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What’s the Best Remote Desktop Software for Windows & Mac?

August 25, 2024 By Joe

Whether you need a solution to help your team or your friends and family, there are a ton of remote desktop apps to choose from. And, it can be tricky to choose the right one for your needs. Here, I’ll explain why you might need it, considerations to make, and help you find the best remote desktop software for your needs.

This is what’s in store:

Why Do You Need Remote Desktop Software?
- Does Windows Have a Built-in Remote Desktop?
- Is TeamViewer the Best Remote Desktop Platform?
The Best Software for Remote Desktop Access
Read This Before You Choose Remote Desktop Software for Mac
Frequently Asked Questions
Conclusion: Which Remote Desktop Software is Best?

Now, let’s go!

Why Do You Need Remote Desktop Software?

Best remote desktop software for personal use

Remote desktop software lets you control a computer or device from a different location, offering a range of benefits that can simplify your work and personal tasks.

Remote desktop software lets you access and control a computer or device from a different location and complete certain tasks as if you are there:

Open files
Run applications
Troubleshoot issues on the remote machine

It’s a handy tool to work from home, provide technical support, or manage systems from afar.

Remote desktop software lets you access your office computer from anywhere, so you can work as if you’re at the office. IT professionals use it to fix problems remotely. You can also use it to retrieve or transfer files, which is handy for large files that can’t be emailed.

Teams benefit from screen sharing, making collaboration easier. Meanwhile, system admins use it to manage servers and update software remotely, which is great for businesses with teams in different places. It also helps if you need to check something on your work computer while you’re away.

The software usually includes security features like encryption to protect data. In short, it makes working from anywhere more efficient and convenient.

You might also like: What’s the Best Payment Processor for a Small Business? Really

Does Windows Have a Built-in Remote Desktop?

Yes, Windows includes a built-in Remote Desktop feature called Remote Desktop Connection. This allows you to connect to and control another computer running a Windows operating system from a remote location.

Remote Desktop Connection is available in Windows Professional, Enterprise, and Ultimate editions—So, if you’re using a Home edition, you might need to upgrade or use third-party remote desktop software.

Plus, third-party remote desktop software can offer more:

Features
Flexibility
Cross-platform compatibility

Third-party tools often work across different operating systems like Mac, Linux, and mobile devices, while Remote Desktop Connection mainly supports Windows. Some tools offer extra features like file transfer, remote printing, or session recording.

Moreover, third-party options may have more intuitive interfaces and better performance. And, many third-party tools allow more flexibility and customization.

Alternatives might offer more affordable or free options with necessary features. Finally, some tools provide advanced security features like multi-factor authentication and encryption.

Is TeamViewer the Best Remote Desktop Platform?

While TeamViewer was many peoples’ go-to remote desktop platform for years – and it tends to be the easiest to set up – it has a few issues that might make you look for other options.

Here’s a rundown of the main problems:

High costs (it’s no longer free)
Aggressive pricing tactics
Device limitations
Spamming and over-pricing
Security concerns

TeamViewer can be pricey, especially for small businesses or individuals. A lot of people find the $50 monthly fee a bit too much. Plus, there are complaints about sudden price increases and tricky subscription practices, like automatic renewals and tough cancelation processes. And, the free version limits the number of devices you can use. Upgrading to a paid plan to add more devices can get expensive.

Some users feel TeamViewer is spammy and overpriced compared to other options, which leads to frustration and a bad reputation. Plus, although TeamViewer has security features, past security breaches have made some users wary about using it.

Many people are switching to alternatives that cost less and may offer better security and support.

You might also like: What is the Best Personal Finance Software? Free and Paid Options

The Best Software for Remote Desktop Access

While you have a ton of options for PC and Mac, each platform has its strengths and weaknesses. Rust Desk and DWService are great for budget-conscious users, while ScreenConnect and BeyondTrust offer advanced features and security but at a higher cost. Splashtop is a good middle-ground with a balance of affordability and functionality. AnyDesk remains a viable option, but be mindful of potential recent issues.

Overall, ScreenConnect seems to be the most praised for its advanced features, while Splashtop is favored for its balance of price and functionality. Rust Desk and DWService stand out for those interested in open-source or free alternatives.

Let’s look closer at each of your options. Note that pricing can vary, so be sure to check the product sites for up to date info.

You might also like: InDinero Unveiled: A Detailed Accounting & Tax Platform Review

1. RustDesk

RustDesk is free and open-source, allowing you to use it at no cost. However, if you opt for the self-hosted option, there are paid plans starting at $9.90 per month, which include additional features and support.

RustDesk is a strong option, especially noted for being a better alternative to TeamViewer by several users. It allows full control of the remote computer and offers open-source and self-hosted options. This can be beneficial if you want more control over your remote desktop setup. It is compatible with macOS and provides the security and performance features you might need.

2. ScreenConnect (ConnectWise Control)

ScreenConnect can be pricey, starting at about $28 per month for the Remote Support One plan. Prices go up based on the number of technicians and features. For example, the Remote Support Premium plan is $53 per month and supports up to 10 simultaneous connections. Additionally, the cost for unattended access starts at $31 per month for 25 agents, with prices decreasing for larger volumes.

ScreenConnect is praised for its advanced features like the “Backstage” mode, which allows background operations without interrupting the remote user. It supports CMD commands and remote computer management, which makes it suitable for more intensive remote support tasks. However, it has a higher price tag, which might be a concern for budget-conscious users.

3. Splashtop

Splashtop has several plans, starting at around $5 per month for the Business Access Solo plan. Higher-tier plans offer additional features, with the Business Access Pro at $8.25 per month per user and the Business Access Performance at $13 per month per user. For advanced features and customizable options, you can contact them for pricing.

Splashtop stands out for its affordability compared to TeamViewer and supports multiple platforms, including macOS. It’s a popular choice for those looking for a cost-effective solution. Some users have noted limitations with Linux support, so if you need extensive cross-platform compatibility, this could be a drawback.

4. BeyondTrust (Formerly Bomgar)

What is the best remote desktop software for Windows?

BeyondTrust is another of the more costly options, with pricing typically starting at several hundred dollars per year. The exact cost depends on the size of the organization and the features required.

BeyondTrust is known for its robust security features, making it ideal if security is your top priority. It is, however, on the expensive side, so it may not be the best choice if you’re looking for a budget-friendly option.

5. AnyDesk

What is the best free secure remote desktop software?

AnyDesk offers various pricing plans, starting at $14.90 per month for individual users. Business plans, like the Standard plan, start at $29.90 per month, while the Advanced plan costs $79.90 per month, with more features and support for larger teams.

AnyDesk was initially seen as a good alternative to TeamViewer, developed by former TeamViewer employees. It offers strong performance and is generally reliable. However, recent feedback suggests it has become more expensive and may have some unresolved bugs, so it’s worth checking recent reviews and updates.

6. DWService

DWService offers a free plan with all essential remote desktop features and no ads. Optional paid subscriptions are available, starting at $4 per month, which provide higher bandwidth and additional perks like name recognition or logo placement. However, these subscriptions are not required to use the service.

DWService offers all the necessary remote desktop features for free and without ads. It’s a solid choice if cost is a major concern and you need a no-cost solution that still meets basic remote access needs.

7. GoToMyPC

GoToMyPC offers several pricing plans tailored to different user needs. The Personal plan, ideal for one user accessing multiple computers, starts at $35.00 per computer per month with savings applied. Higher pricing goes up to $28.00 per computer per month and includes advanced features like remote deployment, multiple admins, and SSO (Single Sign-On).

GoToMyPC is a robust option known for its ease of use and reliable performance, but it comes with a higher price point compared to some other alternatives.

Read This Before You Choose Remote Desktop Software for Mac

Some remote desktop solutions may face issues with recent macOS updates, so it’s important to pick one that is up-to-date with the latest changes.

Make sure your the platform you choose is:

Compatible with your OS version
Secure
Easy to use
Cost-efficient
Regularly updated
Unattended access-capable (if needed)

First, check for compatibility with your version of macOS. Security is another major factor; look for software that offers strong encryption and multi-factor authentication to protect your data from breaches. Ease of use is crucial—choose a tool with a simple interface that makes it easy to connect and manage your remote sessions without hassle.

Performance is also key; you want software that operates smoothly and has minimal lag, especially if you’ll be running resource-heavy applications remotely. Be mindful of the cost, as pricing can vary widely. Some programs offer free versions or trials, so you might want to explore those options to find what fits your budget.

Support and regular updates are important as well; opt for a solution with good customer service and frequent updates to stay compatible with macOS improvements.

Lastly, if you need to access your Mac remotely when you’re not actively using it, make sure the software supports “unattended access”—This feature allows you to connect even if you’re not physically at your computer, which is especially useful for remote work or technical support.

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Frequently Asked Questions

Is AnyDesk better than Chrome Remote Desktop?

AnyDesk generally offers more features and better performance than Chrome Remote Desktop. It supports a wider range of platforms and provides advanced options for remote access, whereas Chrome Remote Desktop is simpler but less feature-rich.

Is Microsoft Remote Desktop free?

Yes, Microsoft Remote Desktop is free for Windows Professional, Enterprise, and Server editions. It is included with these versions of Windows and does not require additional costs. However, it’s not included with a free Microsoft or Hotmail account

Is there an alternative to Microsoft Remote Desktop?

Yes, there are several alternatives to Microsoft Remote Desktop. Options include AnyDesk, TeamViewer, Splashtop, and Chrome Remote Desktop. These alternatives offer various features and can be suitable depending on your specific needs.

Is AnyDesk better than RDP?

AnyDesk can be more comprehensive than RDP with its cross-platform support, smooth performance, and additional features like file transfer and session recording. RDP is free and integrated with Windows but may not offer as many features or cross-platform support.

Is RDP better than Chrome Remote Desktop?

RDP is generally more robust than Chrome Remote Desktop for advanced remote access needs. It offers more features, like file transfers and multiple sessions. Chrome Remote Desktop is easier to set up but lacks some of the advanced functionalities of RDP.

Conclusion: Which Remote Desktop Software is Best?

In sum, the best remote desktop software for you depends on your specific requirements and budget. If you’re looking for a cost-effective and open-source solution, RustDesk or DWService might be your best bet.

For those needing advanced features and robust security, ScreenConnect and BeyondTrust offer top-tier options, albeit at a higher price. Splashtop provides a balance of affordability and functionality, making it a solid middle-ground choice.

GoToMyPC is another strong option, especially for teams that need easy remote access and advanced administrative features, though it comes with a higher price tag. Finally, while AnyDesk has been popular, recent concerns about pricing and bugs might prompt you to explore other alternatives.

Evaluate your priorities—whether it’s price, security, ease of use, or cross-platform compatibility—and choose the software that best aligns with your needs.

Want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

How to Find Aged Shelf Corporations Under $500 +Likely Issues

August 17, 2024 By Joe

Starting a business is no small feat, especially when you want to hit the ground running with a company that already has some history. Aged shelf corporations can be a shortcut to many goals. They almost instantly give you an established entity with credibility that can speed up access to business credit.

If you’re on a budget, you might be looking for shelf corporations under $500. This guide will explore these affordable options, answer common questions, and touch on some caveats you should think about.

This is what’s in store:

How Much Does a Shelf Corporation Typically Cost?
- Can You Buy an Aged S Corp?
- What Are the Assets of a Shelf Company?
Is Buying a Shelf Company Worth It?
How to Choose the Right Shelf Corporation Under $500
Frequently Asked Questions
Conclusion

Now, let’s dive in.

How Much Does a Shelf Corporation Typically Cost?

The price of a shelf corporation can vary, much like vintage items—Prices can range from a few hundred bucks up to $10K, so it’s super important to do your research.

Several factors influence the cost of a shelf corporation:

Older shelf corporations usually come with a higher price tag because of the corporate history.
The state where the company is registered also affects the cost—Some places have higher fees and maintenance expenses while some have more corporation-friendly laws than others.
Pricing can vary based on additional services like help with the ownership transfer or compliance.
A shelf corporation with a desirable name or specific legal structure might cost more.
And, if the shelf company comes with extra documents like an EIN or credit reports, this can also increase the price.

Of course, demand in certain areas or industries can influence pricing trends as well. Consider your needs and check for any hidden costs before you make a decision.

Can You Buy an Aged S Corp?

You can absolutely purchase an aged S Corp—This is a type of shelf company that elects to be taxed under Subchapter S of the Internal Revenue Code. These entities offer benefits such as pass-through taxation, which can be advantageous.

S Corps are available on several shelf corporation marketplaces. If you elect to purchase one, make sure the S Corp you’re considering has kept up with necessary filings and compliance requirements.

You might also like: How Much Does it Cost to Start an LLC (Beyond Licensing)?

What Are the Assets of a Shelf Company?

