Madison Heights,, MI (PressExposure) April 10, 2009 -- Mark Maupin, former real estate investor and now Community College instructor, met with Susan Carter, an accountant with 25 years experience in the real estate field. Susan decided to meet with Mark about their mutual interest in promoting small business owners and entrepreneurs. âIf you donât file your business name correctly, you could give someone else the ability to use your companyâs name or take it from you once you have your business established.â This was the topic these two experts chose to cover in their meeting. They both agreed that the paperwork needs to be done right. New business owners sometimes do not realize how critical the paperwork for their business is, and when they donât understand this, it can cost them thousands of dollars, and many hours of lost time. Mark and Susan came up with a checklist that should be used to make sure that a company looks like a real business - not a âhobbyâ. â¢ Your Company Name â Your business name must be registered in your State. You can usually find out if your name is available to use by going to your Stateâs website. In Michigan you would go to http://www.michigan.gov. Before you register your business name, however, you need to make the decision what business structure is going to be the best for your business. For example, LLC, partnership, or corporation.
â¢ Your Business Address â Your business needs a real address. You can use your home address if you wish, but the address you register with the State must be the exact same address you use when applying for vendor credit, a business credit card, or a business lines of credit.
â¢ Tax Payer Identification Number â After registering your company with the State, you must then get your Employer Identification number (also known as your EIN) from the IRS. You will use this EIN when you apply for business credit, not your social security number.
â¢ Telephone Number - Once you have your EIN, you should get a separate telephone number for your business. This number must be listed in the national â411â directory with the same address and name that you used with the State. Lending institutions will call â411â to verify the name and number you listed on your application and it must match the information they find on the State website.
Susan reiterated that you should always consult a professional when first starting out in a new business venture. There may be tax issues that could hurt the business if the owner sets up the company wrong. Susan told Mark that she spent many years gathering the info needed to help her set up her new businesses. She has decided to share the secrets of how to establish your business so that you can get lines of credit, business credit cards, unsecured credit lines, etc. from lending institutions and start obtaining vendor credit without risking your personal FICO scores. Susan suggested that if people are interested in maximizing their business creditworthiness they should take a look at her website http://www.SusansBooks.com. She is offering an excellent resource in her new e-Book âBasics of Business Creditâ. She is also offering with each purchase a Free Credit Restoration Guide that can be used immediately to start cleaning up your personal credit issues. This Guide normally sells for $39.97 but Susan wants to give this e-Book away to the first 500 individuals who want to jump start their business and take action now. This article was submitted by: Start With The Basics, LLC P.O. Box 71481 Madison Heights, MI 48071 Email: firstname.lastname@example.org