sole proprietor

[Teron S.]

Hello BP nation,

I finally have my first house under contract due to close in just 4weeks and I'm really excited. My question is since I will be owner occupying the 3 unit home while renting the other 2 unit, I want to open a business account as a sole proprietor. I Plan on also getting a business credit card under my trust name i create .I know it's hard to get business credit when first starting but if i use a tradeline shouldn't that speed up the process?  

Thank you again for your time! 

[Lora H.]

Hi Teron,

Congrats!  If this is your one and only property, why do you think you want to have a business set up (yet)?  If you do that I believe things get more complex regarding filing taxes, self employment tax, etc.  I have 3 properties now and still not using a business name (yet).  I manage everything myself and am trying to KISS . . . keep things simple.  Unless there is a real need for it, I would do a bit more research on the subject.  That's my .02 cents.  Good luck.

lora