Are you using credit to help finance your new business venture?
You’re not alone as statistics show that over 65% off all business owners use credit for business purchases. But what’s alarming, is that only 50% of those cards are actually in the business’ name.
As a business owner using personal credit cards for business is a risky approach since you assume total liability and if your company is sued or fails you risk losing personal assets and good credit ratings as well.
So how do you go about building credit in the company’s name without putting your personal credit on the line?
For starters, if you operate as a sole proprietorship you’ll need to incorporate your business and obtain aFederal Tax Identification number.
