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Learn how to build business credit without a personal guarantee? We also show you how to build corporate credit and what’s the difference between corporate and business credit? If you’re currently unemployed you may want to learn how to start a small business at home or how to start a small business without money you need to learn these skills.
How do I get business credit cards and business loans with a
80 Paydex score?
Many people have come across misleading information of
getting business credit cards with a 80 Paydex score. First, you must understand a paydex score is
a three digit number that given to a business from Dun and Bradstreet. This number is generated once a business has
four or more business tradelines or vendors reporting to them.
Once you’ve generate this number trade vendors use this
number to make a decision on whether they are willing to offer your business
credit. The higher the paydex score the better
your chances are to being approved for credit.
If you have a paydex score below 80 points this lets the creditor know
you are not paying your other vendors on time.
Now, if you’re trying to build your paydex score to get
business credit cards or business lines of credit, there are other factors that
are used to determine,if you’re going to get approved for business credit. When you apply for business credit cards or
business lines of credit, most lenders will want to look at your personal
credit, your business bank statements, or your business financials.
The paydex score is irrelevant at this point when trying to
get cash and credit for your business.
This is the reason we suggest people to stop wasting money on Net30
accounts and just fixed their personal credit and put the money into a business
bank account.
Should I Co-sign A loan, credit card, or Apartment for a
Family member?
If you’re a parent then I suggest to add your kids on your
credit accounts as authorize user. This
will build up their credit, so you as the parent will not need to co-sign for
their student loans, cars, and apartments.
Now, if you have a family member or love one that having
credit issues and they ask if you would sign for them a car, credit card, or apartment,
then I would suggest you not to do it.
The reason is that it could ruin the relationship. For example, if a family needs to move into a
new apartment and they ask you to co-sign and you decide to do it. If that person loses his or her job, then you’ll
be stuck with making the payments or ruining your personal credit and the
relationship.
I always suggest if a person is having credit issues offer
to help them repair their personal credit, if they refuse, then you know that
person is not the one to be offering help too.
Some may argue that you should look at how financially responsible the
person is in order to determine if it’s worth you putting your good personal
credit on the line. However, you must
factor in that things could happen to the person or their employment and that
may leave you on the hook for extra bills.
So, in conclusion, I would suggest find other ways to help
them, rather reserve the relationship then jeopardize personal credit if the
person is not will to fix their own credit.
How to get a business loan for people with bad credit?
The easiest way to get a business loan for people with bad
credit is to take out a loan thru your 401k plan it’s called a ROB (ROLL OVER
BUSINESS LOAN). If you don’t have a 401k
or Roth, you may want to consider putting up some assets for a collateral
loan. It’s a lot of lenders that will
ignore your personal credit if you have an asset to borrow against. Those assets make be a piece of land, a car,
or a family heirloom.
However, if you don’t have any assets to use as collateral,
you make want to borrow the money from a family member of a friend or ask them
if they would be willing go into business with you. You make want to also start putting a small
portion of your paycheck aside to help you move toward you goal of saving up to
start your business.
Now depending on what type of business you’re going into,
you make be able to pick up a few clients and see if they will give you an
advance toward future business.
Most don’t realize it really does not cost a lot to start a
business the issue for most is finding the right customer for your product or
service.
Learn how to setup a corporation for a one owner, could have
great advantages like protection from personal liability, a greater ability to
raise funds, and lower tax liability.
Many small business owners chose a LLC because they want to avoid being
double taxed. However, if they chose a
C- corporation they have the option to be taxed only once if they choose not to
take a salary and left the profits in the company.
When it’s only one person on the corporation, there are
three positions that need to be filled by that person. Which is the president, secretary and
treasurer. The owner will also be the
registered agent unless the corporation is set up out of state, then they need
to hire a registered agent.
Now, before you set up the corporation there are steps you
need to follow:
__1. Decide on a Business Name
Keep in mind that your state may require that your
corporation's name include an identifying word such as
"incorporated," "limited," "corporation," or an
abbreviation of such a term
__2. Search Name Availability
In addition to searching for references to your
corporation's chosen business name, you also should look for similarity to
existing names. If your name is too similar to an existing name, to the point
that it causes confusion, you may not be able to register it
__3. Register Your Corporation's Name
In addition to your legal business name, you also want to
register any fictitious business name under which you conduct business.
__4. Pick a Place in Which to Incorporate
Even if your company's main operations are in one state, you
may incorporate in another if it provides advantages. For instance, a
significant number of businesses are incorporated in Delaware despite being
founded or operated elsewhere.
