Posted in Business Credit Tips
on Jan 28th, 2013 | Comments Off on Keep Business Credit Separate From Personal Credit?
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So, We’ve listed below the advantages for maintaining business credit separate from personal credit? There are many advantages to establishing and maintaining solid business credit.
Protect your personal assets and reduce your personal liability by creating a separate corporate entity and business credit. Establishing your business credit asset only strengthens this liability protection. Now more than ever it is very important to separate your personal credit from your business credit to keep thing separate. This is completely legal and a strategy that the rich use to bounce back FAST!
Do you think Donald Trump was flawed in his bankruptcy experience or was it strategic on how he had a billion dollar bankruptcy and bounced back to become rich yet in only a couple of year again.
Here’s just 5 of these benefits:
- Having a separate line of business credit, such as a business credit card, makes it easy to keep your business expenses separate from your personal expenses. This means when it comes time to file your taxes, you’ll already have separate financial records for business expenses and personal expenses, making both your life and your tax attorney’s life simpler.
- With a business credit line, you can also extend credit to your employees by requesting additional cards. You can even control how much they can spend by adjusting their credit limits.
- With Cash Back Rewards for your business, such as those offered by the First Equity Platinum Visa, you’ll have more money available to invest in the growth of your business.
- Perhaps the most important benefit of separating your business credit from your personal credit is that having a separate line of business credit means that your personal credit is protected if your business ever gets in trouble.
- With better business credit you will be able to obtain more working capital for your business. You will also be able to borrow money at lower rates.