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BRBiz

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So as many of you know I tried this before just to see if the process of getting approved has gotten better and that was derailed by DNB..We know it has gotten better but let's see how much.

 

I just moved back up to NH so even though I was already registered as a foreign company up here I needed to withdraw that company and re form domestically.

 

I much prefer a Inc over a LLC for credit building but because of taxes ( Yes NH has taxes and actually pretty high for businesses) I formed a LLC.

 

Started with the basics;

Formed LLC

Local business number via freedom voice

Residential address

Company in the construction industry

Listed On Google places and a few other search engines

Placed a order with MSC Direct to get started. I will say I use to say Grainger was the easiest account to get new but I have put MSC direct at the top of the list. You literally create a account online and either call or chat give them your tax id and your instantly have a $1k limit. Also they report very quickly.

 

The one cheating part that may come into play is I was able to transfer my business Verizon account to the new LLC in NH so that may taint the results a little if they report.

 

I need some more promo materials so Amsterdam will probably be my next account.

 

I will update this thread as I go. And I may try to duplicate the results down the road with another company. I will have at least a few more companies for tax purposes, NH has some serious tax on profit over $50k and also doesn't recognize S Corps not to mention a tax on dividends.

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Wow, I didn't know NH was that bad! and I didn't know Amsterdam reported!

Yeah every one thinks NH has no taxes, which is true no personal income tax but businesses are a different story.

Amsterdam bought go promos.

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Is the construction business "general" or a specialty trade? I would imagine you could several companies and make certain that they all bring in less than $50,000 a year. Like ABC LLC., BCD LLC., etc. Are you going to allow this one to self populate onto D&B? Or are you going to request a number, like through the government site? Thanks for sharing your new experiences.

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Is the construction business "general" or a specialty trade? I would imagine you could several companies and make certain that they all bring in less than $50,000 a year. Like ABC LLC., BCD LLC., etc. Are you going to allow this one to self populate onto D&B? Or are you going to request a number, like through the government site? Thanks for sharing your new experiences.

At this point more of a general.. And yes that's the plan to break it up among the different companies. I'm probably just going to let it self generate just to see how long it takes.

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Hello BRBiz,

 

May Make a suggestion or two here regarding this topic. You are heading down a path that could effect your business negatively in the future. If NH taxes are high for businesses with income of $50K and higher, then your structure needs to be setup to where you can legally keep that income below that threshold of $50K. Operate the NH hampshire corp as usual but have another corp or LLC that provides various services to that NH corp in another less taxing state such as Nevada or Wyoming.

 

Good Luck.

 

dconawa

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Hello BRBiz,

 

May Make a suggestion or two here regarding this topic. You are heading down a path that could effect your business negatively in the future. If NH taxes are high for businesses with income of $50K and higher, then your structure needs to be setup to where you can legally keep that income below that threshold of $50K. Operate the NH hampshire corp as usual but have another corp or LLC that provides various services to that NH corp in another less taxing state such as Nevada or Wyoming.

 

Good Luck.

 

dconawa

This same thing can be done in state also as I stated.. Basically my thoughts are at this point is company A will do certain services, company B may do larger jobs, company C may provide elelecteical services etc. then even at that another company can provide consulting services to the others. I don't need to go crazy the tax is on profits once you get over $50k and if you don't get over $50k you don't even file. I'm not going to avoid it totally but I can lessen it.

 

http://www.nhbr.com/April-4-2014/Using-LLCs-to-reduce-your-business-profits-tax/

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Denied Reliable!

 

 

Dear Valued Customer,

 

We have received your application for an Open Account with Reliable Office Supplies, but unfortunately were not able to extend credit at this time.

 

Please call Customer Service at 866.682.4713, and have your Reliable Customer Number and credit card number available to allow us to process your order# BBC22000

 

 

If we do not receive a reply within 7 business days, the order will be cancelled at that time.

