205 replies to this topic

[roxy]

Hi there,

I’ve spent the last month reading this board and I want to thank all of you for the invaluable information you’ve provided here. I am trying to identify the definitive undisputed step by step method of establishing biz credit and needing some guidance on the areas I missed. Here’s what I got:

1. I establish a finance sounding company, enterprise, etc.
2. I obtain an ein # from the IRS
3. I establish a C (corp) in nevada
4. I take my docs and ein an biz docs open a biz bank account
5. I get a DUNS number and credit builder
6. I establish a biz phone line at another address
7. I start applying for office credit

Questions: What address do I use and how does that work with the phone line? I understand mailbox etc doesn’t work well with DUNS. Which bank is recommended? Why is it recommended I don’t use my home address even if I am running a home-based biz? I thank you in advance for your input.

[AAACredit]

Hi there,

I’ve spent the last month reading this board and I want to thank all of you for the invaluable information you’ve provided here. I am trying to identify the definitive undisputed step by step method of establishing biz credit and needing some guidance on the areas I missed. Here’s what I got:

1. I establish a finance sounding company, enterprise, etc.
2. I obtain an ein # from the IRS
3. I establish a C (corp) in nevada
4. I take my docs and ein an biz docs open a biz bank account
5. I get a DUNS number and credit builder
6. I establish a biz phone line at another address
7. I start applying for office credit

Questions: What address do I use and how does that work with the phone line? I understand mailbox etc doesn’t work well with DUNS. Which bank is recommended? Why is it recommended I don’t use my home address even if I am running a home-based biz? I thank you in advance for your input.

1. You name your company first

2. You incorporate in Las Vegas

3. Obtain an ein # on-line immediately (Free of Charge)

4. Obtain a business telephone line at home using business name and
have it listed in the business pages and directory assistance.

5. Get a mail box at Aim Mail Center using the real mail address not p.o.
box number. Get your phone bill forwarded to this address.

4. Get a free Dunns number and DO NOT PAY FOR CREDIT BUILDER

5. Open a checking account - Bank of America is EXCELLENT

6. Apply for credit.

You can obtain cell phones immediately using the ein # with no pg.
You can obtain a credit card at Staples with a limit of $750.00 no pg.

Advertising removec by site admin

[JessicaRabbit88]

Nevada has changed it's business laws, and it is no longer really beneficial to incoroporate there. I would suggest inc'ing in your home state.

Jessica

[dannielchackas]

Hey Jessica, why is not longer good to open a Inc? in Nevada I live on that state and I am about to open a Inc.

[JessicaRabbit88]

Well it use to be that in NV the fee for INC was nearly nothing, and then there was no taxes or very little to pay for your Inc Co. So it was a great way to Inc for cheap and avoid major tax hits. But they have recently changed that and it is basically the same as other states now, and the complications of having your Company incorporated in NV does not outweigh the benefits. There are still a few states however that this is not the case, I think New Jersey??? and many are still incorporating there, but I don't know for sure which ones.

All and all it is better to incorporate in your state of business in my novice opinion.

You should talk to an Accountant however for the full details on this.

Jessica

[dannielchackas]

How do you stablish a Corp. in NEvada? (LAS VEGAS)

I mean isnt ein for a corporation and getting a business license isnt enough?

Can someone tell me is there a way to get a cheaper license without having to have a lot of requirements? Just tell em that I want to offer services ? are they going to ask me for a shop address?

[AAACredit]

How do you stablish a Corp. in NEvada? (LAS VEGAS)

I mean isnt ein for a corporation and getting a business license isnt enough?

Can someone tell me is there a way to get a cheaper license without having to have a lot of requirements? Just tell em that I want to offer services ? are they going to ask me for a shop address?

Here is information I compiled for you and others to review and get started. Best of luck to you.

