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How to Establish a Separate Business Credit

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Part of the video series: Credit Cards & Financial Planning

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Summary: In order to establish a separate business credit, pick a name and apply for licenses required to be a limited liability company (LLC) or corporation. File a separate federal tax ID to establish business credit with tips from a financial consultant in this free video on credit cards and personal finance.

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By Carrie Kukuda
eHow Presenter

Carrie Kukuda has a business administration degree, and was branch manager of a community bank. Kukuda owns a consulting business for one-on-one credit education & budget/debt...read more

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"Thinking about having a business. You want to establish your business credit. Hi, I'm Carrie Kukuda the Someday Coach, and I'm here to tell you how. First you have to pick your name, it's very important to have a name and a thought, and to put some thought into the name so that the people recognize your business. At that point you have to decide in what kind of business you want it to be, a sole proprietor, an LLC, or incorporated, and then you need to go and apply for those licenses. You also then if you're going to have a federal tax ID number to separate it from your personal, you're going to want to get that filed as well, and then you want to open a separate checking account to keep everything separate from your personal. A lot of banks have very inexpensive, if not, free checking, so that's something you can look into that won't cost you a lot. And then you want to get a separate phone line so you don't have to have your little five year old answering the phone. So these are just some things- and also you want to think about getting a credit card in the business name, start establishing some business credit, so you can totally eliminate your personal from your business. So those are just some things to consider, the name is probably the most important to get started. Again, my name is Carrie, thank you very much."

eHow Article: How to Establish a Separate Business Credit