Business Buying
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First 3 Steps
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1. Taking the first step would mean securing your EIN number if you haven’t already. An EIN is a business social security number. It identifies your business as an entity/person. Just like a personal social security number. A business history will be scored and tracked by this number alone. You can get an EIN business number free from the IRS website. (Additional business terms may apply. Ex: Inc.,LLC. types and understanding which would work for you and your company.) The IRS website has more information about the corporations and LLC’s terms and meaning. Please go to irs.gov.
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2. Your company needs to be registered with your Secretary of State. Your state may require an annual fee to stay updated yearly. Yes, you will have to pay a yearly cost for this option. Further requirements will apply depending on the type of registration. Please check your state for any requirements and how to file.
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3. Next, go to the DUNS and Bradstreet website to create your company's number. This will track your credibility with other companies so anyone seeking to better understand your business' credit history and creditworthiness will likely look to Dun & Bradstreet to find this information. Businesses that contract with government agencies are required to have a DUNS number, however, banks looking to lend money will investigate your credit line.
What to buy First
Let's Start off Small!!
When you are building your credit for your business. Remember, it is just like your situation when you started. You had to build trust with creditors. Start off small. What I mean is a purchase not higher than $20,000. By doing this, you might have to cosign being that your company is a first time car buyer. A deposit may be required depending on your credit history. (Don’t bite off more than you can chew.)
Finance this vehicle for six months to one year. This will build your financial history that other creditors look at through your duns number. So remember, Let’s start small. Bigger is coming…...
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