To become bankable your business must be a separate legal entity.

Your Business Entity

The only way to completely separate your personal credit from your business’s credit is to have a legal business entity such as an Incorporation or LLC.

Action items for this step:

  1. Set up a business entity or make sure your business entity is set up correctly
  2. Make sure your entity is “In Good Standing” and Foreign File your entity if required

Why do you need a business entity to build business credit?

It is best to build business credit with an LLC or Corporation (S or C Corporation).  Creditors, Lenders, Trade Accounts and so on prefer to see an actual business entity. Furthermore filing and using a business entity to build business credit can seperate you personally from the liability of operating your business.

Unless you’re required to operate as a LLP or other type of partnership (Medical Practice, Law Firm, CPA, etc.), you should create a business entity. Your personal and business credit can never be truly separated if you operate as a sole proprietorship or partnership – everything you do remains “personal”.

Compliance Item – Must Have A Business Entity

Your business cannot become Bankable without being its own entity. Get an entity solution for your business.

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