Free Duns Number – Go to site listed below:

https://sbs.dnb.com/...hcd2=1079765286

Vendors Report to Bureaus & Provide Trade Reference. To obtain a paydex score (credit score) you need 5 trade references. Apply at the vendors listed below.

http://www.kinkos.co...ounts/legal.php (Kinkos)

http://www.dhl-usa.c...mbiz.asp?nav=sb (Airborne Delivery Services)

http://www.uline.com

http://www.viking.com (Office Supplies)

http://www.officefuel.com (Office Supplies)

Retail Credit Requirements

Accurate Office Supply – (800) 325-2551 – Requirements:
PG: No
Paydex: No
Net 30, revolving account, 3 trades and 1 bank trade. Call to have application faxed to you. Reports to D&B, but does not report to Experian.

Best Buy – (800) 811-7276 – Requirements:
PG: No
Paydex: Yes – 65+

At least 2 years in business.

Chevron – (888) 243-8358 Requirements:
PG: Yes
Paydex: No

At least 2 years in business, DNB check revolving acct – net 30. Apply on-line. Reports to D&B and Experian.

Conoco, Inc. – (800) 764-9500 – Requirements:
PG: No
Paydex: No

Net 30-full balance, apply on-line located in 23 states, ask for locations. Reports to D&B and Experian.

Diners Club – (800) 234-6377 – Requirements:
PG: Yes
Paydex: No

Corporation accounts (minimum 5 cards) 3 years in business, $200,000 net worth, each card holder gives personal guaranty. Call to apply. Does not report to D&B or Experian.

Exxon Fuel – (800) 438-3996 – Requirements:
PG: Yes
Paydex: No

Net 30-full balance, 1 year secured or 3 years in business. Apply on-line. Does not report to D&B. Reports to Experian.

Fry’s Electronics – (714) 688-3000 – Requirements:
PG: No
Paydex: No

3 trades, 1 bank trade, net 30-full balance. Must submit financials and balance sheet before approval. Does not report to D&B or Experian

Grainger.com – (310) 327-7370 – Requirements:
PG: No
Paydex: No

Net 30-full balance. $1,000 min. credit limit, business license needed along with 1 bank trade and 2-3 other trades. Reports to D&B, but not to Experian.

Home Depot – (800) 685-6691 – Requirements:
PG: No
Paydex: No

2 years in business. Revolving account and/or net 30. Apply on-line. Reports to D&B and Experian.

JC Pennys – (407) 788-4022 – Requirements:
PG: No
Paydex: Yes

At least 6 months in business and paydex score required with no delinquencies. Call to apply. Does not report to D&B or Experian.

Kinko’s – (800) 488-3705 – Requirements:
PG: No
Paydex: No

Revolving account net 30, apply online, will check D&B number and verify business address. Reports to D&B only when requested by D&B. Does not report to Experian.

Lowes – (800) 445-6937 – Requirements:
PG: No
Paydex: No

Revolving account or net 30. 3 years in business. Reports to D&B only.

Macys – (800) 933-6229 – Requirements:
PG: No
Paydex: No

2 years in business and some credit history. Call to have application faxed to you. Reports to D&B and Experian.

Mobil Gas – (877) 959-1007 – Requirements:
PG: Yes
Paydex: No

Net 30-full balance, 1 year secured account or 3 years in business. Apply on-line. Reports to D&B and Experian.

Neiman Marcus – (800) 685-6695 – Requirements:
PG: Yes
Paydex: No

Must be in business 2 years and signer on account gives personal guaranty, call to have application mailed to you. Does not report to D&B, but does report to Experian.

Nordstroms – (800) 964-1800 – Requirements:
PG: No
Paydex: No

Net 30-full balance, 3-4 trades, verify 2 (trades should be net 30 accounts as well) call for application. Reports to D&B and Experian.

Office Depot – (800) 729-7744 – Requirements:
PG: No
Paydex: No

Revolving account, net 30. Must be incorporated. Print on-line and fax. Reports to D&B and Experian.

Office Max – (877) 633-4236 – Requirements:
PG: No
Paydex: No

Must have some credit history. Apply on-line. Payment has to be made after invoice is received. Reports to D&B and Experian.

Orchard Supply – (408) 281-3500 – Requirements:
PG: No
Paydex: No

Net 30, 3 trades with at least 3 months activity and 1 bank trade. Call to get application. Does not report to D&B or Experian

Phillips 66 Gas – (800) 648-4199 – Requirements:
PG: No
Paydex: Yes

Duns report pulled, 3 trades, 1 bank trade needed. Reports to D&B and does not report to Experian.

