what are the advantages of incorporating my small busines, tax & otherwise?
Due to predatory bank card companies and a former relationship gone bad, bmy personal credit record is , let's say, a bit shaky.
If i incorporate and get a tax id will that help me get credit, etc.?
Thanks!
goWholesale Forums » Wholesale Buyers » General Chat
Incorporating My small business
6 posts
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Hey,
I'm not an expert at this and you should contact a business lawyer, but from what I know about incorporating is if someone sues you or the business goes bankrupt, it does not touch you. It's all under the business. In other words, if you sell something to someone and they decide to sue you, they can not. They can only sue the business.
As for the credit, I don't think it will correct your credit as it will have nothing to do with you.
Hope it makes sense a little. -
There is a business section on a credit forum dedicated to building business credit. It's creditboards.com
I don't have bad personal credit, but I'm trying to build the business credit separate from my own. I'm doing this to protect my personal assets and it will be easier to sell the business if the credit is separate from mine.
So far I have credit with Staples, Nebs.com, Kinko's, Radio Shack, UPS These are the easy ones to get. I'm working on building a business credit file that will eventually take me to where I want to go.
Hope this helps.
T -
I was referring to your merchant account package you said you were working on offering.
You wrote:If you want a "real" merchant account, where you take cards "live, on-line", I'm in the process of working up a program that will beat anything I've seen.
Here's what it looks like -
Gateway fee of $ 15 a month. Many are as high as $ 25, some as low as $ 12.
Processing fee of 2.26% and 26 cents per transaction. That's pretty low.
But here's the kicker - NO Setup Fee and only $ 5.00 monthly fee. AND - NO Minium. So, if you do no business you only pay $ 20, where with most if you don;t run the first card it's $ 25 to $ 50 just to keep the account open.
No other fees. Most have at least $ 10 a month statement fee and up to $ 20 monthly fee. Plus most have a Monthly Minimum. If you don't generate $ 25 in fees for them, they still charge $ 25 - plus the gateway fee and some don;t include the statement fee, either. So, with no sales, or low sales, you will still pay $ 25 minimum, $ 10 statement and let's say $ 15 gateway fees, or $ 50. -
OOPS! I posted that to the wrong thread. Sorry.
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carlonegro wrote:what are the advantages of incorporating my small busines, tax & otherwise?
Due to predatory bank card companies and a former relationship gone bad, bmy personal credit record is , let's say, a bit shaky.
If i incorporate and get a tax id will that help me get credit, etc.?
Thanks!
From reading and hearing stories in the past, if you're a one-man corporation, Banks will still look for you to personally guarantee a loan-may need personal collateral. Besides that incorporating does help in liability protection-keeps personal assets from being attached.
Bob
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