to ‘cap’ monthly spending on individual cards, giving the business owner more control over potential overspend. A card that comes with software to allow transactions to be tracked online can also provide additional control margins. Alternatively, the card may be used solely as ‘back-up’ in times of cash flow crisis, allowing wages and services to be paid for and giving the company cash account a period of grace whilst customer payments are processed. In this instance, a business credit card with an introductory offer of 0% APR would be helpful, as long as the APR that follows the introductory period is low.

When starting out, it is important that the business owner’s personal accounts and the accounts of the business are kept separate, and most business credit cards offer this capability. This way, paperwork is kept to a minimum and all business transactions will have an online record of where and when they took place, as well as for how much.

Once the amount of credit to be borrowed has been decided upon, the next piece of homework is to figure out just how much the company can comfortably afford to repay each month. This can have a massive influence on which card is most suitable for a company; certain cards may have great perks attached but, if the interest rates involved are too high, there may be little point in pursuing them. Instead, it is better to focus on details that will constantly benefit the business, rather than on the money-saving advantages that may be of little use during times of economic stress. Having said that, the deals and incentives that are on offer can also be made to work for a business. If there are repetitive payments being made from a business to suppliers, for example, it can be worth sourcing a card that offers cashback or discounts on these services or products. Businesses that require a lot of travel from employees can also make savings on things like petrol, Airmiles and hotel accommodation. Once again, the question, “who will use the business credit card and for what?” becomes very pertinent.

Business plastic can be a very dynamic and useful tool for any company. By continually questioning its purpose, the entrepreneur can build up an ‘identi-kit’ picture of just what the card ought to do for the business and find the one that corresponds with those requirements.

Hannah Callen
http://www.articlesbase.com/finance-articles/business-credit-cards-perking-up-your-business-673413.html

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Not owning and using credit cards is not a valid option nowadays. They play a crucial part in people’s lives whether we are talking about an ordinary single user or a corporate entity. We no longer have to carry around large amounts of cash for making purchases and a credit card also provides an escape route when you have to pay for something in case of an emergency. These are the main benefits of credit cards that anyone can experience first hand but there is nobody enjoying more from the advantages than the business establishments.

The executives that are part of corporations or any other businesses feel the need for the business credit cards, especially when we are talking about individuals that are constantly in contact and interacting with other people like customers, clients, or business partners. It is nothing out of the ordinary for a company to issue business credit cards for the employees. This will serve as a very convenient way for both the corporation and the employee to manage and calculate the business related expenses.

This way, personal expenses will be sorted out from the business expenses in order to provide a clear view over the business operating expenses and also monitor these expenses for tax and accounting purposes.

More and more companies and corporations are attracted by both the benefits of issuing secure business credit cards for selected employees, and the enticing deals that credit cards operators and financial institutions are offering with the signing up of these corporate credit card services. Credit card companies can even throw in deals like waiving the fee for a limited period of time or even offering discount points to business related expenses like flight tickets or office supplies.

This type of business credit cards can be signed up on various credit card companies or financial institutions, each of them offering different reward points and benefits. Because of the large number of companies that are providing these services and the complexity of the offers with many levels of benefits, it can be a bit difficult to evaluate all the offers in order to find the one that best suits your company needs. Stacking up the offers on sheets of paper in front of you is not likely to succeed.

The alterative for this evaluation is to take advantage of one of the few websites that try to simplify the choosing process for a potential customer. They will list almost all the credit card companies available on the market at a certain point, each of the offers weighed in terms of advantages and benefits, and disadvantages. This way, the future client will no longer be put through a tedious process of sorting out flyers and paper sheets but easily browse through the data to make the most intelligent selection.

The business credit cards are more and more of a necessity, providing people with the opportunity of making business transactions with more ease than ever before.

Devin Gilliland
http://www.articlesbase.com/credit-articles/the-importance-of-business-credit-cards-in-modern-society-110316.html

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With demands that are on a continuous growth, many business owners employ the use of business credit cards but there are some tricks in using the appealing payment options.

It is recommended that you contract credit with your local financial institution/bank. Once you have established a relationship with them, you should consider applying there for your business credit card so that you can continue to invest in that relationship. If your bank is familiar with you, you will get better deals. On the other hand, as they get to know you better, you will reap the fruits of this relationship when you apply for credit with them. Loyalty always pays off.

You should carefully read your contract when getting your business credit card. Some companies tend to hide some rather significant details in the fine print. Look for the levels of interest rates and if you are required to pay an annual fee with your business credit card. Make sure that you fully read and understand all the terms and conditions. Do no be afraid to ask for more information, after all, it is your money you are putting on the line.

You should also look into the services that the credit card company offers with the business credit card. Do not get swept away by offers that include frequent flyer miles or other discounts (although these to can help your business). On the long run, a more important part can be played by consumer services like detailed account reports or 24-hour customer service.

Once you find a card that you are happy with, you should stick with that business credit card. This is the reason why you should carefully study the offers on the market before applying for one. It is better to think on a long term basis and predict your company needs on a longer period so that you will not have to change the business credit card in a year because it no longer suites your business needs.

You will constantly receive offers that might look great at first, but you shouldn’t switch if you are content with your current business card issuer. Switching will not look great on your credit profile when you will be on the look for funding.

You should not mix your personal expenses with the business related ones. In case that you get audited, expenses that you cannot account for within the company will raise suspicion so even if you are tempted to always charge it on the company, don’t.

Try not to build up a collection of business credit cards. Using fewer credit cards will help you keep track of the business expenses and keep you away from any unpleasant surprises that may arise at the end of the month when all the accounts are cumulated. It is best to keep a positive activity on the credit account for obvious reasons. Before charging any expenses on the business credit card, you should question yourself if that expense is really necessary for the company.

Devin Gilliland
http://www.articlesbase.com/credit-articles/using-business-credit-cards-110319.html

How is your town doing? Is there tons of empty commercial real estate? Is this the end of the urban sprawl? Many are losing millions from lost rentals. If the large corporations are having a hard time staying in business how is the little guy going to make it? If debt is money and there is no credit, there is no money! Please add a video of your town of commercial or residential. You pray & the churches prey! March 13, 2009

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