 

To qualify for credit with Reliable Office Supplies, your business must be registered with Dun & Bradstreet, and have a valid DUNS Number, including at least 3 months of satisfactory Trade Payment history.

 

Reliable Office Supplies is not affiliated with any 3rd party agencies that assist in building business credit.

 

 

Thanks,

 

Reliable Office Supplies

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Just need a little more time with Reliable. They report to EX too that's what I like. Discount School Supply is one that you should put on the list. If I'm correct, they report to EX too.

Edited by GR8WhiTE

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BRBiz

 

Well, if you have that many entities in one state isn't that "going crazy with entities?" In comparision I was suggesting 2-3 total entities you could be dealing with easily more than 5 based on your example. BTW, if you would ever decide to build credit on those other entities in all in NH? Good Luck you will be facing DNB scrutiny and problems. I gave a suggestion.

 

Good Luck

 

Dconawa

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BRBiz

 

Well, if you have that many entities in one state isn't that "going crazy with entities?" In comparision I was suggesting 2-3 total entities you could be dealing with easily more than 5 based on your example. BTW, if you would ever decide to build credit on those other entities in all in NH? Good Luck you will be facing DNB scrutiny and problems. I gave a suggestion.

 

Good Luck

 

Dconawa

I guess you haven't seen many of my post's!

 

I don't really have plans of building credit across all the companies, no need for that. Just for tax purposes..I had 3 business in MA and no issues with DNB, even with creditors no issues at all.

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Nope.. Nothing reporting yet and no DNB file. I do have a file on Experian but no trades reporting.

What should I go for next?

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Just checked DNB and nothing yet and checked Experian and it says I have a trade line so that would be Uline.

 

Haven't applied for anything else yet, just way too busy lately.

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Thank you so much BRBiz. I have been a long a member and I'm finally implementing the steps for biz credit. I incorporated 03-2011, opened check account -----Applied for Tmobile biz credit w/EIN, the manager pressed so hard for pg but I stuck to my guns and said it was not an option and I would take my biz elsewhere. He approved 1 line with a 50.00 deposit. Iphone 6. I then asked for a CLI for two more lines. I was told no because no pg by corporate biz over the phone. Went back to original salesman in store he asked for bank statement and I gave him the statement, incorporation docs, Paypal docs, and a deadline that I would return the Iphone 6 and eat the 50.00 return charge. A few hours later he approved the two additional lines.

 

Granger-Applied received email of approval today, didn't say the amount.

 

Amersterdam- ordered a few things we needed and I assume we have an account, items will be delivered on 4/30 payment is due 10 days after (will pay once I receive tracking number)

 

My question is: How often should I apply for these initial 5-10 phase 1 net accounts. Should I just chill and wait for these to report, then try for more net 30s?

 

Thank you kindly,

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Thank you so much BRBiz. I have been a long a member and I'm finally implementing the steps for biz credit. I incorporated 03-2011, opened check account -----Applied for Tmobile biz credit w/EIN, the manager pressed so hard for pg but I stuck to my guns and said it was not an option and I would take my biz elsewhere. He approved 1 line with a 50.00 deposit. Iphone 6. I then asked for a CLI for two more lines. I was told no because no pg by corporate biz over the phone. Went back to original salesman in store he asked for bank statement and I gave him the statement, incorporation docs, Paypal docs, and a deadline that I would return the Iphone 6 and eat the 50.00 return charge. A few hours later he approved the two additional lines.

 

Granger-Applied received email of approval today, didn't say the amount.

 

Amersterdam- ordered a few things we needed and I assume we have an account, items will be delivered on 4/30 payment is due 10 days after (will pay once I receive tracking number)

 

My question is: How often should I apply for these initial 5-10 phase 1 net accounts. Should I just chill and wait for these to report, then try for more net 30s?

 

Thank you kindly,

I would wait till you get some reporting.

Interesting approval today... Sunbelt Rentals $40k Limit.

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