__5. Choose Directorsfor Your Corporation
The board of directors is responsible for overseeing the
operation and protecting the interests of the investors and shareholders.
Directors may be officers of the corporation, investors, or individuals with no
other stake in the company.
__6. Create and Sign Your Articles of Incorporation
The articles of incorporation are filed with your Secretary
of State's office and serve as the official charter for your corporation.
__7. Write Your Corporation's By-Laws
The by-laws outline the responsibilities of the
corporation's officers, directors, and shareholders; the overall purpose of the
corporation; and who manages which aspects of the business.
__8. Create a Shareholder Agreement
It's not always necessary to create a shareholder agreement,
or stockholder agreement, but it typically addresses the rights and
responsibilities of shareholders, including share ownership terms and
valuation.
__9. File Your Articles of Incorporation
File the articles of incorporation with your state's Secretary
of State office, and pay related filing fees.
__11. Open a Separate Bank Account
The corporation is its own entity, so you want to make sure
you open a bank account in the name of the corporation as opposed to an
individual.
__12. Start a Minute Book for Your Meetings
Keeping meticulous records will help your business
meet its goals and hold officers and board members accountable. The minute book
is a record of all discussions and actions taken at board meetings.
__13. Hold Your First Board of Directors' Meeting
Since it will be the first meeting, you will lay out the structure,
vision, and goals of the corporation and establish the tone for future
meetings.
__14. Issue Certificates to Your Initial Stockholders (if
applicable)
__15. Obtain Business licenses and Permits
Federal
Government
State
Government
Your
Local Government
__16. Follow All Legal Requirements for Running a
Corporation
Corporations are more heavily regulated than other types of
businesses, so make sure you're in compliance of all local, state, and federal
requirements.
The ucc-1 is a financial instrument used by creditors to
file against a piece of property or equipment in order to loan money or
credit. The way it works is that you the
borrower have an asset that you use as collateral. The lender or bank takes that asset and file
a ucc-1. Then when the loan is paid back
in full. The lender or bank files a
ucc-3 to release the collateral.
The problem with using this method as an individual trying
to build personal credit is that the process could take anywhere from 60 days
to 120 days. In that same amount of time
you could have repaired your personal credit, and then applied for personal
credit cards or personal lines of credit.
If you have a blank personal credit file or rebuilding your
personal credit the fastest way for you to build it is to add authorize users,
get a prepaid debit card, or a certificate of deposit and borrow against it and
that would show as a secured loan on your credit report.
Now, if you wish to learn more about how to use authorize
user account to build personal credit
If you do not want to use your personal credit as collateral
but you have 3 to 6 months of bank statements lenders will use your accounts
receivable to lend you money or credit for your business. This process is a much faster process to
build personal credit than filing a
ucc-1 financial instrument.
The ucc-1 is a financial instrument used by
creditors to file against a piece of property or equipment in order to loan
money or credit. The way it works is
that you the borrower have an asset that you use as collateral. The lender or bank takes that asset and file
a ucc-1. Then when the loan is paid back
in full. The lender or bank files a
ucc-3 to release the collateral.
The problem with using this method as an
individual trying to build business credit it that the process could take
anywhere from 60 days to 120 days. In
that same amount of time you could have repaired your personal credit, and then
applied for business credit cards or business lines of credit.
If you do not want to use your personal
credit as collateral but you have 3 to 6 months of bank statements lenders will
use your accounts receivable to lend you money or credit for your business. This process is a much faster process to
build business credit than filing a
ucc-1 financial instrument.
How Does Dun and Bradstreet Affect My Business Credit When They Red Flag It?
Dun and Bradstreet is a business credit reporting company that takes your business information and sells it to creditors that are looking to offer you credit. They get a lot of their business information from the Secretary of States Databases. When they pick up business information in their system that not completed, has a PO Box address, or multiple addresses at the same address they red flag it.
Now, once they have this information, they charge you a fee to correct this information. They tell people if they do not buy their services to correct the information the business owner will have a bad business rating and they cannot get business credit. The problem with many business owner they don’t know the difference between business credit and business funding.
Most small business owner are wanting to get Business funding and that has nothing to do with Dun and Bradstreet. That business funding will more than likely come from small business lines of credit and business credit cards, which comes from the banks that don’t rely on Dun and Bradstreet. Banks look at your personal credit and if your personal credit is not strong enough then you’ll be denied funding.
