Sign New Jersey Banking Business Letter Template Secure

Industry sign banking new jersey business letter template secure

quick live to give people some information because there's a lot of confusion when it comes down to how to obtain business credit um if you're new to my information i drop content to help you in your credit journey wherever you may be either starting with new credit establishing uh finite lines of business credit personal credit and also what my whole uh theme of all that is credit is to leverage your name to create cash flow so i also have a business channel to show you different ways on how you can uh make money and start your own business so good evening mike brown thank you so much for joining me everyone if you come in just please make sure you hit the uh like uh button here and if you're new to the content consider subscribing to the channel we also at my website if you are a person with a number of hard inquiries we got a free hard inquiry removal package because heart inquiries can get you denied for business credit and also for personal lines of credit so you can um get that at my website also so let i'm gonna jump in the content i won't hold you guys long many people reach out to me and they ask about business credit now i understand there is a lot of confusion that's going around on the internet that's telling you in order to develop business credit you need to get a number of net 30s connected to your uh uh duns and brad street uh number and all of this to get business credit now uh those are net 30 accounts are merchant accounts that if you are if you do have grainger quill officemax that you are getting products from them uh and just paying the bill at the end of the month on time to develop your duns number but people tell me you know i'm trying to get business credit and i'll ask them they're starting that 30 accounts what do you do to make money and you have people that's been told that they just get these lines of credit and a delusion that you're just gonna get a non-pg no personal guarantee that a bank is just gonna throw money at you with no guarantee because you got a bunch of net net 30s and you just just start a llc that they playing with y'all okay a lot of these people are selling systems and i just come basically to tell you the truth selling systems and let me vet myself out number one i have did audits for the insurance workman's comp also work with banks on the other side so those who are really in business those that are really in business will know what i'm referring to liability audits workman's comp audits insurance uh liability uh coming out to do those inspections lost control inspections business inspections okay so i did this so i i work for the banks and the insurance when they are vetting these companies out and if an insurance company is giving you uh or or even uh securing or or giving a uh insurance to your business i had to come out and i would look at the fire system if you have a restaurant you kind of equipment take pictures do the report and put my recommendations and got paid for doing this kind of contracting what i do for the insurance companies so starting there i know what they are looking for the banking world is requiring so number one people have an idea in order to start a business you have to be incorporated that is far from the truth you can start a business by making money in your own name that's it with your own tax id number which or your social security number making money you're in business long as you're making money you're in business it's called a sole proprietorship okay you could just make money in your own name and get a business loan point-blank period you don't have to when people believe about starting a business they think you have to incorporate incorporation starting at llc starting a uh s corp starting a c corp is only about the protection from being sued so limited your liability and your exposure for being sued personally and taxation all of this boils down to taxation for your business structure so when you establish or incorporate a business this is why you go to your state department of taxation and start the forms so the problem with most people going for business lines of credit you are not in business you are not making money because if you were making money you would go to your accountant and you can get tax forms and then you can get loans you can get credit cards just in your business structure that's it so let's take for instance you can bid business credit say you are a uber driver and you even get a 1099 in your own social security number which you're selling social you can go to a bank let's say navy federal start a business account they will start a business account under your own name and can apply for a business credit card generally when you get a business credit card they give you larger lines of credit than a personal credit card all you have to show them is what they required if you are a sole proprietorship which is let's say i'm a landlord i could be a sole proprietorship the house can be in my name and i get tax rates write-offs what they may want to see is my lease from my tenants how much money they might want to see my bank statements with those checks being deposited in my own personal business account now i i don't even have to get a label business account just personal a checking account showing that and they will want to see my tax forms schedule e for that kind just my tax returns that's it i'm a sole proprietorship and i can get a line of credit that's it for my business with my own social security number here's the second option in your own name you can freely call the irs tax go back it's about taxation call to the irs get an ein number connect it to my name sherry beckley with the ein number go to a bank with the ein number show them my documentations that i just named leases say i'm a landlord leases checks the money that's going in my bank account and use my social they'll per do a pull or pg and give me a line of credit that do not report directly to my my uh social security number so what that means the ein number what i'm using the activity will be linked with the ein number so say if they give me a thirty thousand dollar credit card under my name business sherry beckley but it's connected to my ein number when they approve me for the credit they'll pull my personal credit heart inquiry everything is good there so now when i get the credit card and i start using it they'll report the balances so if i got a thirty thousand dollar credit card that ten thousand dollar balance i mean if i use that ten thousand dollars on that card it will not show up to my personal credit report or score as debt that's the benefit of that give me a thumbs up because i'm giving y'all free information where you're being robbed give me a thumbs up because i got 