Yes you can build credit under the name of your LLC/ as its an entity in and of itself... building credit works pretty much the same way as personal...
Definitely! Also, using the Federal EIN is one of the steps for protecting yourself and you LLC. It gives more legitimacy towards your LLC and protects from possible piercing of the legal veil.
First of all you will never get any REAL credit without putting your own credit on the line. No visa or mc and amex will not give you a card without your personal guarantee. Also banks will not give unsecued lines without a guarantor. As far as a credit report for an entity goes a dun % bradstreet really only reports bad things but goes more on the years in business and # of employees. When you form an llc or corp. you will get a call eventually from d&b asking about your business. I fibbed for all three of my busineses and tripled my #of employees, years in bus. and gross sales and thats what they report but they do say it was not veified but no reports are verified. There are a cpl of places a business can get credit with no guarantor and its GE Capital but only through merchants that have their cards and the ones I know of are-home depot,lowes,staples,officemax,a good one is sams club if you are near one and even walmart has a business card. Home Depot is the easiest one to get and if the deny you wait a week and try again and you will get one, just answer no you dont want to be a guarantor when filling out the app which is available online. I hope I helped you and just check out a cpl banks business cards online and you will see they all require you to be a guaranto and they go off your credit only and dont even usually pull a report on the business cuz its costly.
Yes you can build credit under the name of your LLC/ as its an entity in and of itself... building credit works pretty much the same way as personal...
So, in other words it is best to get a tax id number instead of using my SSN. Is this correct.
Definitely! Also, using the Federal EIN is one of the steps for protecting yourself and you LLC. It gives more legitimacy towards your LLC and protects from possible piercing of the legal veil.
Thanks for your help.
First of all you will never get any REAL credit without putting your own credit on the line. No visa or mc and amex will not give you a card without your personal guarantee. Also banks will not give unsecued lines without a guarantor. As far as a credit report for an entity goes a dun % bradstreet really only reports bad things but goes more on the years in business and # of employees. When you form an llc or corp. you will get a call eventually from d&b asking about your business. I fibbed for all three of my busineses and tripled my #of employees, years in bus. and gross sales and thats what they report but they do say it was not veified but no reports are verified. There are a cpl of places a business can get credit with no guarantor and its GE Capital but only through merchants that have their cards and the ones I know of are-home depot,lowes,staples,officemax,a good one is sams club if you are near one and even walmart has a business card. Home Depot is the easiest one to get and if the deny you wait a week and try again and you will get one, just answer no you dont want to be a guarantor when filling out the app which is available online. I hope I helped you and just check out a cpl banks business cards online and you will see they all require you to be a guaranto and they go off your credit only and dont even usually pull a report on the business cuz its costly.