Shelf companies usually don’t have significant assets or liabilities. They’re like blank slates with a history, meaning their value comes from their age and the credibility they bring, not from physical or financial assets.

However, this can vary. Some shelf corporations may have been involved in transactions or other activities, while others remain completely unused and empty.

You can’t necessarily use a shelf corporation with no trading history and simply pretend it has been in business for a long time.

If you buy a shelf corporation that has been involved in activities like buying and selling products or services, be careful—There might be hidden problems or debts from its past. Make sure to carefully review business history and get legal advice to avoid future issues.

You might also like: 3 Best Business Credit Cards for a New LLC +More Resources

Is Buying a Shelf Company Worth It?

Buying a shelf company can be a smart move if you need to quickly establish business credibility. Instead of enduring the lengthy process of setting up a new business, you can quickly step in with a shelf company, making the setup process simple and hassle-free.

An aged shelf corporation might provide:

Instant credibility
Faster credit access
Time savings

First, these established companies tend to provide instant street cred—Their age can make your business appear legit right from the start, which potentially earns you greater trust from customers and partners.

Shelf companies can also open doors to opportunities that require a business with history, like:

Meet a corporate lease requirement
Fulfill a business contract requisite
Satisfy a business loan or credit stipulation

Business lessors, decision-makers, investors, and lenders often favor companies with a few years of operation.

Aged shelf corporations with credit package

So, an established shelf corp can make it easier to kickstart your business—Plus, if you want to expand into new markets, a shelf company might streamline some of the legal and regulatory aspects of your expansion. And, if the shelf company comes with a desirable name, you get the benefit of using it without the effort of registering a new one.

You might also like: Low-Risk NAICS Codes +Best SIC Codes for Business Credit

How to Choose the Right Shelf Corporation Under $500

To find the best shelf corporations under $500, search online marketplaces and business brokers.

Make sure the shelf company meets your requirements:

Age
Compliance status
State of incorporation
Name
Financial history
Additional services
Seller reputation

For the most part, shelf corporations available in this price range are less than a year old. But, just because they’re not listed doesn’t mean they’re necessarily unavailable.

Ask your friends, family, or anyone in your network if they have an old business they never used. My uncle had one, and lots of people do. If you can get it back in good standing, you might be able to buy it for under $500.

Now, let’s explore how you can go about making sure a registered entity has everything you need.

You might also like: Comprehensive ZenBusiness Review: Is it Legit for LLCs?

1. Check the Age of the Shelf Corporation

To start, evaluate the age of the shelf corporation—An established company with several years of history can offer significant advantages, like a credibility boost and easier access to credit.

If you’re looking at shelf corporations costing less than $500, you’ll usually find ones that are about a year old or younger. These newer companies might not seem as trustworthy as older ones, but they can still be useful in some cases.

2. Verify Compliance Status

Next, make sure that the shelf corporation is in good standing with all relevant regulatory requirements. Check that all necessary filings and fees have been paid and that there are no outstanding penalties or compliance issues.

A corporation in good standing reflects proper maintenance and reduces the risk of legal complications. Request documentation from the seller to verify the company’s compliance status and confirm that it meets all legal requirements.

3. Review the State of Incorporation

The state where the shelf corporation is registered can have a major impact on its advantages. Some states offer more favorable business laws, tax benefits, or regulatory conditions.

For example, Delaware is known for its business-friendly environment—this might be beneficial depending on your needs. Evaluate whether the state of incorporation aligns with your business strategy and operational requirements.

4. Examine the Name of the Corporation

The name of the shelf corporation is another critical factor to consider. A name that fits well with your branding or operational needs can enhance your business’s image and save you from the hassle of registering a new one.

Ensure the name is appropriate and does not conflict with existing trademarks or legal issues. A suitable name can help you establish a professional presence more quickly and seamlessly.

5. Check Financial History and Liabilities

It’s super important to investigate the financial history of a shelf corporation to make sure it’s free of any outstanding liabilities or debts. A clean financial record is crucial to avoid inheriting potential financial issues.

Request detailed financial statements or reports from the seller to verify that the corporation’s financial history is clear. Make sure there are no hidden obligations that could complicate your acquisition.

You might also like: Business Credit Report – Run a Free Company Search with Experian

6. Look for Additional Services and Features

When you evaluate a shelf corporation, consider any additional services or features included in the purchase.

Some sellers offer extras like:

Help with ownership transfer
Regulatory documentation preparation
A credit-building package

These added benefits can streamline the setup process and provide additional value—Assess what’s included in an offer to determine if it meets your specific needs and adds convenience to the transaction.

You might also like: How to Create a Business Credit “Entity”

7. Confirm the Legal Structure and Fit

Verify that the legal structure of the shelf corporation aligns with your business needs. Whether you require an LLC, S Corp, or another type of entity, ensure that the corporation’s structure supports your operational and regulatory requirements.

The right legal structure can provide the appropriate legal protections, tax advantages, and operational flexibility. Confirm that the shelf corporation fits well with your business strategy and goals.

You might also like: Sole Proprietorship VS LLC: How to Choose Your Entity Wisely

8. Research the Seller’s Reputation

Finally, choose a shelf corporation from a reputable seller with positive reviews and a solid track record. A trustworthy seller will make sure you receive a legitimate, well-maintained entity—this minimizes the risk of potential issues.

Research the seller’s background and customer feedback to verify their reliability and the quality of their listings. A reliable seller will provide peace of mind and help ensure a smooth acquisition process.

You might also like: 11 Alternative Ways for Entrepreneurs to Raise Capital

Frequently Asked Questions

What are aged shelf corporations with credit packages?

These are shelf companies bundled with additional services like credit-building packages. These packages might help you secure business credit faster with extra resources.

What are the best shelf corporations under $500?

The best shelf corporation depends on your specific needs and preferences. Look for companies that offer a balance of age, credibility, and any extra features you might need.

Are Delaware shelf corporations for sale?

Yep, many sellers offer Delaware shelf corporations, which are popular because of Delaware’s business-friendly laws.

Can I buy a wholesale shelf corporation?

Yes, purchasing multiple shelf corporations at once, or a wholesale shelf corporation, can sometimes offer a discount—This option might be ideal for investors or businesses that need several entities.

Conclusion

Aged shelf corporations under $500 can offer a cost-effective solution for quickly establishing a business with a credible history. By understanding the costs, benefits, and legal aspects, you can find the right shelf company to meet your needs.

Looking to boost your business with a shelf company, faster access to credit, and a year of free Business Credit Elite Club membership? Get a 3-year old shelf corporation and elevate your business today.

Want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop!

What is Proof of Funds? Examples, Template, and How to Show it

August 8, 2024 By Joe

Proof of funds or POF comes up in most large financial transactions, particularly in real estate. If you apply for financing, participate in an auction, or make an offer on real property or another valuable item, you’ll be asked to provide proof of funds to demonstrate you can actually afford what you’re asking for.

Here, you’ll find exactly what proof of funds is, see examples, and learn how to show it when needed.

This is what’s in store:

What is Proof of Funds?
How Do You Demonstrate Proof of Funds?
- What Qualifies as Proof of Funds?
What is a Proof of Funds Letter?
How Do You Get a POF Letter for Real Estate?
- How to Get a POF Letter From Your Bank
- How to Get a POF Letter From a Hard Money Lender
Frequently Asked Questions
Final Takeaway

Now, let’s roll!

What is Proof of Funds?

Proof of funds (POF) is a document or evidence that shows you have the financial means to complete a transaction. It’s usually required when you buy a property, apply for a loan, or make a large purchase.

Your POF can come in several forms, including:

Bank statements
Letters from banks or lenders
Investment statements
Proof of ownership of assets

The purpose is to reassure the seller, lender, or another party that you have the necessary funds to cover the cost.

In real estate, POF is a specific document that demonstrates that you have sufficient cash to cover the purchase of a home, including the down payment, closing costs, and escrow fees.

While a POF letter is customarily required when you buy a house, there are exceptions–For instance, if a property is sold directly by the owner, or if the buyer provides other evidence in the form of cash, account balances, or printed bank statements, a POF letter might not be needed.

You might also like: How to Raise Money for Real Estate Investment: A Beginner’s Guide

How Do You Demonstrate Proof of Funds?

In short, you can demonstrate proof of funds with bank statements, letters from banks, investment statements, and proof of assets. But, it can’t just be any bank statement or letter.

Bank statements must be recent, showing your current account balance. And, letters from banks or lenders must be official letters that verify either your account balance or the sum of funds available.

Moreover, investment statements must show the value of your investments and state how quickly these funds can become available if the transaction is finalized. Likewise, proof of assets needs to come in the form of documentation of valuable assets like real estate or stocks currently owned.

What Qualifies as Proof of Funds?

The success of a deal usually depends on the availability of funds, including the amount you have or can get and how quickly you can provide it. Assets without liquidity (immediate cash value) typically don’t qualify as proof of funds.

The following typically don’t qualify as liquid assets:

Life insurance
Mutual funds
Retirement accounts
Automobiles
Collectibles

Liquid assets are those that can be quickly converted into cash without significantly affecting their value.

Some examples of liquid assets include:

Prequalification for a mortgage or loan intended to purchase the property
Physical cash money or funds in a checking account
Funds in savings accounts that can be accessed readily
Money Market Accounts that offer immediate withdrawal
Certificates of Deposit that are close to maturity or have a low penalty for early withdrawal
Publicly traded securities that can be sold quickly on the market
Short-term government securities that can be easily converted to cash

Usually, as long as you can get quick access to cash, your asset or account should qualify. Each party and institution may have their own terms.

Be sure to clarify with the party whether or not the type of assets you have will qualify as POF for the transaction. For example, some parties will accept crypto investments as a liquid asset and others will not.

What is a Proof of Funds Letter?

What is a typical proof of funds letter?

A proof of funds letter or POF letter is a document from a financial institution that verifies that you have the necessary funds available for a specific purpose. It can serve as evidence that you have the financial resources required to complete a transaction.

The letter typically includes:

Your name and contact information
The institution’s information including name and address
The date the letter was issued
Account balance and type of account
Confirmation from the institution that funds are available
The signature and title of the representative verifying your funds

This letter will reassure the seller or lender that you have the financial capability to proceed with the transaction.

You might also like: How to Get Money for Real Estate Investing: 18 Practical Ideas

How Do You Get a POF Letter for Real Estate?

Proof of funds doesn’t just appear out of thin air–You have to put in a little bit of footwork.

To obtain proof of funds, you generally need to:

Reach out to your bank or financial institution where your funds are held. You can do this in person, by phone, or through their online services.
Ask for a letter or statement verifying your available funds. Specify that you need this for a particular purpose, such as buying a home or applying for a loan.
Be prepared to provide your account details and any specific information the bank needs to generate the letter.
Once the bank processes your request, review the letter for accuracy. Ensure it includes all required details and is issued on official bank letterhead.

To make it easy on the institution, provide them with a list of what you need.

Here’s a basic proof of funds letter template:

[Bank’s Letterhead]

[Date]

To Whom It May Concern:

This letter is to confirm that [Your Full Name] holds an account with our institution. The details of the account are as follows:

Account Holder: [Your Full Name]
Account Number: [Account Number]
Account Type: [Checking/Savings/Money Market]
Current Balance: [Available Balance]

As of the date of this letter, the funds listed above are available and accessible to the account holder.

If you have any questions or need further information, please contact us at [Bank’s Contact Information].

Sincerely,

[Bank Representative’s Name]
[Bank Representative’s Title]
[Bank’s Name]
[Bank’s Contact Information]

Note: With two clicks, you can instantly create a copy of this proof of funds template in GDocs, then edit as you like.

How to Get a POF Letter From Your Bank

To obtain a Proof of Funds letter from your bank, reach out to your bank or financial institution—You can do this in person, online, or over the phone.

Then, just ask for a POF letter. A POF letter will confirm the amount of money you have available in your account. Be ready to give details like the amount of funds needed, your account information, and any specific requirements the seller might have.

Your bank will prepare the letter, typically including your account balance and a statement that the funds are available for the transaction.

You might also like: Should You Use a Real Estate Investor Line of Credit to Buy Property?

How to Get a POF Letter From a Hard Money Lender

If you’re using a hard money lender, the process is a bit different. First, you should look for a reputable hard money lender who specializes in short-term loans for real estate.

Before you can get proof of funds, you’ll need to apply for a loan. To do this, you typically need to provide information about the property you’re interested in and your financial situation.

Once you’re pre-approved, the hard money lender will provide a POF letter. This letter will indicate the amount they are willing to lend you and confirm that the funds are available. Keep in mind that the seller or agent could charge an additional fee or deposit for hard money transactions (since so many of these fall through).

Finally, just present your POF letter to the seller or real estate agent to show that you have the financial backing to complete the purchase.

You might also like: A Review of Alpha Funding Partners – Are Their Solutions Right for You?

Frequently Asked Questions

Do I need to show proof of funds?

