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mscredit2012

Building Credit under a Sole Prop and EIN

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I started my business as a sole prop and filed bankruptcy, no debts from my business was included. Now I would like to build business Credit. Do I have to be a LLC or Corp to do this or can I build with my EIN?

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You can build credit as a sole proprietor but to really be effective you need to form a legal entity. If you operate as a sole proprietor then you won't be able to move away from personal guarantees as your business is you for all intents and purposes. Having said that, some people do establish business credit reports as sole proprietorships. The key is to get an EIN and register their business name with the state as a DBA. (This will help your business get on the radar with agencies like Experian that don't let you register your business with them.) Again, not recommended but not impossible.

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Thank you so much, starting so small i did not know if I should wait to inc,. once I get going or just right out the gate. This is a very new venture. I registered my business name with the state and all the tax stuff etc.

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