Radio Shack – (888) 773-2435 – Requirements:
PG: No
Paydex: No

Revolving Account, net 30. Reports to D&B and Experian.

Sears – (800) 917-7700 – Requirements:
PG: No
Paydex: No

2 years in business, revolving acct, net 30, call to get application faxed to you. Reports to: D&B and Experian.

Sinclair Oil Gas Card – (800) 340-3466 – Requirements:
PG: Yes
Paydex: No

At least 4 trades, net 30-full balance, personal guaranteed required from each cardholder. Does not report to D&B or Experian.

Speedway Super America Fleet Gas Card – (800) 643-1948 – Requirements:
PG: No
Paydex: No

Net 30-full balance, at least 1 year in business.

Staples – (800) 669-5285 – Requirements:
PG: No
Paydex: No

Revolving account net 30. Reports to D&B and Experian.

Texaco – (800) 839-2267 – Requirements:
PG: No
Paydex: No

Need some credit history. Apply on-line. Reports to D&B and Experian.

Union 76 – (800) 944-7676 – Requirements:
PG: No
Paydex: No

2-3 trade references, 1 bank reference, duns check done on large businesses. Does not report to D&B or Experian

Wright Express Fleet Card – (800) 395-0812 – Requirements:
PG: Yes
Paydex: Yes

Some credit history, 3 years in business, net 26, full balance. Reports to D&B only.

[MAA]

Hi everyone,
I am trying to start a biz (home-based) and have read many postings in this forum. I just want to know if I'm taking the right course of action.

1. Create my biz; incorporate
2. I obtain an ein # from the IRS
3. Open Biz Bank Account
4. Get a biz phone line and have it listed in directory assistance
5. Get a DUNS number (should I not buy creditbuilder?)
6. Apply for cell phone
7. Start applying for credit

Someone mentioned using a mailbox address at "Aim Mail Center" w/o the PO Box#... Would Mailboxes Etc. work if I don't refer to it as a box (i.e. 5555 Fake St. Suite 444)? Is there a reason why I should not use my home address? Will I really be eligible to obtain cell phones just after I create my corp? How long should I wait before applying for cell phones, the 5 trade references that I need for Paydex, etc.? How long shoud I wait before I apply for bigger credit? Is it true that being declined several times won't hurt biz credit the way it hurts personal credit? Also, being that I'm creating a home-based business and won't really have too many employees(me, myself, and I at the moment), would that hurt my chances of obtaining a Paydex and business credit? I'm not sure if it's true but I heard that in order to get a Paydex, you must have at least 10 employees as well as have financial statements proving that your company makes X-amount of dollars per year. Does D&B really ask for all that? I also heard that D&B will also sometimes send their field officers to check out a company and make sure all info is accurate. Will they really send field officers to find out? Has anyone experienced any of the thigs I just listed? How many employees do each of you have? I know it's a lot of questions but I feel like for every question that I see answered, two more pop up in its place. Any help would be appreciated. Thanks in advance!

MAA

[MAA]

Hi everyone,
I am trying to start a biz (home-based) and have read many postings in this forum. I just want to know if I'm taking the right course of action.

1. Create my biz; incorporate
2. I obtain an ein # from the IRS
3. Open Biz Bank Account
4. Get a biz phone line and have it listed in directory assistance
5. Get a DUNS number (should I not buy creditbuilder?)
6. Apply for cell phone
7. Start applying for credit

Someone mentioned using a mailbox address at "Aim Mail Center" w/o the PO Box#... Would Mailboxes Etc. work if I don't refer to it as a box (i.e. 5555 Fake St. Suite 444)? Is there a reason why I should not use my home address? Will I really be eligible to obtain cell phones just after I create my corp? How long should I wait before applying for cell phones, the 5 trade references that I need for Paydex, etc.? How long shoud I wait before I apply for bigger credit? Is it true that being declined several times won't hurt biz credit the way it hurts personal credit? Also, being that I'm creating a home-based business and won't really have too many employees(me, myself, and I at the moment), would that hurt my chances of obtaining a Paydex and business credit?