To find out if you need proof of funds, review the requirements for your transaction. Then, ask the seller or lender directly if proof of funds is needed. This will help you determine if proof of funds is required.

How do you prove where money came from?

To prove where money came from, you can provide documentation like bank statements, transaction records, or a letter from your bank that details the source of the funds—This is often required for compliance with financial regulations and to verify the legitimacy of the funds.

Does a 401(k) count as proof of funds?

No, a 401(k) does not count as proof of funds for transactions that require liquid assets because it is not considered liquid. Proof of funds typically needs to be in the form of cash or easily accessible accounts like checking or savings accounts.

What is a hard money proof of funds letter?

A hard money proof of funds letter is a document issued by a hard money lender confirming that they have the funds available to lend for a real estate investment. It is evidence that the lender has the financial capacity to provide the loan, often used in real estate transactions to reassure sellers or agents.

Final Takeaway

POF is a document or evidence that shows you have the financial means to complete a transaction like buying a property or applying for a loan–It includes various forms like bank statements, letters from financial institutions, and investment statements.

Liquid assets like cash and checking accounts, are acceptable for POF, while non-liquid assets, like retirement accounts and collectibles, are not. To obtain a POF letter, request it from your bank or financial institution, make sure it’s recent, detailed, and on official letterhead.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

What is the Best Personal Finance Software? Free and Paid Options

August 4, 2024 By Joe

So, you’re looking for the best way to manage your finances with the help of an app. Whether you want an option that’s free and fully customizable, or a paid offer with all the bells and whistles, I’m sure you’ll find something you like in this list.

Let’s explore the best personal finance management software for all budgets, skill levels, and needs.

This is what’s in store:

What is Personal Finance Software?
- Is There Something Like Quickbooks for Personal Use?
- How to Choose a New Finance System
What is the Best Personal Finance Software?
Frequently Asked Questions
Final Thoughts

Now, let’s roll!

What is Personal Finance Software?

Personal finance software is a computer or mobile app designed to help individuals manage their personal finances more effectively. These tools provide a range of features to assist with budgeting, tracking expenses, managing investments, and planning for financial goals.

Some features that personal finance software might offer are:

Budgeting
Expense tracking
Investment management
Financial planning
Reporting
Bill payment
Credit monitoring

Overall, personal finance software makes managing your money easier and more organized, and gives you better control over your financial life.

You might also like: Cred AI Review: Are You Really Better Than Your Bank?

Is There Something Like Quickbooks for Personal Use?

There are several personal finance tools that work like QuickBooks but are designed for personal use. For example, Quicken™ is a solid all-rounder, offering budgeting, expense tracking, investment management, and bill payment. In contrast, Mint™ is great for easy budgeting and expense tracking but doesn’t handle investments.

Meanwhile, YNAB™ (You Need A Budget) is all about zero-based budgeting and tracking expenses, without investment features. On the other hand, Personal Capital™ covers budgeting, expense tracking, and investment management, though it doesn’t focus much on bill payment.

Additionally, Moneydance™ offers budgeting, expense tracking, investment management, reporting, and bill payment. However, PocketGuard™ is useful for budgeting and expense tracking but doesn’t dive deeply into investments or bill payment.

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How to Choose a New Finance System

To choose the right personal finance management system, start by identifying your specific needs, such as budgeting, expense tracking, investment management, or bill payment. Consider how comfortable you are with technology; some tools offer advanced features that might require a steeper learning curve.

Next, compare the features of various options to find one that matches your needs while staying within your budget. For example, if you need comprehensive financial management and are willing to invest in a subscription, tools like Quicken™ or Personal Capital™ might be suitable.

If you prefer a free or lower-cost solution, options like Mint™ or PocketGuard™ could be better. Ultimately, select a system that balances functionality with ease of use and affordability to best support your financial goals.

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What is the Best Personal Finance Software?

We could try to rate the best personal finance software based on how many people use it or how many stars each is rated on G2. But, that’s not the best way to choose. You need software that meets your needs and fits your budget and skillset.

Here, I’ll give you a rundown of my top picks. But, first, here’s a quick overview.

Best personal finance software comparison

✅ = Available
❌ = Not Available

Now, let’s take a closer look at each—Be sure to check the brand websites for up-to-date features and pricing, as these can change.

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1. Google Sheets

Google Sheets is a free tool from Google that lets you create custom spreadsheets for managing your finances. It’s one of the best free personal finance software choices because it’s completely customizable.

You can use it for:

Budgeting
Expense tracking
Setting financial goals
Nearly anything else

Google Sheets is fantastic if you like customizing your financial tracking and are comfortable working with spreadsheets. The more you know about the platform, the more robust your system can be. See Google’s cheat sheets and other resources to get the most from this tool.

However, Google Sheets doesn’t come with built-in financial analysis tools, so you would need to set those up yourself—This can be time-consuming if you’re not familiar with creating formulas and templates.

2. GnuCash

GnuCash is a free, open-source accounting software that’s suitable for both personal and small business finances.

It includes features like:

Double-entry accounting
Budgeting
Financial reporting

This makes it a powerful tool to comprehensively manage your finances. It’s ideal if you need a detailed, customizable tool without the cost of commercial software. If you’re the tech-savvy type, check out GnuCash’s documentation to see what all you can do.

On the downside, GnuCash can be complex and may have a steeper learning curve than more user-friendly paid options, which might be a drawback if you prefer a simpler interface.

3. KMyMoney

KMyMoney is a free, open-source personal finance manager that supports:

Multiple accounts
Budgeting
Investment tracking

It’s a good choice if you prefer a desktop app with advanced features similar to paid software. Use this offline personal finance software with Linux, Windows, or Mac.

KMyMoney offers robust tools to manage finances but can be overwhelming for beginners due to its extensive feature set—Additionally, its user interface might feel less intuitive compared to more modern financial tools.

4. Mint (Now in CreditKarma)

Mint, now part of Credit Karma by Intuit™, is a free tool that consolidates all your financial accounts into one platform.

You can use Mint to:

Track spending
Create budgets
Receive personalized financial tips

Credit Karma adds value with:

Free credit score monitoring
Financial tracking
Personalized recommendations based on your credit profile

It’s awesome if you want to manage your finances and monitor your credit in one place.

However, both platforms generate revenue through targeted financial product offers, which can feel pushy or intrusive.

5. NerdWallet

NerdWallet offers free personal finance tools, including:

Budgeting
Credit score tracking
Cash flow management
Net worth reporting
Financial product comparisons

It’s helpful if you’re looking for advice on financial products like credit cards and loans, as it provides recommendations based on your financial situation. Plus, their educational resources are vast. And, you’ll get the best experience with the software portion of Nerdwallet’s offer through their mobile app.

However, the focus on product recommendations can sometimes overshadow its budgeting features, and you might encounter frequent prompts to apply for financial products, which can be overwhelming.

6. Credit Sesame

What is the best personal finance software mac?

Credit Sesame offers free credit score monitoring and financial tracking with personalized tips. It’s a good option if you want to monitor your credit score and receive financial insights without paying for a service.

The free version provides basic features, but if you need more advanced tools or additional support, the premium version might be more suitable.

The limitations of the free plan can sometimes make it less comprehensive compared to paid services.

7. WalletHub

WalletHub provides free:

Credit score & monitoring
Budgeting tools
Savings monitoring
Credit improvement
Personalized financial advice

It’s useful to get a comprehensive view of your financial health, monitor your credit scores, and get more financially fit.

One downside is that the free version includes ads and frequently promotes credit card offers, which can be distracting and might detract from the overall user experience.

8. Rocket Money

Microsoft personal finance software free download

Rocket Money, formerly known as Truebill, starts at about $3.99 per month (though you can access some features for free). It’s best known for deleting duplicate subscriptions, but does so much more.

This app helps with:

Budgeting
Credit score & monitoring
Subscription management
Expense tracking

This tool is useful if you want to keep track of your subscriptions and manage your spending more effectively (I’m a fan, fyi).

However, some features might be limited to higher-tier plans, and the basic version might not offer all the tools needed for comprehensive financial management.

9. Simplifi

Simplifi by Quicken costs around $3.99 per month.

It offers features like:

Budgeting
Expense management
Financial goal setting

This tool is great if you want a straightforward, user-friendly way to manage your finances.

But, it may lack some of the more advanced features found in higher-priced financial management solutions—This might be a drawback if you need more extensive tools.

10. YNAB (You Need A Budget)

What is the best free personal finance software?

YNAB costs up to $14.99 per month or $99 per year and focuses on zero-based budgeting, where every dollar is allocated to a specific goal. This method helps you actively manage your budget and develop better financial habits.

YNAB is ideal if you want a structured approach to budgeting and are committed to following its principles.

The cost might be a barrier for some, and its budgeting methodology can take some time to get used to.

11. Empower Personal Wealth

Empower Personal Wealth (previously Personal Capital) offers free financial tracking tools along with optional paid advisory services through Empower. The platform is designed for retirement savings and investments.

The free version includes:

Net worth calculation
Investment tracking
Budgeting

It gives you a broad view of your financial health. If you’re interested in professional investment advice, the paid advisory service starts at $100K in investments, with a fee of about 0.89% of assets under management. The fee decreases as your investment balance goes up.

This service is useful for in-depth financial planning, but the cost might be high if you’re looking for lower fees or if you don’t have a significant investment portfolio.

12. Quicken Classic Deluxe

Quicken Classic Deluxe starts at $2.99 per month and offers features like:

Expense tracking
Budgeting
Bill management

It provides a comprehensive set of tools for managing your finances in one place. Quicken Deluxe is a solid option if you need a robust personal finance tool with various features.

However, it requires an annual subscription, which might not be ideal if you’re seeking a free or one-time payment solution.

Frequently Asked Questions

What is the best way to keep track of personal finances?

Use a tool that fits your needs. Mint™ is good for budgeting, Quicken™ and Personal Capital™ offer more features. Pick one that matches your goals and comfort level.

Is there a better financial program than Quicken?

Yes, depending on your needs. Personal Capital™ is strong in investment management, YNAB™ focuses on budgeting, and Mint™ is a solid free option. Choose based on required features.

Can you use accounting software for personal use?

Yes, software like GnuCash and Moneydance can manage personal finances. They offer budgeting and tracking but might be complex.

What is the best tool for financial analysis?

Personal Capital™ and Quicken™ are great for financial analysis due to their robust reporting features. Look for tools with strong reporting capabilities.

Do finance people use Excel?

Yes, finance professionals use Excel, Google Sheets, or similar spreadsheets, often alongside other financial software, based on their needs.

Final Thoughts

Choosing the best personal finance software depends on your needs, budget, and comfort level with technology. From free tools like Google Sheets and Mint to more advanced options like Quicken Deluxe and Personal Capital, there’s something for everyone.

Consider what features are most important to you, whether it’s budgeting, expense tracking, investment management, or credit monitoring. Remember, the right tool will help you stay organized, manage your money more effectively, and achieve your financial goals.

Explore the options, and pick the one that fits best with your personal financial strategy.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Are the Kwak Brothers Legit? What the Kwak Brothers Reviews Tell You

July 29, 2024 By Joe

If you’re diving into the world of real estate investment, you might have come across the Kwak Brothers. Sam and Daniel Kwak are well-known in this space, but you might be wondering whether they’re truly worth your attention.

Here, I explore who the Kwak Brothers are, what they do, and what reviews and other sources say about them to help you decide if they’re a good fit for your investment goals.

This is what’s in store:

Who are the Kwak Brothers?
What Do the Kwak Brothers Do?
Frequently Asked Questions
Conclusion: Are the Kwak Brothers Legit?

Who are the Kwak Brothers?

The Kwak Brothers, Sam and Daniel, are prominent entrepreneurs, real estate investors, mentors, and authors dedicated to helping you achieve financial peace of mind. They’ve made a name for themselves through their work teaching real estate investing and personal finance.

Their companies include:

Accelerated Banking, which helps homeowners pay off their mortgages faster using a proprietary strategy.
The Passive Income Mastery Program that coaches new investors to help them achieve substantial monthly income in a short period.
IBC Jumpstart, which offers an educational approach to financial independence through life insurance products.

Their expertise is widely-shared through social platforms like YouTube, where they provide valuable insights. They also host live speaking engagements where they motivate and educate prospective investors and those who want to increase their net worth.

In this case, “real estate investment” refers to a focus on raising capital and acquiring rental properties through owner financing—They also offer training on how to implement these strategies effectively.

Beyond investing, they serve as mentors, specializing in personal finance and real estate to help individuals secure a stable financial future.

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Who is Sam Kwak?

Sam Kwak is a prominent real estate investor and frontman of The Kwak Brothers. Before his career, he prioritizes being a devoted Christ-follower, father, and husband. Based in Chicago, Sam and his brother Daniel manage a real estate portfolio worth over $4.5 million.

