Get Your Business Funded: Creative Methods for Getting the Money You Need

Using Business Credit Cards

All things considered, if you have a choice between using your personal credit cards and using your business credit cards to fund your business, using the business cards always makes more sense. First of all, it avoids all of the common pitfalls previously mentioned that come from commingling. Additionally, using a business credit card for business makes bookkeeping much simpler. It is also more professional. In addition, business credit card statements can be accounted for easily, itemized, and filed appropriately. Year-end statements from the card issuer can make taxes much simpler.

Using business credit cards offers two final benefits: First, you are often able to accumulate reward points and discounts that are available only to business customers. Finally, having a business card allows you to give cards to those employees who need them and track those expenses easily. All in all, using your business credit cards to fund your business makes a lot of sense.

That is all well and good, you say, but what if you do not have any business credit? That is a short-term problem that is fairly easily rectified. Here are the basic steps:

1. The first thing to do is to incorporate so that the business is a legal entity separate and apart from yourself.

2. Next, get a federal tax ID number from the IRS, also called an EIN (for Employer Identification Number).

3. Then open up a checking account using the business name and tax ID number. Open up a small savings ...