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Business Credit Book ($27)
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Establishing business credit is an important step for any new small business and helps you to: (1) maintain a credit history separate from your personal credit history and experience the business benefits of having good business credit, and (2) demonstrate separation between owners and the business.
Why separate credit histories?
By having a business credit history separate from your personal one, you can minimize the effect negative events one might have on the other. For example, if you have some financial missteps that impact your personal credit history and score, they shouldn’t impact your small business credit if you have established a clear separation and vice versa.
Why separate business and owners?
Unless you’re operating your small business as a sole proprietorship or general partnership, you need to demonstrate that the business is separate from the owners. One of the key benefits that corporations and limited liability companies (LLCs) provide the owners is protection of their personal assets. Keep this protection in place by consistently showing clear separation between the owners and the business.
Benefits of having good business credit
Having good business credit can provide a number of benefits, including:
Positioning your company for more favorable payment terms with new vendors and suppliers.
Reducing the number of times you will need to prepay for products or services purchased.
Allowing you to obtain better interest rates and credit terms from lenders and banks.
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