Sam’s entry into real estate was sparked by a desire for financial freedom, and inspired by Rich Dad Poor Dad—He started by volunteering for a local investor, which he views as a shortcut to success. His first major deal came through social media, where he used owner financing to acquire a portfolio of single-family homes.

In 2017, Sam experienced significant growth, expanding his rental properties from zero to 75 units in just one year. His success is attributed to effective capital raising and seller financing. Sam also leverages his marketing and technology background to help property managers automate their businesses.

Sam’s YouTube channel, which was initially a real estate resource, now has over 780 videos and 348K followers. The Kwak Brothers channel now also includes political commentary, aimed at a conservative audience while subtly introducing real estate concepts.

Sam Kwak has co-authored at least one book. Break Free From Your Mortgage: The Secret Banking Strategy to Help You Pay Off Your Mortgage Fast by Sam Kwak and David Bruce reveals hidden traps in mortgages that keep homeowners in a cycle of endless interest payments. The book introduces a banking strategy that promises to help you pay off your mortgage in as little as 5-7 years without extra income, refinancing, or modifying loans.

Reviews on the book are mixed, and it has a 3.9-star rating overall. Some readers appreciate the powerful financial insights, while others feel the book focuses too much on upselling the authors’ services.

Who is Daniel Kwak?

In addition to co-managing The Kwak Brothers’ ventures, Daniel Kwak is the founder and Chief Investment Officer (CIO) of Miotti Partners Capital. Founded by Daniel at 26, Miotti Partners Capital is a core-satellite fund that pioneered the equities fund management model in the real estate industry.

His role at Miotti Partners Capital involves overseeing investments and building strategic relationships, complementing his responsibilities within The Kwak Brothers.

Daniel’s focus on raising capital and fostering relationships has been instrumental in the growth of their real estate ventures. Like his brother Sam, Daniel is deeply involved in both real estate investment and education.

Their partnership leverages Daniel’s strengths in capital raising and networking, while Sam focuses on marketing and systematizing their operations. Their combined efforts have established a robust platform for educating and empowering others in the realm of real estate investing.

Company Overview

While brothers began their real estate venture over a decade ago, Novo Elite Inc., the company doing business as The Kwak Brothers, is an Illinois-based corporation that’s been around since 2015, and is officially registered to Samuel Kwak. The company is active and in good standing with the Office of the Illinois Secretary of State.

Over the past decade, the business has evolved to offer a range of educational resources and services aimed at aspiring investors—They’ve maintained a strong presence in the real estate field for several years, continuously updating their content and services to reflect current market trends.

Reviews on sites like the Better Business Bureau (BBB) are mostly positive. A majority of clients find their advice and training beneficial, while a few express concerns about the value and effectiveness of their offerings.

At any rate, they run a real business, registered and in good standing across the board. And, I couldn’t find any major complaints or lawsuits against Novo Elite, which is a good sign.

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What Do the Kwak Brothers Do?

The Kwak Brothers offer several services designed to help individuals succeed in real estate investing and financial management. Here’s a closer look:

1. Learn to Pay Off Your Mortgage Early

The Kwak Brothers’ key offer is a program called Accelerated Banking—the value proposition is that you can pay off your mortgage in five to seven years. Accelerated Banking promises a practical way to pay off your mortgage early using a Home Equity Line of Credit (HELOC). It’s run by Sam and Daniel Kwak and David Bruce (co-author of Break Free From Your Mortgage). Allegedly, the group has a combined 70 years of investment experience.

According to real user reviews, students seem to learn how to use HELOCs to reduce their mortgage term, manage their finances better, and save significantly on interest payments—Reviewers mention the program’s detailed guidance, personalized strategies, and accessible educational resources.

So, you should be able to expect a tailored approach that aligns with your financial goals, ongoing support from knowledgeable advisors, and a community of like-minded individuals all working towards financial freedom.

Kwak Brothers Facebook Accelerated Banking

Accelerated Banking’s facebook page has 1.2K followers and a bit of engagement on their posts. Their free webinar introduces what they will teach in their training. And, rather than paying off your mortgage in five to years, the cited results are actually of people who cut five to seven years off their mortgages.

My first impression in that the offer is a bit misleading, but still could be valuable.

2. Create and Scale Your Passive Income

Passive Income Mastery promises hands-on coaching, an inspirational community, and virtual education to help you achieve your real estate goals. According to trainee reviews, students find the coaching effective and appreciate the supportive community—They feel empowered by the expert guidance and resources available.

When you join, as with Accelerated Banking, you can expect personalized coaching, access to proven strategies, and a network of like-minded individuals working toward financial freedom through real estate investing.

The program starts with a free training webinar that covers:

Creative financing ideas
How to fund down-payments owner financing
How to create your passive income stream

I popped into the webinar myself, and I didn’t like that it was set up to appear like a “live training” with over 100 viewers (Passive Income Mastery’s Facebook page only has 260 total followers). I could tell the training was pre-recorded and that Alonzo T and Britt P were fake viewers—And, I don’t love a lack of transparency.

Be that as it may, the webinar did provide a solid intro to what the training should cover, and it was completely free to check out.

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3. Learn the Infinite Banking Concept

The Kwak Brothers’ IBC Jumpstart is a deep dive into the infinite banking concept (IBC). IBC is a financial strategy that uses whole life insurance policies to create your own personal banking system.

Originally coined by Nelson Nash, the IBC lets you borrow against the cash value of your life insurance instead of going to a bank for loans—This way, you can finance big expenses, like buying a car or starting a business, while your policy continues to grow. The idea is to build wealth with your policy’s cash value, which you can access tax-free and pay back on your schedule.

IBC Jumpstart offers free access to their Infinite Banking Masterclass. This includes a 6-video course to teach you how to manage your finances by becoming your own bank. After completing the course, you can schedule a one-on-one consultation with a wealth coach to set up your IBC policy.

The aim of the masterclass is to help you understand and implement the Infinite Banking Concept for better financial control.

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Frequently Asked Questions

Who are the Kwak Brothers?

Sam and Daniel Kwak are well-known for their work in real estate and financial education. They focus on providing training, coaching, and resources to help individuals achieve financial success through real estate investment.

What is the Kwak Brothers’ net worth?

Exact figures on their net worth are not publicly available. However, they are recognized as successful entrepreneurs in the real estate sector, with at least $4.5 million in combined real estate holdings.

What do the Kwak Brothers reviews say?

Reviews about the Kwak Brothers are mostly positive. Some people appreciate their detailed advice and practical tips, while the minority question their marketing practices and the effectiveness of their programs.

Conclusion: Are the Kwak Brothers Legit?

The first thing I will say that I don’t love about these offers is that it’s very difficult to find the pricing for all of the Kwak Brothers’ offers. Moreover, their training intros are slightly misleading.

With that said, The Kwak Brothers have made a significant impact in real estate and financial education. They offer a few different resources and services aimed at helping you succeed. While they have a notable online presence and their reviews are resoundingly positive, I’m on the fence with this one.

If you’re thinking about signing on to one of the Kwak Brothers’ offers, research thoroughly, weigh the feedback from different sources, and determine if their approach aligns with your investment goals.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days so you can invest in your financial future? Join Business Credit Workshop today!

The CEO Creative Net 30 Review: Is it Worth Your Time?

July 28, 2024 By Joe

When you’re building business credit, you should be on the lookout for vendors that can report on-time payments to business credit bureaus—This can help you establish your company as a responsible entity that can later obtain larger lines of business credit. The CEO Creative is one such vendor that has a particularly interesting offer.

Here, we’ll look at the offer in full. Then, you can decide if you want to

This is what’s in store:

What is the CEO Creative?
What Does the CEO Creative Do?
Alternatives to CEO Creative
How Do You Cancel CEO Creative?
Conclusion: Is The CEO Creative Legit?

Now, let’s get to it!

What is the CEO Creative?

The CEO Creative offers a Net 30 account specifically designed for US-based businesses. They have a minimum requirement of being operational for at least 30 days and maintaining a clean payment history.

The CEO Creative net 30 program provides access to a diverse range of products and services including:

Branded apparel
Office supplies
Electronics
Logo & web design
More

By opting for their net 30 account, you can enjoy benefits such as interest-free purchases, automated accounting reports, and online support—This setup is meant to help you manage cash flow effectively by allowing up to 30 days to settle payments after purchase, streamlining your accounting processes, and aiding in inventory and profit forecasting.

Once you sign up, you may be able to access a CEO Creative coupon code on their Special Offer page.

The best part? CEO Creative is designed to help you build credit by reporting on-time payments to business credit bureaus.

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The CEO Creative Requirements

Does The CEO Creative report to Dun and Bradstreet

To qualify for The CEO Creative Net 30 account, your business must meet several key criteria:

It should be located in the United States
It must have been operational for at least 90 days.
It needs a clean payment history with no late payments.

Additionally, there’s an annual fee of $49 upon approval, and a minimum order of $40 is required when shopping via Net 30.

Now, there are some considerations. If payments are not made on time, it could negatively impact your business credit when reported. And, CEO Creative does not report to Dun & Bradstreet (D&B), which could be a drawback since D&B is often used by lenders to evaluate business credit.

Who Does CEO Creative Report to?

CEO Creative reports to Equifax Business—Again, they do not report to D&B. Information reported to Equifax Business does not automatically transfer to Dun & Bradstreet, and vice versa.

Equifax Business and D&B are two separate entities that collect and analyze business credit information independently. While they both gather data from various sources like trade credit, public records, and financial institutions.

So, if you leverage this service, it will help you build your Equifax Business credit profile, but not your D&B business credit score.

Company Overview

The CEO Creative, or CEO Creative Inc., is a Florida-based business that officially filed articles of incorporation in 2020. So, they’re only a few years old. It was founded by Plato, LLC, an entity registered at the same address (on West Dixie Highway in Aventura, Florida).

The CEO Creative reports to which credit bureaus?

Plato LLC is registered to one Nir Appleton. The only person I found with this name in the area is also the CEO of Simplio Web Studio, and previously worked as:

The Advertising Director at Pita Plus
The President of Hot Buckles, Inc.
The Office and Online Marketing Manager at AAB Style, Inc.

Simplio Labs Inc. is also registered with Florida Sunbiz under Plato, LLC, so I think it’s safe to assume this Nir Appleton is the one behind CEO Creative’s offer—I can’t speak to his business credit authority, but he seems to have diverse entrepreneurship experience.

I wasn’t able to scrape up anonymous reviews from CEO Creative staff on Glassdoor or any other sites, which tells me the company is small. And, they don’t have a Trustpilot platform or any reviews on Reddit. However, they do have a Better Business Bureau profile, where they maintain an A- rating, despite not being BBB accredited.

The CEO Creative has a handful of BBB complaints. Customers accuse them of refusing to close accounts and issue refunds, shipping products despite cancellation requests, and reporting them to credit bureaus without proper notification.

These Complaints also mention:

Defective products
Poor customer service
Unprofessional behavior
Failure to report on-time payments to credit agencies as promised

The company’s responses have all been satisfactory to the BBB, and all complaints have been closed.

I would like to see a bit more transparency into the company leadership and will watch to see where they stand in a couple of years, when the business is more established. But, in all, this is a legit company, actively registered and in good standing in the state of Florida.

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What Does the CEO Creative Do?

In sum, The CEO Creative sells product on a net 30 terms offer, and promises to report on-time payments to Equifax Business. Here are the offers that you can take advantage of to build your business credit with this company.

1. Physical Products

As a business owner, you can find a wide variety of physical products from CEO Creative to support your needs. Their offerings include apparel, electronics, and phone accessories, which can be essential for your daily operations. For your office, they provide supplies and customizable products to help you stay organized and professional.

If you want to promote a healthy workplace, you can also explore their gym equipment and health and wellness items. And, they have a range of items like gift baskets, coffee, diffusers, beanies, tape, tumblers, toys, and water bottles, which can be useful for employee gifts or office use.

Let’s compare CEO Creative’s prices to major retailers like Amazon and Walmart:

Envelopes: CEO Creative (40/pack) $3.79 vs. Walmart (45/pack) $5.00
Pencils: CEO Creative (12 ct) $2.50 vs. Amazon (12 ct) $6.00
Sticky Notes: CEO Creative (100 ct, 4/pack) $3.99-$5.99 vs. Amazon (4/pack) $8.00
Correction Fluid: CEO Creative (2/pack) $3.49 vs. Walmart (2/pack) $4.50
Coffee Tumbler: CEO Creative (14oz) $19.99 vs. Amazon (16oz) $17.00
Wireless Camera: CEO Creative $57.99 vs. Amazon $35.00

CEO Creative’s prices are often competitive and sometimes significantly lower, though some items are more expensive. When you’re building business credit, you don’t necessarily need to bargain shop since most of what you purchase for your business you can write off on your taxes. Always speak to an accountant for personal tax advice.

