I am in a scheduled lull of activity (gardening I suppose) at the moment so I might as well offer yet another recap thread. I hope it may help - though I don't know that anything here is groundbreaking. This is my 2nd business entity and as far as that goes is a B2B services company.
12/2015 - Getting started.
- Bought a LLC dated 10/2012.
- Filed name change with sec of state.
- Got an FEIN.
- Business checking / savings / debit card. Also opened a Paypal account.
- Using a public record address for the sec of state records (physical address) and a virtual office mail address.
- Setup a virtual 800# service.
- Bought a domain & forwarded @doamin email to personal email.
- Put up a 3 page website on the domain.
- Submitted into to listyourself; google places; and a couple others.
- Submitted to iupdate.dnb for a DUNS which was just issued.
1/2016 - Formalities
- The DUNS shows the business was created in 1/2016 because the system didn't find a record with sec of state - gonna see about correcting this next week.
- The company already had a experian file, but it was under the former name. Submitted a validation to update to reflect the name change (as shown on the sec of state website) to current.
- No Equifax file - no surprise
- Sent off 8832 to IRS to elect C Corp tax. Going to use the company for benefits, payroll, and retained earnings (after spending down).
1/2016 - Let's go!
- Approved for:
- MSC Direct ($500 NET30)
- Uline (NET30)
- Quill (NET30)
- Grainger (NET30)
- Amsterdam (NET10)
- UPS (NET30)
- Capital One Spark PG'd ($1,000)
- Declined:
- "Pending" Apps
- Sunbelt Rentals
- Newegg NET55 (got greedy, I know )
Just to be sure I placed $75-100 orders with MSC; Uline; Quill; Grainger; & Amsterdam. Even bought a $12 tracking with UPS. I have already paid 4 of those, I'm waiting on the invoice to be cut for the last 2 and will pay them.
The plan now is to try and sit on my hands.
- 1/19/2016 - Check on D&B file update
- 1/25/2016 - Get some contact details changed on vendor accounts to reflect mailing addresses, etc. Expecting to pay the last couple of opening invoices.
- 1/30/2016 - Check on Experian file update. If updated then probably setup monitoring service for the year. Curiosity killed the cat and all... supposedly can submit tradeline info too.
- 1/30/2016 - check and see if Equifax has picked up on the Cap One yet. If so then consider setting up monitoring with them too.
- 2/2016 - Setup Wells Fargo Secured, and possibly Kabbage (i've used them before in another business)
- 3/2016 - Depending on progress, look at app WEX, Staples, Dell, Home Depot - potentially with PG.
- 6/2016 - Depending on progress, look at app Amex Simply Cash, Chase INK, Amazon / Newegg (Synchrony), or other "tier 3" accounts. Absolutely no PG.
- 1/2017 - Be able to (whether we do it or not) get standalone (no PG) approvals for auto & equipment leases.
Oh, and the only reason that I app'd CapOne already is because I know it reports to commercial Exp & Equ, and once I discovered that this corp has a Exp file I figured why not. Yes it's a PG, and I DO have a (2) personal CapOne cards; a different business CapOne Spark; and this corp's checking is with CapOne. I was pleasantly surprised when it went through, and that helped me make the planned timeline more aggressive.
Also, along the same lines, is there ANY point in waiting on app'ing Wells Fargo? I basically expect to go with a $1k secured, but I'm on the fence about whether or not there is any benefit to waiting.
