Building Business Credit for Small Business
Before you apply for business credit cards you should first dete
rmine what strengths and weaknesses your company brings to the table. Once an honest assessment is made you’ll have a better idea of what types of credit cards your company should apply for.
There are five major factors credit card issuers use to evaluate creditworthiness on business credit card applicants.
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The best way to build credit for a new business is to first structure your company so it is treated as a separate legal entity. 
If you currently operate your business as a sole proprietorship then you are personally responsible for all the debts and liabilities of your company. If your company is sued or fails to meet its payment obligations then you risk losing personal assets and good credit ratings as well.
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Banks are scrambling to replace billions of dollars in revenue that will be lost due
to the new federal regulations on overdraft charges and debit cards.
Did you know that there are close to fifty fees that banks can charge its customers?
For example, banks generate substantial revenues from interchange fees it charges to retailers for debit transactions. These fees are something that customers never really paid attention to because the fees were imposed on the retailer.
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A bank business account is one of the most important financial tools you will use to 
manage your company’s finances. It helps you keep accurate records, prepare reports, make deposits, and separate your business banking from your personal banking.
Once you decide which type of bank will best serve the needs of your business whether it is a major commercial bank, credit union, or community bank, you should then focus on establishing a favorable bank rating.
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Business licenses and permits serve many purposes such as collecting appropriate taxes, 
regulating business practices, protecting individual(s) operating and owning the business, and protecting public health and safety.
Before you can legally begin to operate a business any licenses and permits that are required by federal, state, and local governments must in place.
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