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2. Logo & Business Card Design

CEO Creative offers two graphic design services:

Professional Logo Design is priced at $199, down from $299. This fee covers a modern, high-quality logo, with the design process starting within 48 hours and usually completed in a week. The price seems reasonable compared to the average market rate for professional logo design, which often ranges from $200 to $500.
Business Card Design costs $159. This includes a PNG file and an editable PDF of your business card. Note that printing is not included and is offered separately. This price is on par with industry standards, though it does not cover printing, which is an additional expense.

Overall, the prices are competitive, but be aware that printing services are not included and must be arranged separately.

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3. Business Design Templates

CEO Creative offers a range of downloadable business design templates that can be useful for various business needs:

Business Plans: Templates for business plans include a 5-year plan at $7.99 for 30 pages, a more detailed 48-page version at $9.99, and specialized plans for industries like Airbnb, beauty, and cleaning, generally priced between $6.99 and $12.99. These prices are reasonable compared to similar templates available in the market, which often range from $10 to $20.
Email Newsletters: Templates for email newsletters come in bundles of 30, 50, and 100 pages, with prices ranging from $7.99 to $12.99. These costs are in line with industry standards for professional email templates, which typically range from $10 to $20.
Social Media Templates: For Instagram, options include templates for posts, stories, highlights, and more. Prices range from $9.99 to $12.99, which is reasonable for social media design resources. Similar bundles from other providers are usually priced between $10 and $20.
Miscellaneous Templates: Other offerings include various business templates like mini bundles at $4.99 and niche bundles for real estate or small businesses, priced around $6.99 to $7.99. These prices are competitive and fall within the typical range for business template bundles.

Overall, the prices for these templates are competitive and reasonable, offering good value for digital design resources. Note that printing is not included and must be arranged separately.

Note that a Canva Pro account starts at $12 per month and you can access premium designs if you want to take a stab at your own designs on the platform.

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4. Printing Services

CEO Creative’s printing services include a variety of products suited for business needs:

Bumper Stickers: Priced at $85.00 for a set of 50, these are made from glossy, premium outdoor vinyl with a 3-year durability. This price is reasonable for high-quality, long-lasting bumper stickers.
Car Door Magnets: Available in sets of two, with prices ranging from $50.00 to $125.00 depending on size and customization. This is a competitive rate for mobile advertising.
Business Cards: Matte business cards are $124.95 for 1K cards. These prices reflect the high quality and variety of finishes available, fitting industry standards for premium business card printing.
Brochures: Short-run brochures start at $202 for 50, which is typical for smaller print quantities.

Note that CEO Creative offers several types of business cards, including matte, uncoated, and soft-feel options, to suit different needs and preferences.

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5. Web Packages

CEO Creative offers a few web packages designed to meet various business needs:

Standard 1 Page Website: At $49 per month for 12 months, this basic package includes a personalized design, secure hosting, regular maintenance, and text content write-up. There’s a $100 setup fee—This option is suitable for simple needs but may not be ideal if your business requires more extensive features or additional pages.
Business Website: For $95 per month for 12 months, you get all the features of the Standard plan plus up to 5 pages, website analytics setup, and monthly scans and updates. The setup fee is $179—This plan is a good middle ground for small to medium-sized businesses that need a bit more depth and functionality.
Sell Online E-Commerce Website: Priced at $195 per month for 12 months, this plan includes everything in the Business Website package plus up to 10 static pages, unlimited product pages, a free domain name, and 3 hours of remote training. There’s a $299 setup fee—This package is suited for businesses looking to sell products online and need a more robust e-commerce platform.

If you need a more complex website, including features like a blog, you can request a quote. Custom projects involve revolving monthly payments and vary in cost based on the project’s scope—This option allows for more tailored functionality but requires direct discussion with the service provider.

The prices for these packages are competitive and reflect the inclusion of design, development, hosting, and maintenance.

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Alternatives to CEO Creative

The CEO Creative is not your only option for net 30 spending that reports your on-time payments to business credit bureaus. In fact, there are tons of companies that do just this.

On our blog, we have a list of net 30 vendors, and give access to our full list to Business Credit Workshop members. However, there aren’t a ton of graphic and web design services that report on-time payments to business credit bureaus—this is where The CEO Creative stands out. But, they’re not your only option.

There are alternatives to CEO Creative that offer graphic design and/or web packages. For example, Fidextech specializes in web design and digital marketing services such as PPC ads, SEO, and logo design.

Growegy provides marketing tools and services, including marketing AI software, a project management calendar, and marketing agency services—they also offer annual and monthly payment plans.

NAMYNOT offers a range of digital marketing services, including SEO, content writing, social media management, PPC, and web design and development.

Meanwhile, Office Garner includes website design services as part of their offerings.

All of these vendors can help with graphic design and web-related needs while offering net-30 terms to build business credit. I always recommend you shop around and find the right offers for you.

How Do You Cancel CEO Creative?

To cancel your account or services with CEO Creative:

Call The CEO Creative customer service number at (754) 755-0445.
Have your account information ready to help expedite the cancellation process.
Request confirmation of your cancellation to ensure that all services have been terminated and that you won’t incur further charges.

And, it’s always a good idea to ask for email verification when you cancel a service.

Conclusion: Is The CEO Creative Legit?

CEO Creative is a legitimate company with a unique offer that allows you to build your business credit while accessing a range of useful products and services. They provide net 30 terms and report to Equifax Business, which can help strengthen your credit profile.

Though they’ve faced some customer complaints, their BBB rating and active registration in Florida add to their credibility. And while they don’t report to Dun & Bradstreet, you can still benefit from building out your Equifax business profile.

If their offer aligns with your needs (and you’re comfortable with their terms), CEO Creative could be a valuable tool in your business credit-building strategy. Always do your research and consider all your options before making a decision.

Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Newegg Net 30: Build Business Credit Shopping for Electronics

July 13, 2024 By Joe

If you’re a business owner who wants to build business credit, and you’re in need of any of Newegg’s range of electronics, you may be interested in Newegg net 30 payment terms. Using their net 30 terms responsibly, you can get your on-time payments reported to business credit bureaus…But, is it worth it?

Here, I’ll explain exactly what you can expect with Newegg net 30, from the product offer to how to apply, and how your payments can impact your business credit. I’ll share everything I know.

This is what’s in store:

What is Newegg Net 30?
How to Get a Newegg Business Account & Apply for Net 30 Terms
What Does Newegg Net 30 Do?
Frequently Asked Questions
Final Thoughts

Now, let’s dive in!

What is Newegg Net 30?

Newegg Net 30 is a “buy now pay later” credit line offered to businesses through Newegg Business, which allows you to manage your purchases with ease (and build credit). With Net 30 terms, you have 30 days to pay for any purchases, free of fees—This flexibility helps with managing your cash flow, giving you extra time to settle your invoices.

The service includes a centralized account management dashboard for primary users, which enables easy access to view and manage all your invoices in a printer-friendly PDF format. You can also manage and increase your spending limits as needed.

To apply for Newegg Net 30, you need a Newegg Business account. The application process takes approximately 3-5 business days, and approval notifications are sent via email.

After that, you can make purchases with net 30 terms (or net 55) and Newegg will report your on-time payments to Dun & Bradstreet and Equifax Business. In turn, on time payments will contribute to an increased business credit score.

What Does Newegg Offer?

Newegg offers a comprehensive range of electronics and IT products tailored for businesses. Their selection includes:

Computer hardware
PCs and laptops
Data storage solutions
Networking equipment
Servers
IT solutions

They also provide computer peripherals, POS and digital signage, business software, and office supplies. Additionally, Newegg has products in the automotive and industrial sectors, as well as a variety of refurbished items.

Whether you need business laptops, desktops, docking stations, printers, or software, Newegg has a wide array of products to meet your business needs.

You might also like: Summa Office Supplies: Should You Leverage Net 30 Terms?

Newegg Net 30 Requirements

Newegg Business serves all sized businesses, education institutions, government entities, healthcare procurement, and VARs & SIs—To apply for Newegg Net 30 terms, you need to make sure you meet several key requirements.

First, you must have an active Newegg Business account—This account serves as the foundation for managing your transactions and credit terms with Newegg. Only the primary account holder is eligible to apply for Net 30 terms, although they can authorize sub-users under the account to use the credit line.

You will also need to provide your organization’s DUNS number, a unique identifier often required for business credit applications.

Moreover, gather essential business information including your:

Registered business name (with DBA if applicable)
Federal tax ID or Employer Identification Number (EIN)
Organization phone number
Registered business address
Your organization’s website URL

You also need a business email address to create a Newegg Business account to apply for Net 30 terms. This email will serve as your login for the account and will be used for communication regarding your Net 30 terms application and other account-related matters.

Lastly, ensure you have user information ready for the primary user who will manage the account, including their first and last name, job title, a business email domain, and a chosen password.

You might also like: Free, Printable Business Credit Application Template (Plus, How to Use it)

Company Overview

Newegg Business Inc. is a Los Angeles-based, for-profit eCommerce company that was founded in 2001 and officially established as a subsidiary of Newegg Inc in 2011. The company is currently active and in good standing with the California Secretary of State.

Newegg’s current CEO, Anthony Chow, has been with the company since 2006, and has a strong executive background, having previously worked with STI corp, Otto Group, and Haier.

However, they have a below industry average rating on Glassdoor, where employees are fairly unsatisfied with their treatment. Newegg has a 2.2-star rating on the platform, with particularly low senior management ratings.

While staff opinions can tell you a lot about a company, customers are even more important to listen to. NeweggBusiness has garnered a poor TrustScore of 2 out of 5 on Trustpilot from 12 reviews.

Trustpilot complaints primarily focus on issues such as poor customer service, delays in order processing and delivery, product quality concerns, and difficulties with returns and refunds. Keep in mind, this sample is rather small, and people are more likely to leave a review when they’re upset than when they’re satisfied.

I found one lawsuit targeted at Newegg Business Inc., which was filed by Rose Moroso for personal injury that doesn’t fall under other specified categories. The case is currently pending in the Chatsworth Courthouse of the Los Angeles County Superior Courts in California.

Because the case is pending, I can’t speak to any conclusions that might be drawn.

In all, the Newegg Business Inc., the company that oversees Newegg Net 30, is a legitimate business, but they may have some issues with customer service and employee satisfaction.

You might also like: How to Use a Home Depot Business Account to Boost Your Credit

How to Get a Newegg Business Account & Apply for Net 30 Terms

Applying for Newegg Net 30 terms is straightforward if you follow these steps:

Log into your existing Newegg Business account or create a new one if you haven’t already.
Navigate to your account dashboard where you’ll find the “Apply” link within the Net 30 Term Account section. Click on this link to access the application form.
Fill out all required fields accurately and completely, Make sure that all business and user information is correct and up-to-date.
Submit the application form electronically through the provided interface.

Processing typically takes 3-5 business days, so you’ll have to wait—You will receive an email that notifies you of your application status. If Newegg requires additional information or verification, they will contact you using the primary email associated with your account.

For further assistance or questions about the application process, contact Newegg Business directly at (888) 482-6678 or email sales@Newegg Business.com.

You might also like: This is How to Get Grainger Net 30 Terms (+Build Business Credit)

What Does Newegg Net 30 Do?

Newegg Net 30 offers businesses a valuable financial tool by providing a flexible payment option for purchasing electronics and other essential products. This payment term allows businesses to manage their cash flow effectively, balancing immediate operational needs with financial stability. It’s akin to having a line of credit tailored to your purchasing needs, offering convenience and flexibility in procurement.

1. Comprehensive Product Offer

Newegg boasts a diverse array of electronics, hardware, and software products suited for businesses across various industries. From high-performance computing equipment to everyday office supplies, Newegg covers a wide spectrum of business needs.

Now, Newegg’s prices aren’t the best. To show you an example, I pulled two products at random:

Newegg has the highest advertised price on the Brother IntelliFax-2840 High-Speed Laser Fax.

But, their price for the Acer Nitro XZ271U 27″ 1500R Curved Zero-Frame Monitor is competitive.

While prices on Newegg may sometimes be higher, the convenience and deferred payment option can outweigh the slight premium. And, compared to other net 30 vendors I know of, their prices don’t seem to be marked up quite as much—I believe this is because they work with various vendors, which drives competitive pricing.

When shopping on Newegg, consider the total cost of ownership rather than just the upfront price. Factor in the convenience of deferred payment and the business credit-building potential, which has value in itself. And, keep in mind that you can probably write off some of these purchases, though you’ll have to ask your accountant to be sure.

You might also like: Is Dell Business Credit Worth Your Time?

2. 30 or 55 Days to Pay

The 30-day and 55-day payment windows that Newegg Business Net 30 and Net 55 offer can significantly impact your business finances by providing a buffer in cash flow management—This period allows you to procure necessary equipment or supplies without immediate financial strain. Buying now and paying later can preserve liquidity for other expenses.

