Hi, I was told when you go to establish credit for an LLC, you also have to use a personal SSN to apply for credit. Is this true? Or can you simply fill out an business card application with your LLC EIN? TY
Establishing credit for an LLC is no differnent than establishing credit for any other entity, If there is no history, you will have to guarantee notes personnaly or with another entity.
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It has been my experience that you are usually going to be required to provide personal info each time (ie ssn). The exception would be if your LLC had some real strong fianancials, a borrowing history and several years in the business.
LLC credit building is the same as personal ...you must establish...use your ein not your ss# ... do not comingle your credit if one can hinder the other... keep the entity seperate...
Never use your personal SS# when trying to establish credit for your business. Always use the tax id # and only apply to merchants who only ask for the tax id#
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Establishing credit for an LLC is no differnent than establishing credit for any other entity, If there is no history, you will have to guarantee notes personnaly or with another entity.
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Other entities meaning a bank account? What else besides personal credit.
It has been my experience that you are usually going to be required to provide personal info each time (ie ssn). The exception would be if your LLC had some real strong fianancials, a borrowing history and several years in the business.
If you sign as a personal guarantee doesn't that open you up to liabilities?
The whole point of a LLC is to protect your ass.
Mike
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LLC credit building is the same as personal ...you must establish...use your ein not your ss# ... do not comingle your credit if one can hinder the other... keep the entity seperate...
ein?
Mike
EIN - Employer Identification Number
Never use your personal SS# when trying to establish credit for your business. Always use the tax id # and only apply to merchants who only ask for the tax id#
read my reply to trustee79, you will never get any real unsecured credit without being a guarantor.