Monthly expenses: List your average monthly credit card expenses for the business.Revenue: List your previous year's annual revenue before taxes and expenses.If you're a freelancer or a one-person business and haven't registered with the state, your business is considered a sole proprietorship. Legal structure of your business: If you've registered your business with the state, your business is classified as a specific legal structure, such as a corporation, partnership, nonprofit, LLC or cooperative.Choose the classification that most closely applies to your business. These classifications categorize companies by their primary business activity. Type of industry (NAICS code): You'll likely find a drop-down list of industry classifications in this section.If you're a sole proprietor, list your Social Security number. Federal tax ID: If you registered your business with the state, you received a nine-digit federal tax ID number, or EIN.If you're a sole proprietor, just provide your legal name. Legal name of your business: Provide the name you're doing business under, such as the name you registered as a limited liability company (LLC) or S or C corporation with your state.Contact information: Provide your business's mailing address and phone number.There will also be a section asking for specific information about your business. There will be a section requiring personal information such as your name, Social Security number, home address and annual income. The business credit card application process is similar to applying for a personal credit card. Step 2: Choose a card that meets your needs Research what credit reporting agencies the cards report to-such as Equifax® or Experian®-if you’re interested in building up your business credit score.Look into special signup or welcome bonus offers and understand the requirements for spending to qualify for the offer.Understand the qualifications necessary for approval, like a personal guarantee and personal credit score thresholds.There are also cards that require you to pay your balance in full each month. Remember that annual percentage rates (APRs) are determined by your creditworthiness. If you carry a card balance each month, a low interest rate will be important. Understand rewards caps and redemption rules, which can limit how you use your rewards. ![]() This will help you understand what rewards programs (like travel miles and cash back) would benefit your business most.
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