However, it’s super important to honor payment deadlines diligently to avoid late fees and maintain a positive relationship with Newegg Business. When you don’t pay on-time, you’re at risk of having this reported to business credit bureaus as well, which can negatively impact your business credit.

Note: Newegg’s Net 55 terms are harder to come by and offered through Synchrony Bank (accessible after your business credit is established).

Use your 30-day or 55-day payment term strategically to optimize your cash flow. By timing your purchases and payments just right, you can synchronize cash inflows and outflows, which can make your business finances more stable. And, along with other vendor offers like Uline Net 30 or Amazon Net 30, you can use your purchases to boost your business credit score.

You might also like: Using 30 Day Net Vendors to Build Your Business Credit Score

3. Reasonable Application Process

While instant account approval isn’t an option, Newegg’s Net 30 application process is straightforward and typically processed within 3-5 business days. You are required to furnish basic business information and undergo a credit evaluation—This cautious approach helps make sure that credit terms are extended responsibly.

You can get your business matched with suitable purchasing power without unnecessary delays. You can also treat the application process as an opportunity to assess your business’s financial health—By understanding your creditworthiness and how it’s perceived by vendors like Newegg, you can proactively manage and improve your business’s financial standing over time.

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4. Reports to Business Credit Bureaus

One of the standout benefits of utilizing a Newegg Net 30 account is that they report on-time payments to business credit bureaus. This helps establish and strengthen your business credit profile, potentially opening doors to better financing options and vendor relationships in the future.

On the other hand, failing to pay on-time can negatively impact your credit score, limiting your access to favorable terms from other suppliers and financial institutions.

And, some people have cited that they don’t report frequently or that their payments weren’t reported at all. Whether this is true or not, I can’t personally speak to.

Look at your net 30 account, not just as a purchasing tool, but as a means to build long-term financial credibility. Consistent, timely payments demonstrate reliability and responsibility, which can enhance your business’s reputation and negotiating power in the marketplace.

You might also like: 2 Additional Vendors that Report to DNB Automatically

5. Affiliate & Reseller Programs

Newegg Business offers two key programs beneficial for small businesses interested in leveraging their offerings and utilizing Net 30 terms.

The Affiliate Program allows you to earn commissions by referring customers to NeweggBusiness through their websites. It’s free to join, requires no startup or maintenance fees, and provides easy-to-use marketing tools such as text and banner links.

You can promote a wide range of products including:

Computer electronics
Office supplies
Networking gear

The Reseller Program enables you to sell directly on Newegg’s platform, which reaches over 350,000 verified business customers and taps into a global marketplace of over 37.3 million customers. Sellers benefit from low commission rates applied only to successful sales, along with tools like Shipped By Newegg (SBN) for streamlined fulfillment services.

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6. Rewards Program

Newegg Business Rewards is a loyalty program where you earn “BizPoints” based on your purchases, with higher tiers offering increased benefits.

At the Platinum level (for purchases over $20K), you earn 2 BizPoints for every $2 spent, along with perks like hassle-free returns and discounted Saturday deliveries.
Gold level members (spending up to $5K), earn 1.5 BizPoints per $2, with benefits including free shipping on eligible orders over $500.
Silver level (for purchases up to $4,999), earns 1 BizPoint per $2, and provides access to exclusive offers.

So, purchases on the platform are incentivised.

You might also like: Full Shopify Credit Review: Are the Cashback Rewards Legit?

Frequently Asked Questions

Can you finance a PC on Newegg?

Newegg offers financing options through partners, including terms like Net 30 and Net 55, allowing you to finance purchases, including PCs.

Does Newegg let you make payments?

Yes, Newegg accepts various payment methods, including credit/debit cards and financing options such as Net 30 and Net 55, tailored to different purchasing needs.

Does Newegg report to Dun & Bradstreet?

Yes, Newegg Business reports net 30 payment history to Dun & Bradstreet and Equifax Business. Timely payments can positively impact your business credit profiles with these bureaus.

How many Net 30 accounts should you have?

It’s recommended to have a few well-managed Net 30 accounts to build your business credit effectively. Aim for a manageable number, typically ranging from 2 to 5 accounts, depending on your business’s size and credit goals.

What is the Newegg scandal?

The Newegg scandal involved a situation where a customer returned an open-box motherboard to Newegg, but upon receiving it, Newegg claimed it was “damaged.” This assertion was contested and, despite the controversy, Newegg eventually resolved the issue by offering a refund to the buyer.

Final Thoughts

Newegg Net 30 offers a strategic way to manage cash flow while building your credit profile through timely payment and reporting to business credit bureaus—This service provides flexibility with 30-day repayment terms, which enables you to access a wide range of electronics and IT products without immediate financial strain.

Despite some concerns about customer service and employee satisfaction, Newegg Business Inc. remains a viable option for businesses seeking to optimize purchasing power and enhance their creditworthiness in the marketplace.

If you’re considering leveraging Newegg Net 30, weigh its benefits against potential drawbacks to make an informed decision for your specific circumstances.

Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

9 Best Business Credit Books Worth Reading in 2024

July 7, 2024 By Joe

The best way to get business credit is to research and learn everything you can about the process. But, that doesn’t mean you should believe everything you read or hear. The best business credit books are those that provide practical advice, real-world examples, and proven strategies from experts who have successfully navigated the business credit landscape.

Here, I share the best business credit books you can invest in to get tangible results.

This is what’s in store:

What are the Best Books on Business Credit?
- 4 Best Books on How to Build Business Credit
- 5 Best Credit Repair Business Books
Bonus Tips to Build Business Credit Fast
Frequently Asked Questions
Obtain Up to $100K in Business Credit With Business Credit Workshop

Now, read on!

What are the Best Books on Business Credit?

Business credit books tend to fall into one of two categories.

Books on how to build business credit
Credit repair business books

So, I’ve included a section here for each segment. First, we’ll look at the best books for small business owners that want to learn how to build business credit. Then, we’ll explore the best books for credit repair business owners.

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4 Best Books on How to Build Business Credit

Instead of just relying on your own money, traditional loans, or investors, learning how to build business credit gives you a smart way to access funds that fit your business needs.

These books can help you keep your personal and business finances separate, lower financial risks, and set your business up for steady growth by using credit wisely and responsibly.

1. The #1 Technique to Get No-Doc Lines of Credit

The free report on how to obtain up to $100K+ in business credit in 30 days offers a shortcut to acquiring significant business credit quickly, highlighting strategies to secure financing without traditional financial documentation. It outlines essential steps for building a strong business credit profile, the best tradelines for business credit, and identifies top lenders offering lines of credit and credit cards without the need for income verification.

You’ll need to upgrade to a membership for detailed criteria for lender qualifications and comprehensive strategies for long-term credit management. This report is ideal for small business owners who want rapid access to business credit.

> Get The #1 Technique to Get No-Doc Lines of Credit

2. LLC QuickStart Guide

If you’re looking to build business credit, the “LLC QuickStart Guide” by Matthew C. Lewis is a must-read. It covers the essential steps to form a Limited Liability Company (LLC), which is crucial to protect your personal assets and professionalize your business—This book addresses the complete LLC formation process across all 50 states, from documentation and compliance to writing Articles of Organization and an Operating Agreement.

It also simplifies LLC taxes and offers strategies to minimize tax liabilities. While it’s excellent for understanding the foundational aspects of LLCs and asset protection, you’ll still need additional resources on specific business credit-building strategies and maintaining a strong credit profile over time.

3. Small Business Finance for the Busy Entrepreneur

“Small Business Finance for the Busy Entrepreneur” by Sylvia Inks is invaluable when you’re looking to build business credit because it focuses on practical financial strategies essential for sustainable business growth. It addresses crucial elements such as how to understand business finances, manage cash flow effectively, and make informed financial decisions—all vital to lay a solid foundation to qualify for and manage business credit.

This book stands out by offering step-by-step instructions and real-life case studies that illustrate the impact of financial management on business success. However, while it excels in financial management tips, you’ll still need to supplement with resources specifically tailored to building and managing business credit profiles, including nuances of credit reporting and strategies to establish credit relationships with lenders effectively.

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4. How to Win Friends and Influence People

When you’re aiming to build business credit, “How to Win Friends & Influence People” by Dale Carnegie offers timeless insights that can be instrumental, especially in networking with local banks—a critical aspect of credit building. This classic emphasizes interpersonal skills crucial for fostering positive relationships, which are vital when approaching lenders for business credit.

It addresses foundational elements like building rapport, understanding others’ perspectives, and influencing decisions positively. However, while it excels in interpersonal strategies beneficial for networking, you’ll need additional resources focused specifically on financial literacy, credit reporting nuances, and practical steps to establish and maintain a robust business credit profile effectively.

You might also like: 3 Best Credit Unions for Small Business Banking in 2024

5 Best Credit Repair Business Books

Instead of relying solely on personal strategies or generic financial advice, learning from credit repair business books provides you with specialized knowledge to effectively navigate the complexities of offering credit repair services.

These books offer targeted insights into:

Improving credit scores
Disputing inaccuracies
Guiding clients toward financial health

They equip you with proven techniques and legal guidelines essential for helping individuals and businesses regain financial stability and achieve their credit goals responsibly.

1. Credit Secrets

“Credit Secrets” by Scott and Alison Hilton is ideal for anyone diving into the credit repair business because it delves into practical strategies that helped the authors overcome financial challenges.

It covers essential elements like:

Understanding credit repair techniques
Negotiating with creditors
Leveraging legal protections for consumers

This book provides valuable insights into building a credit repair business by sharing personal experiences and proven methods that can help clients improve their credit scores.

However, while it offers foundational knowledge and success stories, you’ll need additional resources to navigate legal complexities, stay updated on industry regulations, and master advanced credit repair techniques.

2. How to Remove All Negative Items From Your Credit Report

The book ‘How to Remove ALL Negative Items from your Credit Report’ by Riki Roash is a valuable resource for anyone starting a credit repair business because it provides a straightforward, do-it-yourself approach to removing derogatory items from credit reports.

It’s particularly useful for understanding the exact steps professionals use to dispute and remove negative marks, such as charge-offs, bankruptcies, and late payments, which is essential knowledge in the credit repair industry. By following Roash’s step-by-step guide, aspiring credit repair professionals can learn how to navigate the credit reporting system effectively and help clients improve their credit scores.

However, while this book offers practical methods for disputing negative items, building a successful credit repair business also requires understanding consumer protection laws, ethical guidelines, effective client communication, and ongoing updates on credit industry regulations. This additional knowledge ensures compliance and enhances the credibility and effectiveness of the credit repair services provided.

You might also like: Is Credit Suite Legit? — A Business Credit Expert Review

3. Rapid Results: Credit Repair Credit Dispute Letter System

“RAPID RESULTS Credit Repair Credit Dispute Letter System” by John D Harris is a valuable resource for anyone entering the credit repair business because it offers a comprehensive system backed by the author’s extensive expertise in finance and credit management.

Harris, with a background as a loans officer and Credit Bureau Manager, provides insider knowledge on effective credit dispute strategies and how to navigate recent legal changes affecting credit repair practices—His inclusion of attorney-written dispute letters and direct email support makes this book particularly practical for beginners looking to initiate credit repair services.

However, while it covers essential dispute tactics and provides direct access to the author for guidance, aspiring credit repair professionals will still need to deepen their understanding of compliance with the Credit Repair Organizations Act (CROA), maintain awareness of evolving industry standards, and develop additional skills in client communication and service delivery.

You might also like: Credit Repair Cloud Reviews Examined: Is This Offer Legit?

4. The Culture Code

“The Culture Code” by Daniel Coyle is a valuable resource for anyone entering the credit repair business because it provides essential insights into building a cohesive and motivated organizational culture, which is crucial for fostering teamwork and achieving business success.

Coyle explores how successful groups like SEAL Team Six and IDEO cultivate strong cultures of:

Trust
Collaboration
Innovation

The practical strategies that can be applied to any organization, including credit repair firms—It addresses key elements such as fostering trust among team members, promoting effective communication, and creating an environment where learning and adaptation thrive.

However, while it excels in explaining the dynamics of successful group cultures, aspiring credit repair professionals will still need to focus on specific industry knowledge like consumer credit laws, ethical practices in credit repair, client management strategies, and the latest developments in credit reporting and scoring systems.

You might also like: From Hire to Retire – Finding & Engaging a Committed Workforce

5. Governance, Risk Management, and Compliance

“Governance, Risk Management, and Compliance” by Richard M. Steinberg is a valuable read when you’re venturing into the credit repair business because it offers deep insights into how effective governance and risk management strategies can safeguard businesses against pitfalls and enhance long-term success.

Steinberg, a renowned expert in corporate governance, provides practical guidance on how to establish:

Robust processes
Organizational structures
Essential technologies

You can use this information to achieve your goals while navigating regulatory landscapes. The book delves into critical elements like compliance programs, risk management practices, and the board’s role in overseeing corporate strategy and performance measures.

