Corporate Structure

Incorporate to Build Business Credit

In order to build business credit you must separate yourself from your business. In the United States corporations are treated similarly to people. They can have their own tax ID number, their own assets and even their own credit score. So when you incorporate your business to form a Corporation or a Limited Liability Company, it's like creating a new person or what we refer to as a new entity. This new corporate entity exists independently of you or any other person. You still own your business but you and your business are no longer seen as one in the same.

In an effort to keep your business seperate you should do everything possible to avoid having your corporate entity recognized as an extension of yourself. Make sure that your personal funds and assets are not commingled with your business funds and assets. This includes abstaining from using your social security number on business credit applications. Using your social security number when applying for business credit means that you are providing a personal guarantee.

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*You may already have existing credit scores which can affect your ability to build business credit. There is no one business credit score which is used by all credit grantors and lenders as the sole criteria to determine the creditworthiness of a business. Our scoring system exists to help business owners view and track the fundability or their business based on user submitted information. Credit grantors and lenders may create their own models based on information such as the type of credit and/or other funding an applicant is seeking. Additionally, there are credit scoring models created by credit bureaus and these may also affect your ability to qualify for business credit or other funding.