Free Teleseminar The Corporate Advantage

Last night Garrett Sutton and I presented our teleseminar, The Corporate Advantage, to Caroline Melberg's Small Business Mavericks clients. (We love her amazing free guide to Advertising Your Local Business On the Web! Make sure you go to her site to download it.)

The teleseminar covered important small business topics, such as:

Why should I incorporate?
What's the difference between an LLC, S Corporation, General Partnership?
The truth about Family Limited Partnerships
Why you should not use a personal credit card for your business
How to build a separate business credit rating
And much more...

You can download the mp3 recording for the teleseminar here.

Let us know what you think!

Can I max out my business credit line?

Q: Just a quick question. My husband and I are expanding our business and we have business credit. We want to know if business credit like personal credit. If we have a 25,000 limit should we only do 12,500 or can we do more with business credit?

A: I assume your first concern is that maxxing out your business credit line will hurt your business credit score in the way that maxxing out a personal credit card will hurt your FICO score. However, the two are calculated much differently. At the same time you should double check to make sure your business line of credit isn't reported on your personal credit rating. In the member's area, we show you which business credit cards are advantageous that way.

Obviously, any time you can avoid debt it's good to do so. Depending on your capital needs, you may want to consider whether leasing can help you achieve your goals without taking on additional debt. In addition, you may want to line up additional credit before you take on more debt. It's always best to build credit before you really need it.

Good luck in your business!