We prepare Business Partnership, Trust, Estate & Corporate tax returns.
We can assist you in reaching an installment agreement, representing you in audit, and compiling offer-in-compromise packages as a form of settlement.
Our staff will assist you with the creation or updating of your Will and/or Trust. Our specialized knowledge of the most current tax law strategies enables you to pay the lowest tax allowable. Regular check-ups ensure your wishes are accurately reflected in accordance with prevailing statutes.
Stephen Wampler – MBA, EA – Partner
Catherine Brennan – Partner
Jeff Quinn – Partner
Build Business Credit No Money Upfront? It Is Possible!
Is it possible for a startup to build business credit no money upfront required? Yes, it is totally possible to achieve that. All it really takes is to approach the right company to provide the right services to the fledgling enterprise.
To be more specific, what services are required in order for a startup to be able to successfully build business credit standing? That service is the tradeline service.
Tradelines are important indicators of a company’s credit and financial health. Each tradeline tells a story – it shows that the company is able to pay off a monthly obligation, and is able to do so on time. Alternatively, it can also show a defaulting on a loan and could become indicative of a company’s perceived inability to settle its obligations.
Tradelines are used by many creditors to determine how a company will perform once it is extended a loan. They are used to make the decision on whether or not the firm will be extended a credit line, or refused altogether. In some cases, the information that tradelines convey is used to determine how high or how long the interest rates will be on a loan that is extended to a startup company
How the Service Helps
The service is an instrument that will give the startup the ability to be able to accumulate tradelines in their credit record. It gives the appearance that the company has been busy in settling a loan that has been extended to them by a creditor. It conveys only one piece of information – that the company can be trusted to meet its periodic obligations as mandated by the business loan. With the service’s generated tradelines, the startup has enough confidence that it can be approved for any loan that it applies for.
So how does the service achieve that for a company? It does so by requiring monthly interest payments on a principal amount that is decided upon during negotiations of a tradeline service contract between the two parties. As the company makes its monthly payments, the startup’s credit score starts to build itself up.
The duration of the contract can also influence the total result – the longer the contract, the more confident creditors will be about extending a line of credit for the business. Fortunately, all of these terms are laid out in black-and-white by the business tradeline company so the entrepreneur will know exactly what is in store for him and his business when he signs up for the service.
In this case, the benefits totally outweigh the risk, if there is any. What an enterprise sets to gain from this arrangement is a more powerful position in negotiating for credit. It will enjoy the advantage of being able to apply for credit and be approved when he needs to. In dire financial circumstances, this capability could save a startup from financial troubles that it could encounter in its lifetime.
Indeed, being able to build business credit early on will be advantageous to any startup enterprise.