Free D&B number

Have you gotten yours that way? Explain to me what kind of contracts with the government you're claiming that you're doing? Because they DO ask you that. I tried it... LOL! It took me longer because then they closed my file and I had to re-apply a week later. I got the LLC, but I had heard that too and tried it unsuccessfully. I'm getting a couple more LLCs and would like to use that if it works.
Thanks for sharing that.

Elena, usually they will not ask you specifically. I tend to tell them it's for bidding for contracts with the government. I have gotten all my free D&B numbers that way and I never buy their instant cred builders program because once I have the number I go ahead and establish accounts that are registered with D&B like Loews, home depot, gas cards, etc. There is actually a government website the will give you a free D&B number. I will try and see if I can find it and share it.

I'll try that. Yeah, they gave me the number to call for government contracts or grants then they closed my account. So I had to re-apply! I didn't buy the credit builders program either, I still got it for free so it's all good.

What are the reasons for acquiring the LLC. Is it a way of identifying a business enterprise. What are the pros and maybe cons of having it. As a starter, do I need it now of later. Thanks.

Sandra

One of the biggest benefits of an LLC is that all owners of a limited liability company are protected from being personally liable for the debts, obligations and lawsuits of the LLC. This LLC benefit basically states that a member is not liable just because he or she is a member/owner of the LLC. There are important guidelines and principles that all LLC members need to know and follow to ensure that this limited liability protect is not lost.*

Entity Status

Another benefit of an LLC is that the limited liability company is its own separate entity. This means that an LLC is a legal person separate and apart from its owners. This is important from a business continuity perspective. If a member, manager or a key employee dies or leaves the business, the business still continues.

Management Structure Options

A third of the benefits of an LLC is that it is a flexible entity when deciding how the business will be managed. The members of a limited liability company can choose between two simple management structures: (i) member managed or (ii) manager managed. The LLC laws afford this benefit of an LLC by allowing members great flexibility in deciding how they want the limited liability company business to be managed and what rules to impose upon the LLC when it comes to governance and management.

Informal Decision Making Procedures

The LLC laws intentionally impose very little formalities when it comes to limited liability company decision-making among members and managers. This provides great benefits of an LLC because the owners can focus more on operating the business without worrying about a lot of formalities or maintenance. However, some limited liability company maintenance is recommended to preserve the limited liability benefits of an LLC.

Flexibility in Ownership Structure

The LLC laws are based on contractual flexibility . This means that the laws allow the members themselves to decide the ownership structure, right to profits, voting rights and any other expect of the member relationships amongst each other and the limited liability company itself. Accordingly, the LLC can be used for a wide variety of business structures -from the most simple to the very complex. . . another one of the many benefits of an LLC.

Flexible Tax Choices

The tax choices for an LLC is probably the second most popular of the benefits of an LLC. In 1997, the Internal Revenue Service passed a regulation which cause the limited liability company to become a popular business vehicle for small business. The regulation, known as the Check the Box regulations, basically allows for the members of the limited liability company to choose how the LLC will be taxed for federal income tax purposes.

For the single member LLC that is owned by an individual, the limited liability company can take advantage of having simple sole proprietorship federal income taxation but without the personal liability of sole proprietorships. For the single member LLC that is owned by an entity, the tax choices afford the business freedom from the complex consolidated return regulations.

For the multi-member LLC, the law allows partnership pass through taxation without requiring the limited liability company to comply with all the complex rules imposed upon a corporation that wants pass through taxation. At the same, time both a single member and multi-member LLC can each choose to be taxed as a corporation as well. As you can see, the tax benefits of an LLC provide more choices than tax choices of other legal entities.

Can you share on how a D&B# can help esstablish business credit?

Thanks,
D

I may be a little slow on the uptake here, but what are the advantages to me for having a D & B number. What can it do for me??...Jan

I may be a little slow on the uptake here, but what are the advantages to me for having a D & B number. What can it do for me??...Jan

It all depends on what you are trying to do. If you want to get business credit with Home depot, lowes, etc, without using your SS# then the D&B would be a great benefit. For an example lets say you had a fixer upper and you did not want to use your own money. You could then use your business home depot account to fix up the property. Does that make sense?

I found this information very helpful. I am so confused at where to start with all of this.

So from all my studies of this website, I need to first establish my business structure, get my D&B#, establish credit with Lowe's and Home Depot and get a property.

I am trying to get my first property by owner financing d/t very low capital and moderate credit. I also thought that would be a good way to get property in the business name to establish assets.

Please give me feed back. I need some direction. I am so very confused or scared. But it can't be fear but God does not give that out.

Sounds like you got it. If you don't have a business entity setup yet, don't let that stop you from doing deals. Keep in mind too that once you start the business you will first need a TAX ID# from the IRS, which can be given to you over the phone, then get your D&B #, then open up a business checking account with your local bank.

call me crazy, but i wont get anywhere without asking.... i still dont fully understand what a D&B # is, and what does it do...? how does it build the business's credit? is it something like a EIN? or am i totally off?

I wish I came across this forum way before I paid $329 to get a D&B number and credit file. I assumed that I was getting the d&b number for free and the person from d&b calls me and tells me that the free d&b number is only for non-profit organizations and those doing contracts with the government. What a rip off! anyways, thanks for the useful info and on my next business I will make sure I get one for free.

Hey Build-Assets
when you applied for the home depot or lowes business credit card. did you put your name down as the Personal Guarantor?

I never signed a personal guaranty on any of those cards. I have always used my TAX ID and D&B number. If you read carefully the personal guarantor page, it will say if you have been in business for less than a year for example, you will not need to sign the personal guarantor.

