Debt Consolidation Credit Counseling In Phoenix

This is one area of business where the saying Anything worth doing well - is worth doing right is so true. Filing your business name paperwork correctly is critical to obtaining business credit. If you do it wrong, you could give someone else the ability to use your business name or even take it from you once you have your company established.

There is always paperwork involved in this type of process, and it needs to be done right. This is one of those times when you want to make sure you have double checked everything to verify its accuracy.

The first step is to be sure youve got what you need to set up your company. Below is a simple checklist you can use to verify your company does not look like a hobby, but rather a real business.

Company Name " Your business must have a name that is available for use in your State. You cannot register your business entity if someone else has already used the name you choose. You can find out if your name is available by going onto your States website and doing an entity name search. For example, in Michigan you would go onto their website www.michigan.gov. If your name is available, then you make the decision at this point what business structure is going to be best for your business (i.e. corporation, LLC, etc.). Generally, you can obtain the forms you need to register by going onto your States website and down-loading them for free. Address " Your business needs a real address, not a P.O. box or UPS address. You can use your home address if you wish, but the main idea is that your address needs to be a physical address that can accept mail for your company. The address you register with the State must be the same address you use when you apply for business lines of credit or vendor credit (like a Home Depot card). Tax Payer ID Number " After you have registered your company with the State in which you are going to do business, you must then get your Employer ID number (EIN) from the Internal Revenue Service. This EIN is the number that you will use when you apply for business credit. You will not use your social security number (unless you are a sole proprietor) on business applications. Phone Number - Once you have registered with the State, and obtained your EIN from the IRS, you should get a separate phone number dedicated to your business. This phone number must be listed in the national 411 directories with the same name and address that you registered with the State. When you call to set up your new phone line, be sure your use your EIN and not your social security number. You should not use your cell phone number as your primary business number. Lending institutions will generally call 411 to verify that the name and phone number you list on your application matches the information that they find on the State website where your business is registered. If there are discrepancies in the information provided, you may not be able to obtain any business credit.

A good business habit is to consult a professional on questions you may have regarding your company because it is in your best interest (both personal and business) to consult with a tax professional or a business attorney prior to beginning a new business venture. There may be tax laws or tax implications that could put you or your business at risk. A professional can offer the additional benefits of being able to discuss with you the advantages of the various structures and entities and help you decide which one is best.