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5 BANKS Approval NEW LLC NO INCOME!
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Establishing business credit is a game-changer, offering benefits far beyond personal credit. I’ll guide you through the process of setting up business credit and then introduce you to a few banks that offer business credit without requiring proof of income. Yes, you read that right — no proof of income needed.
Setting Up Business Credit
First, let’s differentiate business credit from personal credit. While personal credit relies on your individual financial history, business credit is tied to your company’s financial activity. Here’s how to establish it:
1. Create an LLC: Start by forming a Limited Liability Company (LLC). This separates your personal and business finances.
2. Obtain an EIN: Apply for an Employer Identification Number (EIN) from the IRS. This is your business’s Social Security Number.
3. Open a Business Bank Account: Use your EIN to open a business checking account.
4. Register with Credit Bureaus: Register your business with credit bureaus like Dun & Bradstreet to start building a credit profile.