The Make Money Your Honey Podcast hosted by Amazon best-selling author and millennial personal finance blogger Amanda Abella, is a podcast dedicated to everything you need to know about millennials, marketing and money in the new economy. From personal finance topics like paying off student loans and credit cards to online business and expert interviews, this show aims to help millennials everywhere build a better relationship with their work and their money. It’s a new kind of podcast for a new kind of generation that craves flexibility, abundance and a fulfilling career.
https://www.amandaabella.com
episode 139: Final Steps to Setting Up Your Business Credit, with Shelton Marchman (Part 2)
Part II of my conversation with Shelton Marchman.
We dive into business credit essentials and why they are so vital if you’re looking to build your business. Many people start their business without a tax ID number or setting up an LLC.
In this episode, find out what elements are essential to have in your business, why you should have a separate business entity, and how having a Sole Proprietorship can set you up for personal disaster.
Shelton explains how you can obtain an EIN or tax ID number for your business, how you can set up your business income and assets as a different entity than your personal assets. He and I talk about examples of companies who have walked through the credit process correctly and others who have made mistakes with their credit.
We will also dive into how you can achieve credit terms with your vendors, to build up your credit with vendors and eventually move your credit score higher up the scale. I’ll also talk to Shelton about the types of credit cards you can access with your business.
Choose a Business Card with Travel Perks
When choosing a business credit card, look for cards that can earn you points with travel perks such as Chase Venture or American Express, who have tremendous perks for small business owners. Make sure to have your credit card account under your business name, not your personal name. This way, you're building credit for your business, not your personal credit.
Listen in to find out:
- How to create an EIN number for your company
- Why your business needs a company address and website,
- The importance of having an email address and phone number associated only with your company
- Why you shouldn’t elect a sole proprietorship for your business
- Working with vendors for payment terms
- How you can secure a line of credit for your business
For more information, visit the show notes at https://www.amandaabella.com/final-steps-to-setting-up-business-credit-shelton-marchman