-
There are two ways for a business to get credit cards. One way is for an established business with significant assets to get a credit card in its name standing alone. For new businesses which do not yet have a significant financial history on which to establish a good credit history, the owners of the business may declare in the application that they will guarantee the credit card which is issued in the business' name. It is our position that the primary purpose of a credit card for a Relationship LLC is to assist in record keeping and making sure that financial records of the Relationship LLC are separate from the financial records of the individuals.
In order to create a business checking account, you may need (1) a company seal (about $30.00); (2) an IRS tax id number (free if you do it yourself); (3) a mailing address; and with some banks; (4) you may only be able to create a business checking account if you have an attorney or accountant create the account. In New York, there are banks which require that an attorney or accountant for the company create the business checking account and others which do not.
For new businesses which are unable to qualify for credit card accounts from the above credit card companies, a visa/mastercard checking account card would accomplish the primary purpose of a business card, i.e., to aid record keeping and to keep the business activity separate from your personal activity.
E-Mail Us at rllc@relationshipllc.com
Copyright 1996 1997 1998 1999
