FREE GAME ALERT

This is what LLC twitter not telling y’all but this is one way the rich keep getting richer with LLCs

*Disclaimer: This information was taught to me by a Multimillionaire venture capitalist who owns multiple million dollar businesses.

*This is a complex thing to try to teach so please do your own research on what I’m saying

* This is NOT for everyone

*when it comes to taxes speak with a professional and look into your state laws

Ok so to start this I know many of y’all know what an LLC (Limited liability company) is for those what don’t:

Basically a company you can form that gives you “Limited Liability” in short of someone tries to sue your business they can sue if for money in the bank of said biz.

So obviously it makes sense if you own a business to have an LLC but it’s also good if you DON’T have a business.

In short..BUSINESS CREDIT.

Just like personal credit businesses have “business credit” which is based on an EIN # and not a SSN

EIN = Employer Identification Number

Business use this with the IRS to be able to report Taxes (just like an SSN)

With business credit scores will be based on your EIN and you will provide it different companies and vendors (just like SSN ok ill stop saying it cuz y’all get it)

What you also need to understand is businesses because they are businesses get bigger loans and lines of credit, meaning let’s say you have an 800 credit score a bank might give you $30k credit card but a business with a good score could get $500k-$1 millions EASY.

That is where you come in if you own a business or not you can form an LLC

Form it as a real business
-have a biz address (you can use virtual office)
-have a business phone number
Etc

(Also if I forgot to say this is an investment I apologize)

You then want to get signed up with business credit Bureaus

Dun and Bradstreet - https://www.dandb.com 
(Will give you a “Duns number”)

- Experian Business

- Equifax Small Business

I forgot a MAJOR key ...my bad go to your local bank and open a Business Bank account

This is very important! Some lenders could lend off of bank statements.

Now that you have all of that you want to find vendors that will report to your EIN number and you can build your credit.

You want to be on “Net terms” meaning you will pay after X amount of days .. Example Net 30 means you will pay the money back in 30 days.

This is where more investment will come in (in the beginning it feels stupid kinda) I’ll explain

You want to purchase from these vendors the ones you will have to get in the beginning normally don’t have “cool” stuff but sometimes they do

http://ULine.com  is one.

You can order all kinds of stuff from shipping supplies to trash cans (they have so much)

(I will leave more vendors ones I’m done with this thread...)

The goal here is to build your business credit.