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Course: What is credit?

6 minute read

TIP 4

Establish the presence of your business

Differentiating yourself from your business and establishing a legitimate presence for your company can go a long way toward developing solid relationships with vendors and banks. In order to do this, you’ll want to:

  • Establish an employer identification number (EIN). You can do this directly through the IRS website.
  • Incorporate or form a limited liability company (LLC). Because the LLC owns the business, you can avoid personal liability for business debts. Always speak with your legal, financial and tax advisors before deciding to incorporate or form an LLC.
  • Open business checking or other accounts in your business’s name. Having a business bank account keeps business and personal funds separate and can help you qualify for financing when the time comes.