Let’s understand that Dun and Bradstreet main purpose is to help trade line vendors decide if they want to extend your company a business line of credit for products not funding.
When building business
credit for a LLC, you need to have assets that lenders could use as collateral or
at least a 680 credit score. You will
always hold liability in the business, because it’s an LLC. When you decide to take on a partner under
that LLC, they too will have liability in the business. They’ll be able to apply for business loans
and credit cards by amending the bylaws to give them that authority.
If you’re trying to
get funding for your LLC without the personal guarantee, they there a lenders
that will give you funding off your existing business accounts
receivables. You may want to check with
companies like PayPal that offer loans against accounts receivable. So there
are alternatives to getting credit for your LLC without using your personal
credit.
Nonetheless, you have to
have something for the lenders to work with.
If your wanting to learn more about funding your business checkout
3wayfunding.com. They offer you free
videos on how to setup your business to get funding without a personal
guarantee, you also learn, how to repair your personal credit and how to get funding
for your business and personal needs.
if you do any business outside that entity while it is being formed you are personally responsible. Better to have the entity in place right at the start. And second, you would need to file two tax returns for 2017 – one as a sole proprietor for operations outside the new entity and then one as the entity itself.
When we create an entity in December, so it’s ready to go in January, we don’t need to file a tax return for 2016. The Company is in its ‘organizational phase.’ But if you want an extra year for business credit purposes filing a zero return is very easy and inexpensive.
As well, you won’t be paying extra corporate fees for 2016. Most states bill on an annual basis, meaning, for example, you won’t owe Wyoming’s $50 fee until next December. Even California, which charges on a yearly basis, won’t charge you for 2016 if you file after December 15th. You’ll just owe the total for 2017.
There are numerous reasons why business owners
may want to build a business or corporate credit. But the most common is that,
building corporate credit enables business owners to get loans or any other
types of funding without the need to use the personal credit. The latter can be
quite risky, as lenders usually require individuals who use personal credit to
complete the payment of the debt whether or not the business has the needed
funds.
1.Apply for credit soon after business launch.
Apply for a credit soon after the business launch. If you are running a small
business, it will take two years before you establish the business and convince
the bank to offer you a sizeable business line of credit and be able to get
small business loans.
2.Incorporate your own business. To be able
to reap the perks of having a corporate credit, you should incorporate your own
business. By which, you will also separate your personal finances from the
business’s legally and distance you from any probable business liabilities in
the future.
3.File for an EIN (Employee Identification
Number) - This number can be acquired from IRS. This lets the corporation to
act legally as its own taxable entity, which means that the corporation now
needs to file separate tax returns and can build a corporate credit.
4.Create a dedicated business phone line.
Register the phone line number under the legal name of your business. Ensure
that the number will be utilized in business communication and will appear on
all the business documents that you make and. The dedicated business phone line
can be an internet phone, cell phone, or landline.
5.Get Business Credit Card and Banking
Accounts. Through separating your personal and business banking accounts, you
start to establish a business relationship with the banking institutions you
work with. This can be helpful when you decide to apply for business funding.
6.Ensure that your personal credit is at
par with your business credit. Although the corporate credit will be created
separately from a business owner’s personal credit, a bank’s decision of
whether to lend to the business or not will be affected by the business owner’s
creditworthiness.
7.Utilize trade credit. When you purchase
supplies or materials from vendors, you typically have the option to purchase
on credit. This enables you to pay a number of weeks after receiving the
shipment. Contact the supplier or the vendor to
know whether this kind of service is available and if yes, get it set up
and ensure that the vendor reports your business payment history to credit
bureaus, which will determine your business credit scores.
8.Use the credit as immediate as possible.
When you are able to acquire a credit of any kind, make sure to use it as soon
as possible. A credit history cannot be built if you are not using your credit.
Begin small and only charge amounts that the business can manage so paying back
will never be too difficult. Ensure to make payments early.
9.Work with not just one lender. When you
are just starting out and are building business credit, you will likely be at
the mercy of the policy of the lender when they are deciding whether to lend to
your business or not. To ensure that you get funds when you need it the most,
try to work with more than one lender.
10.Figure out whether or not the lenders
report to the credit bureaus. Lenders are not really required to report a
business payment history to the credit bureaus so to ensure that they consider
doing so, talk to them especially if you take out a credit line or loan to
build business credit.
Hope these steps help you in building your
corporate credit.
Learn, how to pay off credit card debt fast without doing a balance transfer or consolidating your credit card bills?
