Q: Do I need to have a separate bank account for my business?
A: in some cases you don't NEED to have one. Should you? YES! Oh YES! It makes the bookkeeping side so much easier!
Q: How does my business obtain credit?
A: Your business has an EIN #, just like you have a SSN. It is important to maintain good credit for your business, like you did when you were young, by paying bills timely, handling and outstanding monies properly, and protecting your EIN for thieves and those who want to abuse your companies good credit!
Q: Is it true that a bank won't lend my business any money for 2 years?
A: It depends on the bank and also on your personal credit. Some of the larger banks will lend you money (smaller Lines of Credit 25k or so) if you have good personal credit. Other banks will wait for the 2 year period with good income and profits showing.
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