Hey Jason, this is pretty very useful information you are providing here. I think you really need to break it down for us the less business savvy people to understand.

Let say, i dont have an LLC, want a Tax ID and a d&B number. Where do i start and how do i go about it.

First, you must set up a business such as an LLC or S-corp. You cannot get a tax ID and D&B number without creating a business first. You must have a business first.

You can look at Dun & Bradstreet as the credit bureau for business' and corporations. They use the B&D number to track the business credit like credit bureaus use a SSN for individuals. Potential creditors can subscribe to D&B and get a report before they provide a business with an open account or lend money to the business.

Just wanted to Thank you for the information on getting a D&B number. Read your post then went straight to D & B web site and filed for my number. Only took a few minutes 10 at most to fill out form on line. Submitted it and my number is being sent to me by email. Done for free THAT EASY. WOW THANKS AGAIN
There is also a toll free number to call and do over phone 8am to 6pm local time of caller 1-866-705-5711
Be certain that you identify yourself as a federal grant applicant/prospective applicant when you contact D&B
I just now recieved my D&B number in a email. Submitted form just before starting this post to Thank you. Now thats fast.
Thank you all, DG family is a great family.

Sincerely
Gotnoclue

Basic steps to getting an LLC.
Step 1: Choose a generic name (not in your name) and get your LLC filed with your State's Corporation Division (can do this yourself online) You don't need a lawyer, your accountant can also help you do this. Then you must publicize the LLC in the newspaper, the state should provide you with papers to call for that. Once your LLC # is established go to step 2.
Step 2: Get your D & B number (you can do this online at D&B too).
Step 3: Get your tax id number (you can do this online at the IRS site).
That's it in a nutshell. Of course you need to know how to fill out the articles of incorporation. The manager (you), members (partner, beneficiaries) etc. You must file in YOUR state because you'll use your address, unless you have an established address in another state. NO P.O. Boxes either!
It's NOT rocket science, although there is a little more to these steps, this is just an overview, but you can do this yourself without getting a lawyer or D&B's package. I checked out several books from the library on how to set up an LLC or corporation and then I just did it. It cost me $50 to file the LLC myself and $35 to publish it, that's it. If I can do it, you can do it too.

Hi Jason and Elena, this LLC and D & B and Tax ID is a forum all by themselves. I knew that LLC related to a business corporation as does INC, however, I did not and still have not fully understood the whole picture. I do understand the different steps now, and Elena brought further clarification from Jason's explanation. This made it much easier to understand. I will definitely do further reading on the topic, to see if I need to apply for the LLC right now or at a later date. Thanks for taking the time to explain Jason, Elena and Coach. God Bless.

Sandra

This has been really great information, it headed me in the right direction. I will keep everyone updated on my progress here and in my journal called Starting point.

Thanks guys

I applied for business credit cards through home depot and staples and they both require me to do a personal guaranty because my business is only a month old. I told them I have a tax Id & d&b # and they don't care. Maybe these companies are more strict in arizona or because of how bad the market is? I applied for lowes without using a personal guaranty but I will see if they approve my application.

Typically, they will approve 6 months to 1 year old businesses.

thanks for the info Jason I really appreciate it.

Also, you can open up a business account with poland spring water. They usually only require 3 months I believe.

I HAVE A QUESTION ON MY BIZ APP IM GOING TO LEAGEL ZOOM DOT COM CAN I PUT MY HOME ADDRESS ON THERE I LIVE IN A APT AND IM WORKING FROM MY HOME IS THAT OK AND STILL FILE FOR THESE BIZ CREDITS

Isn't that what an EIN is? (a number to track the business credit like credit bureaus use a SSN for individuals)

I have been reading these lists of responses coming from well intended individuals, but allow me to say, if you are not clear on what is necessary to file for a business structure or even what a business structure might be you should search the web or consult an attorney. Next, before anyone delves into seeking "business credit" you should follow the necessary steps regulated in your home state.

In Washington where I live I started an LLC by filing an application/articles of organization with the Secretary of State (Corp. Div.), which issued me an Unified Business Identification # (UBI), then I filed a Master Business Application with the Dept. of Licensing and registered my legal and trade name or Doing Business As (DBA), then I applied for my Tax Employer Identification Number (TEIN) with the Dept. of Revenue. Lastly, I contacted my city and county government offices to find out whether I needed to obtain a license for having a principal location (my business) in their city and/or county.

Now, I know there are those out there who oppose incorporating the services of a "business credit builder" program, but I believe unless YOU are capable of knowing ALL the checks for compliance and know how to access ALL the "business credit" bureaus, namely, D&Bradstreet, Experian, Equifax, FDInsight, Credit.net, ClientChecker to list a few, you are in a position of ruining your business credit forever!!!

Since, the government does not have any regulations re: how the business credit bureau manages our credit profile, we are at their mercy!! If I were you, I would pay the cost of hiring a "business credit builder" program. This way you will have a coach/specialist who can guide you through the compliance process, register your business with all of the credit bureaus, create a credit profile for your business with all the bureaus and seek out vendors and trade references for your business. This will allow you to start off on a healthier note and avoid any "traps" (i.e., pre-qualified cards, having your credit run by too many lenders, offers of loans without a "personal guarantee" (PG), etc),

Lastly, I hope this info. will help just one person not end up losing everything they so diligently worked for in just one or two phone calls. Beware, filling out those online applications, unless you are certain/guaranteed to have your application approved. Just my advice!!!