You need to write down each credit card balance from smallest amount to largest amount. Then you will pay only the minimum on all your other credit cards until you paid the full balance of the smallest credit card first. Then take that payment that you were paying to the first credit card and add it to the next credit card and continue paying on it until you’ve paid that bill off. The reason you want to do this is that it makes you feel that you’ve accomplished something.
When you have money and bad credit you are going to struggle to live the lifestyle you want because you don’t show a paper trail to show you’re a credit person. You pay out more money in interest on loans and credit cards. If you have just cash everything you buy is going to be questioned. Say you want to buy a New Cadillac Truck and you have enough money to pay 20% down payment, but because you have bad credit your interest rate could go from 10% to 17%. Now say you have a 750 fico score, but no money. You can get that same Cadillac Truck with no money down and interest rates as low as 4%. Now, I hope you see why is to earn how to fix your bad credit. Let’s look at another situation, You looking to buy a house in a new development, you have the 20% cash to pay down but your interest rate will be around 8% to 11%. Another person that has a 750 credit score buys the house next to yours with 3% down that he borrowed and his interest rate is from 3% to 4%. You had the 20% down but because you have bad credit your house payment is double their house payment. Having bad credit hurts you in other ways as well. Say, you want to money up to a higher job position in the company, but all your co-workers know you have bad credit so you’re no longer a candidate for that job position. This is how bad credit hurts you too.
What’s a nonrecourse loan vs a recourse loan?
The essential difference between a recourse and non-recourse loan has to do with which assets a lender can go after if a borrower fails to repay a loan. As a matter of principle, borrowers almost always favor non-recourse loans, while lenders almost always favor recourse loans.
In both types of loans, the lender is allowed to seize any assets that were used as collateral to secure the loan. In most cases, the collateral is the asset that was purchased by the loan. For example, in both recourse and non-recourse mortgages, the lender would be able to seize and sell the house to pay off the loan if the borrower defaults.
The difference comes if money is still owed after the collateral is seized and sold. In a recourse mortgage, the lender can go after the borrower's other assets or sue to have his or her wages garnished. In a non-recourse mortgage, however, the lender is out of luck. If the asset does not sell for at least what the borrower owes, the lender must absorb the difference and walk away.
While potential borrowers might find it attractive to hold out for non-recourse loans, it is important to remember that they come with higher interest rates and are reserved for individuals and businesses with the best credit. Additionally, failure to pay off a non-recourse debt may leave other assets unharmed, but the borrower's credit score will be affected in the same way as a failure to repay recourse debt.
Rsr: http://www.investopedia.com
Learn how to get a business loan without collateral?
Yes, you can get a business loan without collateral, but you do need to know you’ll more than likely would pay a higher interest rate and you will be personal responsible if the loan isn’t paid back on time. The way to get a business loan without collateral is that they may pull your personal credit or if you have an existing business they make give you funding off your daily accounts receivables. We like to teach you how to fix your personal credit first then how to build business credit. Then we teach you how to finance your start up. The reason you what to go in these steps it puts you in better position to get easy access to funding for your business and personal needs, that way you have a higher chance of credit approvals.
Here are the 101 businesses you can start with less than $100
Click here> https://www.entrepreneur.com/article/283723 and https://smallbiztrends.com/2015/04/businesses-you-can-start-for-less-than-100.html
If you’re unemployed or just needing a few extra bucks you may want to consider starting your own business. I know we’ve been taught it takes money to make money, however many of us never thought about exactly how much does it cost to start a business. The truth of the matter is that you can start a business with less than a $100. Now you may ask, how is this possible. The truth all you really need is to develop a skill that you’re good at doing like painting, coding, advertising, answering phones or even blogging. There are tons of ways to make money with your skills and we’re going to give you a 101 ways.
Over the years I've done many odd jobs to pay bills. While it's not always easy, there are ways that you can put your skills (whatever they are) to work. It doesn't matter if you're a handyman or an online marketing expert, you can make extra money on the side.
You may think that’s crazy, but you’ll be convinced after reviewing these 101 business ideas that can actually be launched with less that $100.
Here’s a few to start with:
Taxi Service
With ride-sharing platforms like Uber, you can turn the car you already own into a business today without spending a dollar.
If all goes well, you might parlay the money you make into a regular taxi or chauffeur service.
Of course, once again, your goal if you want bigger profits is to eventually hire employees or sub-contractors.
House Painting
In many states, like Florida for example, you do not need a license to be a painting contractor. And if you start with indoor painting, you can get by with a minimum of equipment.