Sorry to quote myself but I was hoping someone could answer some of my other questions. I'm still a bit unsure about the way it all works.

Thanks,
MAA

[nativesuntravel]

My goodness...slow down, Maaa!!

I can tell you that I have been following everything that is laid out in this thread and it works. In order to be better able to answer your questions, it might be helpful if you only asked a few at a time and used paragraphs. (sometimes it is hard to read one HUUGE paragraph)

The problem with using a Mailboxes Etc.. type of place is that it is already common knowledge by D& B and others, that it is a post office. I don't have an AIM mail center in my town, but I have a rather unique situation in that for some reason, my home is listed as a business address. I am not sure how that happened. I have been selling on eBay for a few years and ordering Priority Mail Boxes delivered to my door, maybe that's what did it...

If you have a mall in your town with a US postal store/post office combination, it might be a good alternative. Mall US Post offices often have addresses that do not trigger as being a post office. The reason is that the stores in the mall generally use the post office to receive their mail and for all anyone knows, you could be renting space at the mall.My local mall was going to be my backup, before I realized that my home was already a business address.

As far as the cell phones are concerned, I have not tried this yet. However, I would recommend using the same cell phone companies that others have had success with. After all, most companies have national policies.

Like you, my business will not have many employees. Posters on this board have made it possible for me to not have to "reinvent the wheel," when it comes to setting things up. (Payroll service, 411 listing, biz mailing address, etc...) The steps that were outlined really do work and things seem to progress rather quickly if you do follow them.

I always seem to have alot of questions, too. I have found out that this particular forum (Business Forum) does not always have alot of people available to answer questions. I guess that it is true that small business owners have to work alot more than 9-5 employees do, lol. It sorta limits the time that they can spend answering questions.

Although, I am newer to the "corporation arena," I do have alot of general business information that I am more than willing to share. If you should have any questions, feel free to PM me. Chances are if I don't know the answer, then I probably need to find it for the sake of my own business!

:8) ~Native~ :8)

[Texastarz]

Confused....PG=Privacy Guard or Personal Guarantee? Or...both depending on what your talking about?

[CALady]

Confused....PG=Privacy Guard or Personal Guarantee? Or...both depending on what your talking about?

PG (Privacyguard), you'll see that mentioned more often in the Credit Forum. We use that to keep track of changes to our reports.

PG (Personal Guaranty), you'll see it mentioned more often in this (Business) forum. Most biz credit cards will require your PG for approval, though the ultimate goal is NOT to give PG on anything biz-related.

[Texastarz]

Thanks...with my credit scores...is there any hope for me?

[CALady]

Thanks...with my credit scores...is there any hope for me?

Just follow the steps as outlined in this forum, and you should be fine.

Good luck!

[davegoodman]

How do you stablish a Corp. in NEvada? (LAS VEGAS)

I mean isnt ein for a corporation and getting a business license isnt enough?

Can someone tell me is there a way to get a cheaper license without having to have a lot of requirements? Just tell em that I want to offer services ? are they going to ask me for a shop address?

Here is information I compiled for you and others to review and get started. Best of luck to you.

Free Duns Number – Go to site listed below:

https://sbs.dnb.com/...hcd2=1079765286

Vendors Report to Bureaus & Provide Trade Reference. To obtain a paydex score (credit score) you need 5 trade references. Apply at the vendors listed below.

http://www.kinkos.co...ounts/legal.php (Kinkos)

http://www.dhl-usa.c...mbiz.asp?nav=sb (Airborne Delivery Services)

http://www.uline.com

http://www.viking.com (Office Supplies)

http://www.officefuel.com (Office Supplies)

Retail Credit Requirements

Accurate Office Supply – (800) 325-2551 – Requirements:
PG: No
Paydex: No
Net 30, revolving account, 3 trades and 1 bank trade. Call to have application faxed to you. Reports to D&B, but does not report to Experian.

Best Buy – (800) 811-7276 – Requirements:
PG: No
Paydex: Yes – 65+

At least 2 years in business.