However, while it addresses foundational aspects crucial for business stability and growth, aspiring credit repair professionals will need to complement this knowledge with specific expertise in consumer credit laws, effective dispute resolution techniques, client relationship management, and ongoing industry developments.

You might also like: Business Credit Repair: How to Get Your Business Credit Back on Track 

Bonus Tips to Build Business Credit Fast

Here are some essential tips to guide you as you build your business credit profile:

Start small — Begin with smaller credit lines and manage them carefully. This approach demonstrates reliability to future lenders and sets a strong foundation.
Always pay your bills on time — Timely payments are crucial for building a solid credit reputation and unlocking larger credit opportunities in the future.
Diversify your credit — Explore various credit options such as business credit cards, trade lines with suppliers, and small lines of credit. This diversification reduces financial risk and showcases your ability to manage multiple credit relationships effectively.
Build relationships with lenders — Foster positive connections with lenders and vendors who report to business credit agencies. Their endorsements can significantly enhance your credit standing and lead to better terms.

Remember, building business credit is a gradual process. Each strategic step you take strengthens your business’s financial health and opens doors to greater growth opportunities.

Frequently Asked Questions

What is good credit to start a business?

A good personal credit score to start a business is typically 700 or higher. But, having a strong business credit profile is equally important, which involves having a solid payment history, low debt levels, and positive relationships with lenders and vendors.

Can I get credit with my LLC?

Yes, you can get credit with your LLC. Establish business credit by obtaining an Employer Identification Number (EIN), open a business bank account, access tradelines that report to business credit bureaus, and apply for the right business credit cards or lines of credit. Keep personal and business finances separate to build a strong business credit profile.

How to get a 100 business credit score?

To achieve a perfect 100 business credit score, pay all your bills on time or early, maintain low credit utilization ratios, and establish diverse credit accounts such as trade lines and business credit cards. Regularly monitor your business credit reports for accuracy and develop strong relationships with vendors who report to credit bureaus.

How do I get my first business credit line?

To get your first business credit, register your business and get an EIN. Open a business bank account, apply for a business credit card or a small line of credit, and establish trade lines with vendors that report to business credit bureaus. Ensure all payments are made on time to build a positive credit history.

Obtain Up to $100K in Business Credit With Business Credit Workshop

Don’t miss out on the transformative power of business credit to lift your business. Mastering business credit isn’t just about funding—it’s about seizing opportunities that propel your growth and secure your financial future. Imagine accessing up to $100K in business credit within 30 days, empowering you to scale operations, invest in marketing, expand your team, or seize new business ventures.

Start paving the way to financial independence and business success now! Join Business Credit Workshop today!

The Ultimate Guide to Fix and Flip Loans: Fund Your Next Venture

July 1, 2024 By Joe

Fix and flip or “flipping houses” involves buying properties, renovating them, and selling them quickly for a profit. It’s an exciting way to invest in real estate and offers the potential for significant profits. But, the right financing is crucial.

Thinking about diving into the flipping market? Here, I want to walk you through everything you need to know about fix and flip loans so you can make informed decisions and boost your investment potential.

This is what’s in store:

What Are Fix and Flip Loans?
How Fix & Flip Loans Work
- The Risks & Challenges of Fix & Flip Loans
- The Benefits of Fix & Flip Loans
Types of Fix & Flip Loans to Consider
This is How to Qualify for a Fix & Flip Loan
Common Alternatives to Fix and Flip Loans
Frequently Asked Questions
Conclusion

Now, let’s dive in!

What Are Fix and Flip Loans?

Fix and flip loans are short-term financing options designed for investors looking to buy, renovate, and sell properties quickly. Unlike traditional mortgages, these loans focus more on the property’s potential value after renovations rather than your credit history. They typically have higher interest rates and shorter repayment terms but provide fast access to capital—exactly what you need when timing is critical.

Understanding the various funding types can help you choose the best option for your needs.

How Fix & Flip Loans Work

For the sake of relevance, we’ll talk about hard money loans that are dedicated to property flipping.

To get started, you apply for a loan by submitting a detailed plan that includes:

How much the property will be worth after renovations (ARV)
What the renovations will cost
When you plan to finish them

Once the lender approves your plan, they give you the money in stages, called “draws,” as you finish different parts of the renovations. This helps manage your budget and lowers the risk for the lender.

These loans usually need to be paid back quickly, often within 6 to 18 months. So, it’s important to have a clear plan for how you’ll either sell the property or get long-term financing before the loan term ends. This way, you can pay back what you borrowed and any interest on time.

You might also like: How to Raise Money for Real Estate Investment: A Beginner’s Guide

The Risks & Challenges of Fix and Flip Loans

While fix and flip loans can definitely be lucrative, they come with inherent risks, like:

Short repayment periods
High interest rates or fees
Market volatility
Renovation overruns

Fix and flip loans have short repayment periods, typically six months to a year, aimed at minimizing interest costs but requiring precise project planning and timely property sales to avoid financial penalties.

These loans often incur higher costs than traditional mortgages, impacting profitability, particularly if renovations are extensive or sales are delayed.

Plus, economic shifts and unforeseen events like recessions can affect project profitability, which is why you need market awareness, thorough research, a contingency fund, and experienced contractors to manage risks effectively.

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The Benefits of Fix & Flip Loans

Despite the risks involved, fix and flip loans offer several benefits:

Quick access to capital
Flexible options
Potential for high returns

Fix and flip loans provide you with quick approval and funding, essential for seizing real estate opportunities swiftly, especially in competitive markets. You’ll find a variety of loan options tailored to different financial needs and project sizes, accommodating both single property ventures and larger portfolios.

With strategic property choices, renovations, and marketing efforts, fix and flip investments can yield substantial profits in a relatively short period, which makes them a potentially lucrative path to build wealth through real estate.

Types of Fix & Flip Loans to Consider

In general, people are talking about “hard money loans” when they talk about applying for a fix and flip loan. But, this isn’t the only type of financing you can use to fund a property flip. So, let’s explore your best options.

Hard Money Loans

Hard money loans are the most common type of fix and flip loan. They’re popular for their quick approval process.

These loans are secured by the property itself, making them ideal for investors who may not have perfect credit. They’re based more on the property’s after-repair value (ARV) than on your financial history.

While hard money loans offer flexibility and speed, keep in mind that they often come with higher costs.

Hard money lenders usually charge “origination points,” which are upfront fees calculated as a percentage of the loan amount. It’s best to try to negotiate with the lender to reduce this percentage and lower your initial costs—Negotiation can be critical to minimize expenses and improve the financial viability of your fix and flip project.

Before you choose this route, consider whether the speed of access to capital outweighs the cost.

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Business Lines of Credit

Business lines of credit aren’t a loan, per se. Still, they can be used in much the same way, particularly in real estate investing—This option provides flexible access to funds whenever you need them.

Business lines of credit function similarly to revolving loans. They offer flexible access to funds as needed, making them ideal for covering project expenses without borrowing a lump sum upfront. If you have a strong credit history, securing a business line of credit can be advantageous due to its cost-effective nature—you only pay interest on the amount you draw.

Here’s a tip: Some lenders may offer promotional periods with lower interest rates or waived fees initially. It’s worth exploring these options to maximize savings on your real estate investment projects.

Home Equity Loans

Using the equity in your home is a cost-effective strategy for financing fix and flip projects. Home equity loans and HELOCs generally come with lower interest rates than hard money loans, making them attractive options for funding.

However, it’s important to understand that defaulting on these loans puts your home at risk. So, you need careful financial management and a solid exit strategy—This approach is particularly beneficial for experienced investors who are adept at managing risks and timelines in real estate projects.

For those considering real estate investor lines of credit (REILOC), these specialized credit lines offer tailored financing options designed specifically for ongoing real estate investments, providing further flexibility and potential cost savings compared to traditional funding methods.

You might also like: Should You Use a Real Estate Investor Line of Credit to Renovate Property?

Personal Loans

Personal loans can be a viable option for funding fix and flip projects, particularly if you need a smaller amount of capital and have a good credit history. Here are some common types:

Unsecured personal loans – These loans don’t require collateral, which makes them less risky for your assets. They’re typically based on your creditworthiness and income. While they may come with higher interest rates, they offer flexibility and quick access to funds.
Peer-to-peer (P2P) loans – P2P lending platforms connect borrowers directly with individual lenders willing to fund their projects. These loans often have competitive rates and terms, depending on your credit profile and the platform’s requirements.
Revolving credit lines – Using revolving credit to finance renovations can be convenient, but it’s important to manage interest rates and repayment terms carefully. Some credit cards offer promotional periods with low or zero interest rates, which can be advantageous if you can pay off the balance before the promotional period ends.

When considering personal loans for fix and flip projects, compare rates, terms, and repayment schedules from different lenders to find the option that best fits your financial situation and investment goals.

You might also like: 11 Alternate Ways for Entrepreneurs to Raise Capital with Online Lenders

401(k) Loans

Borrowing from your retirement fund can provide a convenient source of financing for fix and flip projects, allowing you to avoid external lenders. Since you’re essentially borrowing from yourself, the interest payments contribute back into your account.

However, it’s important you make some important considerations based on IRS guidelines:

If you fail to repay the loan according to its terms, any unpaid amounts may be treated as a distribution from your retirement plan.
You may need to include the previously untaxed amount in your gross income for the year of the distribution
Unless you meet exceptions, You might face an additional 10% tax.
Not repaying the loan can reduce your retirement savings.

To mitigate these risks:

Ensure your repayment plan aligns with your project timelines and financial capabilities.
Consider consulting a financial advisor to navigate the complexities of using retirement funds for real estate investments.

These steps are crucial to assess whether borrowing from your retirement fund is the best choice to fund your fix and flip projects.

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Seller Financing

You may be able to leverage seller financing, also known as owner financing or seller carryback, when the property seller provides financing instead of or alongside a traditional mortgage lender—This arrangement can offer flexibility in terms, potentially lower costs, and a streamlined approval process. It’s particularly attractive if you may not qualify for a conventional loan.

Now, while it seems like a great idea, it’s super important to approach seller financing with caution. Conduct thorough due diligence on the property and negotiate clear terms with the seller to avoid misunderstandings or disputes later.

Weigh the benefits against potential risks and consider seeking legal advice to ensure all agreements are legally sound and in your best interest.

This is How to Qualify for a Fix & Flip Loan

Qualifying for a fix and flip loan hinges on several key factors that can significantly influence your ability to meet fix and flip loan requirements.

To enhance your chances of qualifying for a fix and flip loan and secure favorable terms:

Work on your credit score
Build your real estate experience
Invest in the property evaluation process
Get your documents organized

By taking proactive steps to strengthen your financial profile and project plan, you can position yourself as a strong candidate for a fix and flip loan. Here’s a deeper dive into each factor to help you navigate the process effectively.

1. Get Your Credit in Check

Improving your credit score is crucial before applying for a fix and flip loan.

For personal credit, focus on paying down debts, correcting any errors in your credit report, and ensuring timely payments on all obligations—A higher personal credit score generally leads to better loan terms and lower interest rates, reflecting your financial reliability to lenders.

For business credit, maintain a good payment history with vendors and suppliers, and ensure your business accounts are separate from personal finances. A strong business credit profile demonstrates stability and can improve your chances of favorable terms for fix and flip loans.

Lenders often consider both personal and business credit when evaluating your loan application, so strengthening both can enhance your borrowing options and overall financial position.

2. Network With Other Real Estate Investors

If you’re just starting with fix and flip projects, team up with seasoned investors or tackle smaller projects first to establish a track record. This builds credibility and gives you hands-on experience in real estate investing.

Having prior experience in real estate investment can significantly strengthen your standing with lenders. They often prefer borrowers who have successfully completed fix and flip projects before. This track record demonstrates your ability to handle property renovations and sales effectively, reassuring lenders about your capability to manage projects and repay loans on schedule.

Note that, in some cases, lenders may even stipulate a minimum number of completed projects as a qualification requirement.

You might also like: The Best Credit Cards for Landlords: A Comprehensive Guide

3. Learn How to Evaluate Properties Effectively

Make sure the property undergoes a thorough evaluation by a specialized real estate appraiser. A precise estimate of its after-repair value (ARV) supports your loan application and may increase your borrowing potential.

Lenders rely heavily on the ARV, which forecasts the property’s post-renovation worth. A professional appraisal is typically required to accurately determine the ARV, guiding the maximum loan amount based on future value. This calculation influences the loan-to-value (LTV) ratio, crucial for securing financing. Lenders also assess the property’s current state and location to gauge renovation feasibility and market potential.

