Unsecured Business Credit Card with No Personal Guarantee?
by Author on Saturday, September 4th, 2010 | 2 Comments
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you will need an EIN number to obtain a business card. another thing if your a sole owner, by law you are responsible for any debt incurred. your personal credit and assets are going to be at stake even with an EIN number.
Establishing corporate credit without a personal guarantee is doable. However, for most new businesses it can take up to a year. In general:
1.Organize your Corporation or LCC with your State
2.Get an EIN from the IRS
3.Separate mailing address (UPS Store)
4.Get three business lines of credit (Dell, Staples, etc).
5.Wait and then apply for a small business credit card.
Some people decide to use personal guarantees when getting started. Just think with your head and be responsible.
I am generally very leery of those selling services to establish corporate credit overnight.
It’s great that you are starting a business.