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Get A Business Loan
Mark Karavan, Knowledge Level: All Levels, Keywords: get a business loan
The first thing that you have to do is talk with your lawyer and figure out whether you want to form your business under the name of an LLC or a C-corp. LLC's offer flexibility and ease of setting up, but are complicated to take public or to advance further. C-corps, by contrast, are very stable and offer excellent opportunities for expansion, but are more tricky to set up and a little more costly. You will have to talk with your legal advisors and colleagues to decide which is a better fit for you. Once you have a business entity established, you can register it with the federal government and get an EIN (Employer Identification Number). The EIN acts like a Social Security Number for businesses, and is the primary identifier when it comes time to do your taxes.
The business will need a dedicated phone line and bank account, and it will help to have a few merchant trade lines active (this will help you have credit built for when it comes time to get a business loan.) You can now register your business with Dun & Bradstreet, fill out all the remaining forms, and voila! It is now time to register for your first business credit cards and begin building business credit so you can get a business loan.
. Article on get a business loan by Mark Karavan
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