50 something people in the room so it helps the algorithm you can simply take your documents and get a business line of credit like that you don't need net 30s let me help you the reason why with y'all with a llc say if you are a um say for me i have llc so understand llc and i've been a landlord okay so with me with my llc say if i made 80 grand in a year with the llc my contractors are paying my llc okay contractors they'll pay or what i told you about the banks whatever service they pay my llc send me a 10.99 to my llc this is tax season so i take my tax documents to my accountant my accountant would do all the deductions for that business whether it be my car uh my car insurance um repairs to my vehicle lunch if i'm paying for out i'll use my debit card and my bank statements for that llc bank account because if y'all don't have the bank account to your llc it's called piercing the corporate bill you are not seriously in business you have to start that business bank account in order to open that your articles of incorporation have to be already established with your state and the documentation the bank's gonna require that for you to open that account so all of that i take those statements my uh to my account they do all the deductions any money that's left over it comes to me in my name as income to sherry beckley say sherry has a rental property as a sole proprietorship so now that income and that rental property that rental property is a business in my own name i get deductions so now with that 30 000 deductions for homeowners insurance deductions for all the repairs lawn care windows uh whatever i have expenses uh water bill light bill sewer trash removal any loss that a tenant did not pay me pay me rent all of that get deducted out with that income personally accredited to me and whatever is left over that's my tax obligation if there is anything left over i might have took a loss so with president trump what he did because he was in real estate before we could only take a loss as a real estate investor up to twenty five thousand now he removed that cap you can take a larger loss so i could technically wash away that thirty thousand so none of that thirty thousand did i pay taxes on none of that rental property money coming in did i pay taxes on until the end of the tax year and whatever my accountant which they hashed out the number i will only pay taxes on the profit if it's negative then i don't pay taxes on it so why is that important because when you apply for a line of credit for that llc or for my sole proprietorship they want to see certain forms connected to your tax returns i had a person that made a comment when i post my business on the credit oh good luck you guys they're gonna want paperwork yeah they want paperwork for your personal credit they want paperwork if you're applying for a personal loan they want to know you got a job when you apply for a credit card they ask you how much you make annually or you wouldn't be lent any money they wouldn't give you a credit card so this is how i know where people are and they aren't because if you are in business you need to know this you have to make money so the other part what type of business are you there are some lenders that just not going to lend with your type of business are you a consulting business well in some states if you're a consultant you have to be registered and have paperwork let's say a therapist you might have to have a degree in a medical industry so if a bank want to lend you or want to give you a line of credit and you're a therapist remember these banks like bank of america is in all 50 states they have a whole department dedicated to that they know what requirements you need to operate as a legal business in that field in that state let's try this many a people state of new jersey say you just started llc and you got a friend that actually have a uh a brick and mortar business and he's letting you use the address or uh commercial and you're trying to get a line of credit without making money and you're oh i have a store i have a a clothing store every state has sales tax okay so if you are in the state of new jersey you know what that lender want to know where's your form as uh the uh form st50 where's your sales tax form because if you're selling you have to take that sales tax in new jersey if it's under 50 000 uh 50 000 a month you every three months have to file that form and send it to the state and send that sales tax money to the state if you're a big business like shoprite uh those in the south might know piggly wiggly h-u-p-h-e-b big corporations like that that have a lot of sales tax they have to send that form and file it many times in new jersey every month it depends on your revenue on your sales tax so if you're trying to say well i'm a merchant even if you're selling clothes well i i want to line up credit for my merchant business where's your sales tax form where's your federal form that you have to file your federal form 940 941 i'm here to give you a reality that's all i am i'm here to because when we come in and inspect you this is what you have to foul what you say about heb i all i just made a point that heb supermarkets those that make high sales and revenue merchandiser they have to send that sales tax form and the income of the sales tax to the state every month there's a forum filing so if you're trying to get business credit and you send up their lion and you ain't making no money i got the air let's see and i as a business merchant merchandise you know what the what what the lender i want that form well where's your if you're selling where's your sales tax form where's your documentation because there's documentation if you're in business nobody's just giving you a business lot of credit with no documentation okay now you can if you're making money that's why i told y'all if you want business line and credit then if you don't want to post and be a personal guarantee fintech companies are giving you lines of credit i just did a video where stripe if you're making money coming through stripe stripe understand how much you want and i did one for on paypal they see you're making money they won't have you personally guaranteed because they'll extend you a corporate card or corporate line of credit because they can see the money that you're going through the process servicer so if you just you say i just started a jan jenna uh a janitorial service uh is there anything special i need now what kind of business structure did you set it up as the janitorial service so you want to make sure you if you're doing it in your own name you want to make sure you keep your documentation if it's in your own account make sure they're paying you set up with a process servicer like stripe paypal i suggest stripe because paypal will be playing but stripe and if they see that for your