Chevron – (888) 243-8358 Requirements:
PG: Yes
Paydex: No

At least 2 years in business, DNB check revolving acct – net 30. Apply on-line. Reports to D&B and Experian.

Conoco, Inc. – (800) 764-9500 – Requirements:
PG: No
Paydex: No
Net 30-full balance, apply on-line located in 23 states, ask for locations. Reports to D&B and Experian.


*******New CONOCO phone number is 1-800-610-1961*********

Diners Club – (800) 234-6377 – Requirements:
PG: Yes
Paydex: No

Corporation accounts (minimum 5 cards) 3 years in business, $200,000 net worth, each card holder gives personal guaranty. Call to apply. Does not report to D&B or Experian.

Exxon Fuel – (800) 438-3996 – Requirements:
PG: Yes
Paydex: No

Net 30-full balance, 1 year secured or 3 years in business. Apply on-line. Does not report to D&B. Reports to Experian.

Fry’s Electronics – (714) 688-3000 – Requirements:
PG: No
Paydex: No

3 trades, 1 bank trade, net 30-full balance. Must submit financials and balance sheet before approval. Does not report to D&B or Experian

Grainger.com – (310) 327-7370 – Requirements:
PG: No
Paydex: No

Net 30-full balance. $1,000 min. credit limit, business license needed along with 1 bank trade and 2-3 other trades. Reports to D&B, but not to Experian.

Home Depot – (800) 685-6691 – Requirements:
PG: No
Paydex: No

2 years in business. Revolving account and/or net 30. Apply on-line. Reports to D&B and Experian.

JC Pennys – (407) 788-4022 – Requirements:
PG: No
Paydex: Yes

At least 6 months in business and paydex score required with no delinquencies. Call to apply. Does not report to D&B or Experian.

Kinko’s – (800) 488-3705 – Requirements:
PG: No
Paydex: No

Revolving account net 30, apply online, will check D&B number and verify business address. Reports to D&B only when requested by D&B. Does not report to Experian.

Lowes – (800) 445-6937 – Requirements:
PG: No
Paydex: No

Revolving account or net 30. 3 years in business. Reports to D&B only.

Macys – (800) 933-6229 – Requirements:
PG: No
Paydex: No

2 years in business and some credit history. Call to have application faxed to you. Reports to D&B and Experian.

Mobil Gas – (877) 959-1007 – Requirements:
PG: Yes
Paydex: No

Net 30-full balance, 1 year secured account or 3 years in business. Apply on-line. Reports to D&B and Experian.

Neiman Marcus – (800) 685-6695 – Requirements:
PG: Yes
Paydex: No

Must be in business 2 years and signer on account gives personal guaranty, call to have application mailed to you. Does not report to D&B, but does report to Experian.

Nordstroms – (800) 964-1800 – Requirements:
PG: No
Paydex: No

Net 30-full balance, 3-4 trades, verify 2 (trades should be net 30 accounts as well) call for application. Reports to D&B and Experian.

Office Depot – (800) 729-7744 – Requirements:
PG: No
Paydex: No

Revolving account, net 30. Must be incorporated. Print on-line and fax. Reports to D&B and Experian.

Office Max – (877) 633-4236 – Requirements:
PG: No
Paydex: No

Must have some credit history. Apply on-line. Payment has to be made after invoice is received. Reports to D&B and Experian.

Orchard Supply – (408) 281-3500 – Requirements:
PG: No
Paydex: No

Net 30, 3 trades with at least 3 months activity and 1 bank trade. Call to get application. Does not report to D&B or Experian

Phillips 66 Gas – (800) 648-4199 – Requirements:
PG: No
Paydex: Yes

Duns report pulled, 3 trades, 1 bank trade needed. Reports to D&B and does not report to Experian.

Radio Shack – (888) 773-2435 – Requirements:
PG: No
Paydex: No

Revolving Account, net 30. Reports to D&B and Experian.

Sears – (800) 917-7700 – Requirements:
PG: No
Paydex: No

2 years in business, revolving acct, net 30, call to get application faxed to you. Reports to: D&B and Experian.