Real estate investors commonly use two strategies to assess potential fix and flip profitability:

The 70% rule advises not paying more than 70% of the ARV minus repair costs. For instance, if a property’s ARV is $200,000 and repairs cost $40,000, the maximum purchase price should not exceed $100,000.
The 2% rule suggests that monthly rent should ideally be at least 2% of the property’s purchase price, primarily used for rental property evaluations.

These strategies help investors make informed decisions to optimize returns and minimize risks in real estate investment.

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4. Get Really Good at Organizing Your Documents

Ensure you gather all required financial documents early in your loan application process. A well-organized project plan is crucial to show your readiness and dedication.

Thorough financial documentation is vital when applying for a fix and flip loan. Include recent tax returns, bank statements, and a detailed project plan outlining your renovation strategy and projected costs.

Transparency about your financial status demonstrates your ability to manage the loan responsibly and gives lenders confidence in your financial management skills—This can enhance your chances of approval and may result in more favorable loan terms.

You might also like: Free, Printable Business Credit Application Template

Common Alternatives to Fix and Flip Loans

When traditional options won’t work, consider alternative funding options like cash reserves, crowdfunding, or joint ventures for your fix and flip project.

	Pros	Cons
Cash Reserves	No loan interest costs.Best for financial stability.No new debt obligations.	Ties up liquidity.May limit opportunities.May reduce emergency funds.
Crowdfunding	Spreads risk by pooling funds.Access to larger projects.Increases diversification.	Limits control over choices.Potential project delays if goals are unmet.
Joint Ventures	Costs shared with partnersRisks shared with partners.Access to capital and experience.	Requires clear agreements.Highest potential for conflict or disagreements with partners.

In some cases, these alternatives can provide flexibility and leverage in financing your fix and flip ventures beyond traditional loan options.

With cash reserves or “personal capital,” you can use your personal savings to avoid loan interest costs. But, this may tie up liquidity, which can limit other investment opportunities or emergency funds.

Crowdfunding platforms like Fundrise let you pool funds with others, spreading risk and accessing larger projects. It offers diversification, but may limit control over property choices.

Partnering with investors allows you to share costs and risks, which is beneficial if you lack experience or capital. Just make sure to establish clear agreements to manage expectations and ensure a successful partnership.

You might also like: Torro Business Funding Review: Is This Zero Hassle Offer Legit?

Frequently Asked Questions

Can you get a fix and flip loan with bad credit?

Yes, but expect higher rates. Hard money loans may be an option as they focus more on the property’s value than the borrower’s credit score.

How do fix and flip loans differ from traditional mortgages?

They are shorter-term, have higher interest rates, and focus more on the property’s potential value rather than just your credit score and income.

What happens if you default on a fix and flip loan?

You may lose the property, and it can impact your credit score. It’s essential to have a solid exit strategy to avoid default.

How do you avoid taxes on a fix and flip?

Consider reinvesting profits into another property through a 1031 exchange to defer taxes. Consult a tax professional to understand your options.

Conclusion

Deciding on fix and flip loans comes with challenges and rewards. Understanding these loans—from hard money to personal funds—helps you fund projects wisely for better profits. Each loan type has things to think about, like fast cash or higher rates. Pick what matches your goals and risk level.

As you start your fix and flip journey, keep learning about markets, property checks, and money plans. This helps you make smart choices, lower risks, and grab good deals in real estate. Whether you’re new or a pro, using the right loans can make your fix and flip projects successful.

Ready for more? Look into loans, plan your investments, and jump into fix and flip real estate. Your path to money growth and real estate wins starts now!

Interested in using business credit to fund your fix and flip venture? To learn how to obtain up to $100K in business credit, join Business Credit Workshop today!

How Much Does it Cost to Start an LLC (Beyond Licensing)?

June 24, 2024 By Joe

Starting an LLC involves more than just paying state filing fees. You need to understand the full spectrum of costs. Currently, LLC filing fees alone range from as low as $35 in Montana to as high as $500 in Massachusetts. However, this initial expense is just the beginning.

Here, we’ll dive into the comprehensive costs of forming and maintaining an LLC, compare this with other business structures, and highlight strategic considerations that you need to make.

This is what’s in store:

LLC Cost by State: Initial Formation and Annual Fees
- Don’t Forget Business Licensing and Insurance
Why File an LLC Over Other Business Structures?
Frequently Asked Questions
Final Takeaway

LLC Cost by State: Initial Formation and Annual Fees

Explore the initial LLC formation costs and annual expenses across all 50 states and outlying territories. From the affordable options in states like Montana and Kentucky to the higher fees in Massachusetts and California, each state varies in its initial filing fees and ongoing compliance costs.

So, how much does an LLC cost?

	LLC Cost	Annual/Biennial Fee
Alabama	$200	$50 minimum (every year)
Alaska	$250	$100 (every 2 years)
American Samoa	Fees vary	Contact local authorities
Arizona	$50	$0 (no annual fee)
Arkansas	$45	$150 (every year)
California	$70	$800 (every year) + $20 (every 2 years)
Colorado	$50	$10 (every year)
Connecticut	$120	$80 (every year)
Delaware	$90	$300 (every year)
Florida	$125	$138.75 (every year)
Georgia	$100	$50 (every year)
Guam	$100	$100
Hawaii	$50	$15 (every year)
Idaho	$100	$0 (information report annually)
Illinois	$150	$75 (every year)
Indiana	$95	$31 (every 2 years)
Iowa	$50	$30 (every 2 years)
Kansas	$160	$50 (every year)
Kentucky	$40	$15 (every year)
Louisiana	$100	$35 (every year)
Maine	$175	$85 (every year)
Maryland	$100	$300 (every year)
Massachusetts	$500	$500 (every year)
Michigan	$50	$25 (every year)
Minnesota	$155	$0 (information report annually)
Mississippi	$50	$0 (information report annually)
Missouri	$50	$0 (no annual fee)
Montana	$35	$20 (every year)
Nebraska	$100	$13 (every 2 years)
Nevada	$425	$350 (every year)
New Hampshire	$100	$100 (every year)
New Jersey	$125	$75 (every year)
New Mexico	$50	$0 (no annual fee)
New York	$200	$9 (every 2 years)
North Carolina	$125	$200 (every year)
North Dakota	$135	$50 (every year)
Mariana Islands	$350	$150 (every year)
Ohio	$99	$0 (no annual fee)
Oklahoma	$100	$25 (every year)
Oregon	$100	$100 (every year)
Pennsylvania	$125	$7 (every year)
Puerto Rico	$250	$150 (every year)
Rhode Island	$150	$50 (every year)
South Carolina	$110	$0 (no annual fee, unless taxed as S-Corp)
South Dakota	$150	$50 (every year)
Tennessee	$300	$300 (every year)
Texas	$300	$0 (No annual fee or reports)
Virgin Islands	$350	$150 (every year)
Utah	$54	$18 (every year)
Vermont	$125	$35 (every year)
Virginia	$100	$50 (every year)
Washington	$200	$60 (every year)
Washington DC	$99	$300 (every 2 years)
West Virginia	$100	$25 (every year)
Wisconsin	$130	$25 (every year)
Wyoming	$100	$60 minimum (every year)

This table’s a solid start, but always do your own homework before diving into setting up your LLC. State rules can change, which affects how much you’ll pay for filing and annual/biennial fees over time.

Note that this table gives you the initial and yearly costs, but it doesn’t cover other expenses like licenses, agent fees, or taxes.

For the latest details, head to your state’s Secretary of State (SOS) website, check out the SBA for general info, or talk to a legal or financial expert.

Don’t Forget Business Licensing and Insurance

Setting up your LLC with the Secretary of State is just the beginning. In many states and cities, you might need additional business licenses or permits to operate legally. And, small business insurance is crucial to safeguard against unexpected liabilities.

For instance, in New York City, certain industries like auto sales or construction may require specific licenses beyond your LLC registration. So, you’ll need to account for these as well—they could cost anywhere from $5 to $50, depending on the type and duration

Moreover, certain fields require licensure beyond a license to practice. For example, a salon owner in California needs what’s called an “Establishment License” (in addition to their board certificates) before they can legally serve clients. It costs $50 to apply for one of these.

Annual LLC insurance costs can vary widely, typically ranging from $500 to $2K depending on your required coverage.

Remember, every state and municipality has its own regulations. So, research and comply with local laws to make sure your business legally operates and is adequately protected.

You might also like: Complete Guide to Small Business Insurance in New Jersey

Why File an LLC Over Other Business Structures?

The right business structure is crucial. Here’s a quick overview of sole proprietorships, partnerships, corporations, and LLCs to help you decide.

Sole Proprietorships are the easiest to set up with minimal costs, typically just the price of licenses or permits ($50-$300). You have complete control, but you’re personally liable for all business debts.
Partnerships share financial commitment and expertise among partners. Startup costs range from $500 to $2,000 for agreements and licenses. Partners share liability, which can be a downside.
Corporations offer strong liability protection and can raise capital through stock. However, they are expensive to set up ($1,000-$5,000) and maintain, with double taxation and extensive paperwork.
LLCs provide personal asset protection and flexible tax options, combining the benefits of partnerships and corporations. Costs vary by state ($40-$500 for initial filing, $100-$800 annually). LLCs protect your personal assets from business debts and offer flexible tax treatment, avoiding double taxation.

LLCs often hit the sweet spot with liability protection, tax flexibility, and fewer formalities, making them a popular choice for a majority of small business owners—Plus, it’s a good structure to use when building business credit.

What Can Happen When You Choose the Wrong Structure?

It’s crucial to consider all factors, not just initial fees, to find the best fit for your business needs. Choosing the wrong business structure can also have serious financial and legal repercussions.

Suppose you start a tech company as a sole proprietorship to save on startup costs. If your business faces a lawsuit, your personal assets are at risk because sole proprietorships don’t offer personal liability protection. An LLC, however, would have protected your personal assets from business liabilities.

Several things can go wrong when you choose the wrong structure:

Higher compliance costs
Legal complexities
Tax implications
Limited liability risks
Operational inconvenience

Each structure has different management and operational requirements. Corporations require extensive record-keeping, regular board meetings, and formalities that might be overkill for a small business, while an LLC offers more operational flexibility.

The Pros and Cons of Out-of-State Business Formation

How much does it cost to start a business?

Many entrepreneurs choose to file their LLCs in states like Delaware due to its business-friendly laws:

The state’s Court of Chancery handles business disputes without juries and gives you a more predictable legal environment.
Delaware’s General Corporation Law offers flexibility in corporate structures and operations (which is particularly beneficial for corporations seeking venture capital or planning to go public).

Choosing states like Wyoming (for low costs) or Delaware (for added protection) can save money with lower initial filing fees and ongoing costs. Some states offer tax benefits, reducing overall tax burdens. States such as Nevada and Wyoming prioritize business owner privacy, providing strong protections.

However, operating out-of-state means extra registration costs and compliance obligations as a foreign entity. Managing compliance across states is complex and can lead to legal issues. Tax complications may arise with potential obligations in both home and formation states.

Consider LLC Formation Services

When it comes to forming your LLC, deciding whether to enlist a service or go the DIY route depends largely on your comfort level with legal processes and your budget. Opting for a professional service can be advantageous if you prefer expert guidance and want to make sure you comply with state regulations without the hassle of paperwork.

Services like ZenBusiness, Northwest Registered Agent, and Swyft Filings offer tailored packages that can simplify the process for you, starting at competitive prices. For instance, ZenBusiness provides LLC formation for free with a tone of paid compliance upgrades. Meanwhile, Northwest Registered Agent offers comprehensive solutions including registered agent services that start at $125 per year.

On the other hand, if you’re familiar with the requirements and keen on minimizing costs, handling the LLC formation yourself might be a viable option. Your own needs and preferences will help you make the best decision for launching your business efficiently…and legally.

Frequently Asked Questions

How much does it cost to open an LLC in the US?

Initial filing fees vary by state, ranging from $35 to $500. Annual fees and other compliance-related costs may also apply.

How much does an LLC cost per year?

Annual costs include state filing fees, registered agent fees, and potential business license renewals, varying by state.

Can I deduct LLC startup costs on my taxes?

Yes, you may be able to deduct up to $5,000 in startup expenses in your first year of business, with the remainder amortized over 15 years. Speak with a tax professional for advice about your specific circumstances.

What is the difference between an LLC and an S Corp?

LLCs offer flexibility in taxation and management structure, whereas S corporations have stricter ownership requirements and pass-through taxation.

Final Takeaway

Beyond initial filing fees, annual expenses and compliance costs vary widely by state. Choosing an LLC over other structures like sole proprietorships or corporations offers benefits like asset protection, tax flexibility, and is a good structure for business credit. But, the wrong choice can mean higher expenses and legal issues.

Deciding whether to handle LLC formation yourself or use services like ZenBusiness or Northwest Registered Agent depends on your comfort with legal processes and budget.

Always check state resources or consult with experts to stay informed and make the best decisions for your LLC’s success.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

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