How to Build Your Financial Castle
Los Angeles (PRWEB) July 29, 2008
To succeed in the business world, Kevin Wessell, CEO of 1-800-Company.com, recommends individuals form a corporation or limited liability company (LLC) and build business credit, rather than risking personal credit. Wessell, a nationally renowned business expert, provides tips and insight for those interested in forming a business, helping them start on the correct path.
When starting a business, many people consider taking out a personal loan, maxing out their credit cards, borrowing from a family member, using their life savings, or even taking on a partner.
"But think twice before doing so," Wessell says. "With these options you risk going into debt, harming your personal credit history and even falling prey to lawsuits."
According to Wessell, the first step to success is forming a corporation or LLC. Wessell recommends forming a Nevada Corporation or LLC for the maximum personal asset protection and lowest tax base. "If they form a corporation or form a LLC and build business credit, they can get cash to cover start-up business expenses or grow their business. They can secure cash lines of credit to operate their business and cover automobile and equipment leases without a personal guarantee or personal credit check. They may also be able to obtain lines ranging from $50,000 up to $5 million," Wessell says. "Unsecured lines of credit can be obtained, though naturally, they are the most challenging."
The next item to think about is how long it takes to build credit for a business. "If someone starts building corporate credit from scratch it may take four or five years, whereas if they use a professional business credit building service or purchase an aged company or shelf corporation - an existing company that was formed months or years ago - it can take as little as 30 to 90 days," Wessell says.
Some people say business credit cannot be built separately from personal credit and that there is no way to speed up the credit building history. Wessell strongly disagrees.
"We have an enormous list of satisfied clients. We've been helping people form their own corporations and accelerate the building of their business credit for over 30 years. We have clients who have built successful multi-million dollar companies after incorporating with 1-800-Company.com and our affiliated companies."
In order to reduce the amount of time they have to wait to obtain business credit, many new business owners take advantage of these accelerated credit building programs and corporations that are already created with pre-established credit histories.
"In this modern-day economy, there simply isn't the luxury afforded to slowly build up a company. The competition is looking for fast funding in order to build and take over the marketplace," Wessell says. "One of the most important items a company needs in order to achieve success and rapid growth is a capital infusion, and this is where business credit is often critical to the success or failure of a company."
Established in 1977, 1-800-Company serves businesses and individuals with incorporating services, establishing LLCs (Limited Liability Companies), creating offshore companies, offshore banking services, tax reduction strategies, asset protection and privacy programs.
1-800-Company is based in the Los Angeles area at 28015 Smyth Drive, Santa Clarita, CA 91355. Telephone: 1-800-Company (800-266-7269). The website is: http://www.1-800-Company.com
About Kevin Wessell
Mr. Wessell is a nationally renowned business planning expert, seminar speaker and CEO of 1-800-Company.com. He has over 17 years experience helping people incorporate businesses and quickly build corporate credit. Mr. Wessell is also the author of the book "How to Build Your Financial Castle," which teaches people how to form a corporation, obtain business credit and includes estate planning and asset protection advice. The book is available to download for free at: http://www.companiesinc.com/services/incorporate-book-download.asp