In the process of purchasing my first property. I have started obtaining 0% CC (service from Fund &Grow) as a Sole Prop. I have separate EIN as I establish business credit as a Sole Prop. So my question is should I continue setting up Sole Prop by filing DBA, setting up Dun Bradstreet number/acct, and opening a bank account under Sole Prop?
I realize the purpose of an LLC is mainly for asset protection. I am more concerned about establishing business credit at this point. I am purchasing this first property in my own name not an LLC.
For veterans, what did you do first Sole Prop or LLC? And why? When did you place your properties under an LLC?
Looking forward to hearing your feedback
Lena, are these for buy and holds? I havnt seen business credit being a huge factor when it comes to rentals, the deal and track record was a bit more of a factor. That said, having biz credit is always beneficial!!
I started with LLC, since its so easy to setup in my state. Since it was so easy, it was a no brainer to set it up, and operate from there to start with.
I bought my first property using a VA loan as a sole prop.