Category: Business Credit

On your small business journey, you will encounter many forks in the road. Choosing the right direction for your company as it matures may seem daunting at times. One of the “forks” you must consider is whether or not to move your business from its default sole proprietorship status to another type of legal entity. Incorporating is the most traveled path for entrepreneurs who want to protect their personal assets, experience tax advantages, and build credibility.  Why Incorporate Your Business? … Read More

There’s no such thing as SBA loans for women, as the U.S. Small Business Administration (SBA) makes its loan available to all business owners who qualify. However, there are some excellent resources available to female business owners, and an SBA loan may still be the best fit for your small business. If you’re looking for a way to fund your business growth, here’s everything you need to know about your options. SBA loan options While there aren’t any SBA loans… Read More

As we kick off a new year and so many of us commit to maintaining or renewing our personal health, business owners may want to turn some attention to assessing the financial health of their company. Instead of using the scale or a doctor’s appointment to determine your starting point, a calculation of gross profit margin can give you a simple metric to indicate how your business is doing financially. This calculation takes into account total sales and the total… Read More

When you sell a product or service, it’s important to understand your profit margin or how much money you make by selling your product. Essentially, a profit margin shows you return on investment (ROI) for all of your expenses. A low margin indicates you’re not getting the ideal ROI for your expenses while a high one proves you’re doing well.  Ideally, you’d have a high profit margin that steers your organization toward long term growth and success. By taking the… Read More

Being a small business owner can be incredibly rewarding. It’s exciting to have a vision and work hard to make your company grow and thrive. Of course, small business owners also have a lot of responsibilities and long (seemingly ever-growing) to-do lists. Yet no matter how busy you may be, one responsibility you can’t afford to overlook is taking the time to check your business credit.   Wondering how to check your business credit? We’ve got you covered. Checking your business… Read More

Many small businesses choose to incorporate to experience the varied advantages this legal filing can bring, including limited personal liability, enhanced credibility, and tax benefits. For business owners in the United States considering an S corporation classification, it is necessary to submit Form 2553 to the U.S. Internal Revenue Service (IRS) towards the start of the tax year. S corporation status ensures a company is taxed under Subchapter S of Chapter 1 of the Internal Revenue Code (hence, “S corporation.”)… Read More