Creating a business entity specifically for managing this property’s interests is a great move. You’ll then want to establish business credit and with the steps below you can have your business capitalized within a month. Walk into any national bank with the following tasks taken care of and you should be looking getting approved same day for at least a $10,000 credit card*.
- 720+ FICO Credit Score on all 3 credit bureaus
- Registered Agent (Texas)
- Virtual Business Address
- LLC with a general marketing business name
- Employee Identification Number
- NAICS Code in a low risk industry (Avoid High Risk Codes)
- Virtual Business Phone
- Website
We’d also suggest opening at least 5 total banks accounts to cover your business considerations. Separate banks may seem like overkill but it’ll start to make sense after you’ve secured least $10,000 in business capital from each institution. It’s also good practice to have diversified banking for separation of concerns.
- Bank for depositing Income
- Bank for holding Profits
- Bank for Marketing expenses
- Bank for Operations
- Bank for Taxes