Sinclair Oil Gas Card – (800) 340-3466 – Requirements:
PG: Yes
Paydex: No

At least 4 trades, net 30-full balance, personal guaranteed required from each cardholder. Does not report to D&B or Experian.

Speedway Super America Fleet Gas Card – (800) 643-1948 – Requirements:
PG: No
Paydex: No

Net 30-full balance, at least 1 year in business.

Staples – (800) 669-5285 – Requirements:
PG: No
Paydex: No

Revolving account net 30. Reports to D&B and Experian.

Texaco – (800) 839-2267 – Requirements:
PG: No
Paydex: No

Need some credit history. Apply on-line. Reports to D&B and Experian.

********Shell and Texaco are merging. Texaco is not issuing new credit until after the merge is complete.***************

Union 76 – (800) 944-7676 – Requirements:
PG: No
Paydex: No

2-3 trade references, 1 bank reference, duns check done on large businesses. Does not report to D&B or Experian

Wright Express Fleet Card – (800) 395-0812 – Requirements:
PG: Yes
Paydex: Yes

Some credit history, 3 years in business, net 26, full balance. Reports to D&B only.

<{POST_SNAPBACK}>

[Gingersnapelle]

Could someone please tell me what a DUNS number is? I tried to find a definition and had no luck.

[rigirl]

If you have a business it is a number that you are listed in Dunn and Bradstreet. Depending on howlong you have been you may already have dnb number. Dunn and Bradstreet are a CRA for businesses. You can go to dnb.com and check to see if you are in there and if not then look on the website for get a d-u-n-s number and that number is free and it takes about a month to get. They will try to sell you everything dont buy it, you can do this with crdit builder or self monitoring. Just tell them you want the free number. Be strong when you talk to them. Hope this helps.

[Deaf CEO]

Since it isn't good to use mail box,etc or post office.

Have you consider using the professional office services.

For like $100 to $300 depending on the level of service you want, they can set up a suite address and business phone line and use of a conference room.

I believe the correct terms are virtual offices.

Let me double check before I post...


here is one .. http://www.corporatestl.com/home.html

http://www.abcn.com/ is the one i am currently considering using for my business.

but i do know for a fact just driving around town within a 50 miles radius you are bound to find a sign that said office for rent and you could call the nbr on the sign to get a quote on the spot... i have seen some ranging from $100 to $500 a month but you got to take into considertion the extra expenses of setting up an office as opposed to an office that is already set up. Meaning furnshing the office and electric and phones and all that good stuff... it depends on your budget i guess. I eventually would like to make the move from a vo to my own office front but I got my eyes set on an nice but affordable office space on Peachtree Street in Atlanta. But I realize that would be just for show unless the cash flow justify the lease and other expenses?

Comments would be appericate.

[Tom1096]

bump

[pwelborn]

Roxy,
#6 has me stumped. I need a company that won't brake me up to forward calls. Should I get an 800 # or get a cell in the state my company is in and have all calls forwarded. They won't be 800 you know. Next, does it need to be done with a compant credit card. Will someone bill? These are questions I have!

[pwelborn]

Hi Jessica,
I saw your comments on Nevada. Wyoming has gotten very good. South Dakota is Similar and New Mexico has good privacy laws as well.

[jaralesholdings]

Hello Jessica,
I read a study the other day of the top 10 corporate havens to incorporate in.
the list went like this in order and is based on a small business survival index 2002 study.
1. South Dakota Can you believe it?
2. Nevada
3. Wyoming
4. Texas, though I hear their costs are excessive
5. Florida
6.New Hampshire
7. Tennessee I can vouch for this you don't want TN's franchise tax.
8.Washington State
9. Mississippi
10. Alabama.

Go buy Own Your own Corporation by Garrett Sutton. He has an entire directory in the back of the book.

[pissarita]

I have not seen this infomration avilable after a few searchs...

Do you have to physically present the paperwork in the state you are filing- I have searched the site but cannot find the information saying you have to physically submit the paper work.

[Sardo]

You all should look into the advantages of INC in Wyoming. Better than NV and DE.

[Sardo]

Here is a link to Wyoming INC info. http://wyomingcorporation.info/ if anyone is interseted.