You can learn some helpful tips from YouTube videos on house painting, free Home Depot workshops, and some practice painting around your own home. Matt Shoup tells U.S. News & World Report he started with $100 and went door-to-door, eventually building a painting business with annual revenues of $2.5 million.
Window Cleaning
Another one of the businesses you can start for less than $100 is a window cleaning business. However, to efficiently clean big retail store windows you may need more than $100 worth of equipment.
So start with homes and basic tools, and parlay your revenue into better ones.
You can learn the business online from any one of a number of tutorials.
The list goes on and on so you now have no excuse of where to find profitable work
As it gets closer to tax season many are considering buying a new or used car. I’m here to show you how to buy a car, whether it be new or used. If you’re looking to finance a new car, you need to make sure your credit is good and also get preapproved through a credit union because they have rates usually lower than any other lender. Once you’re preapproved then go to a dealership and asked for their invoice price on the car not the manufactures price, because that price has already been marked up. If you are not comfortable buying a car now you may want to consider renting a car under your business name. The reason for this is, if you’re not able to make a payment it does not affect your personal credit. If you have established business credit cards, you may also considering buy your car with one of those that way your personal credit is protected and you can get the business tax write off.
https://3wayfunding.com/how-to-build-business-credit-without-a-personal-guarantee 1-888-883-3013 http://www.businesscreditamerica.com/
Learn how to build business credit without a personal guarantee? We also show you how to build corporate credit and what’s the difference between corporate and business credit? If you’re currently unemployed you may want to learn how to start a small business at home or how to start a small business without money you need to learn these skills. The problem for most entrepreneurs or small business owner they don’t know how to get business credit cards or how to get business lines of credit to help their business. That’s why we talk about the difference between business credit using a tier system and how to get business funding after you learn how to build your credit. We explain how to get an 80 paydex score and how to get a dun and bradstreen number. Then we start talking about how to get a small business loan for the small business administration.
http://BusinessCreditAmerica.com, https://3wayfunding.com/how-to-build-business-credit-without-a-personal-guarantee 1-888-883-3013
Learn, How to get your free credit score online? Learn, how
to get your free creditkarma.com credit report online that shows you your
equifax.com and Transunion.com credit reports, and why banks like US bank and
navy federal credit union uses the same credit scoring system which is fico
08. Learn how to get your
freecreditscore.com report from Experian.com and why banks like Bank of America
uses it. You'll also get your free annualcreditreport.com
that also gives you your experian.com, equifax.com, and transunion.com
report. However, you do need to purchase
the credit scores, also keep in mind you do not need a credit card to get
access to these free reports.
https://3wayfunding.com, http://www.businesscreditamerica.com/ 1-888-883-3013
Learn, What's an Authorize User and How it helps you build your credit?
AUTHORIZE USERS TUTORIAL
1. WHAT’S AN AUTHORIZE USER? WHEN YOU HAVE SOMEone ELSE CREDIT CARD IN YOUR NAME.
2. CAN YOU ADD AN AUTHORIZE USER WITHOUT A SSN? YES, IF THEY HAVE A TIN (TAX Payer Identification NUMBER)
3. HOW DO YOU ADD AN AUTHORIZE USER? YOU WOULD NEED THEIR NAME, DOB, ADDRESS. YOU CAN CALL THE NUMBER ON THE BACK OF YOUR CREDIT CARD TO ADD THEM
4. HOW DOES AN AUTHORIZE USER AFFECT A PRIMARY CARD HOLDERS CREDIT? THE PRIMARY CARD HOlDER IS LIABILE FOR ANY CREDIT THE AUTHORIZE USER USES.
5. HOW TO REMOVE AN AUTHORIZE USER? You can CALL THE CREDITOR AND REQUEST THAT THEY BE REMOVED
http://BusinessCreditAmerica.com, https://3wayfunding.com/how-to-build-business-credit-without-a-personal-guarantee
https://houstonmcmiller.com/home 1-888-883-3013
Learn step by step How To Set Up A Shell Corporation?
1. How To protect your assets?
2. How To Reduce Your Taxes?
3. How To sell Stock to raise cash for your Business?
4. ARE SHELL CORPORATIONS LEGAL
5. WHAT IS A DUMMY CORPORATION
6. SHELL CORPORATION AVOIDANCE
A shell corporation is a company which serves as a vehicle for business transactions without itself having any significant assets or operations. Some shell companies may have had operations, but those may have shrunk due to unfavorable market conditions or company mismanagement.
