Business Tips : Set up a separate business identity and accounts
credit-card-for-business
If you live with other people (especially teenagers), get a business phone.
Record a professional voice mail message and don’t let anyone else answer
incoming calls. If you don’t want to have two phone lines in your home, use a
cell phone.
Apply for a credit card in your own name, and use only it for business
transactions. Not only will you build your credit record, it’s a good way to
track and record business expenses. Pay the entire bill each month, from a
line of credit if necessary, to avoid high interest rates.
Set up a separate business bank account. Use it to deposit your cheques
and pay all business-related costs. If you qualify for a line of credit or
overdraft, attach it to this account. It will cover the gaps between sending
an invoice and receiving a cheque. You can also write off any interest costs
you’re charged on a line of credit or credit card that is used specifically for
purchases for your business.
Can you write up a post about Credit Cards for Business? I wanna know about your opinion that should a Business own a credit card for its own purchasing purposes or should it just stick to a bank account instead. Since you are spending a little bit more to pay for the license and credit card fees as well as interest charges, don’t you think entrepreneurs and business people should avoid owning a credit card? You know, because its more of a liability than an asset.
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