Watch Video on “Creating/Structuring a Business Entity” (I Recommend you watch the video – whether you have an entity/company already or you are looking to create your 1st entity):
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Disclaimer: Speak to your business attorney and tax qualified professional/CPA before setting up a new company.
VIDEO TUTORIAL SUMMARY:
- Create multiple companies (With personal credit, you only have one social security number. With business credit, you can have as many business credit profiles as you would like!)
- Use a neutral name “April Ventures, Inc”. The company April Ventures does not state what they do in their business name (unlike April Real Estate). This is an important step allowing you to position yourself as any company that money is being lent to in this market.
- For your primary line of business, use “business management services” or “business management consulting”, etc. If you put “real estate”, which presently – most lenders are weary to lend money to- then it would be harder to obtain money. Most lenders are lending to business management companies because their risk is much lower! Plus, as a business management company, there is more functions you can perform (ie- managing your business, real estate, teaching, public speaking, consulting, internet marketing, etc).
- Obtain a federal tax id #
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