Updates??? Is there perhaps an updated list?
I have a (maybe silly) question. Can I do all the things listed on page one with an LLC (filing as sole prop) rather than a corp? If so, what type of bank account would I open?
You can still do everything listed as an LLC, it's still considered a corporation.(even though as sole prop you can file taxes under corp or yourself) You will just open a standard small business checking account with the bank of your choice. You'll definately need to get the EIN number first, but that can be done in 15 minutes on the IRS website.
hope that helps
I have been in business 8 years I am a LLC. I have a Capital One business card, American Express business gold card and an American Express cash rebate card. I received a letter from Amex that they where lowered my credit card limits bc of my equifax Small Business. I have never herd of this. I went to equifax and it seems like it is $99 to get a copy. Is the equifax small business report different from the D&B report? I went to Dun and Bradstreet and my paydax is rated good but there is no numerical score.
American Express told me the business credit score from equifax was 645.
Equifax and DNB are totally different systems and how they score are totally different.. DNB scores from 1 to 100 with 80 being the average.. Equifax I believe goes up to 900 something so a 650 is not that great.
You can call Equifax and get a free report I believe since it was used in a credit decision. They also having a monthly plan for $20.. The one for $99 is to pull a report on another company.
You should have a paydex score.. We're you looking at the report though the Iupdate site? Once you have three trades reporting over a three month period you will get a paydex score.
Do you have lates on an of those accounts or owe some one money? If not it may just be a mistake in the report.
Need Help With D&B?
Here are my info:
-Have corporation over 3 Years
-Sign up with D&B credit billed 6 month ago just to monitor my company info
I still don't have anything reported at D&B a can't add any trade references because they don't accept Banks,Insurances....
I have following but noting has been reported to D&B , what should I do?
-Chase Business Credit Card $5000
-1 Vehicle Paid off in full year ago
-1 Vehicle paid off few days ago
-1 Vehicle purchased 5 month ago 24 month terms $24000 value
-3 Commercial Equipment Lease -Wells Fargo $75000
-Factoring Company Cash Flow around $ 2 500 000 in 2012
Nothing above has been reported I still don't have a Paydex score!
I just find out for some NET 30 companies that report directly to D&B and I purchase few items from 3-4 of this companies...
If someone can help I will appreciate...
I need advise how to deal with D&B, I call customer service number and I just waste my time...
Why do you have to get a differnt adress for your business? Why cant you use your home address? what if you want to run your business out of your home?
why cant you use your home adress, i may wnt to run my business from my house, what if i want to incorporate in a state other than the state i live in?
why cant you use your home adress, i may wnt to run my business from my house, what if I want to incorporate in a state other than the state i live in?
As far as i know you can run your business from your home address I have. I also have done jobs in other states i just have to get business licenses in that state to do business. Someone correct me if im wrong but it has worked for me and no state has ever questioned it.
BTW im a corp..
There is nothing wrong with using your home address for your business. Some say its not a good idea in terms of building business credit but it seldom will hurt you. More and more companies operate from a home. The worst thing to do is use a virtual address that every one else's uses also, all that does is raise flags about the company.
The DNB credit builder is a total waste of money.. There is no reason to pay DNB for anything. You can look at your report for free though Iupdate. It doesn't give you your paydex score but does show all the trades and that's all you need. The paydex is not needed and is almost never used by any company. The companies generate their own scores with the info pulled.
The only time it's worth paying for the credit builder is if you want to add some large trades ($10k+). And even at that you need to make sure they can be added because a lot of times they can't be.