Scott Letourneau's Articles - Free article content at The Dummies Guide to Everything

Search:

Scott Letourneau's Articles

Display Category\|Title\|Newest\|Oldest
Understanding Your FICO Score And Its Variances The main system in place for determining credit scores is called FICO, an acronym for Fair Isaac Credit Organization, which is the company that owns this formula. The three credit bureaus, Equifax, TransUnion, and Experian all use this system to establish credit scores, but they each market it under a different name. VantageScore Versus FICO: How the New Credit Rating System May Affect Consumers The exact differences, benefits, and downsides of the VantageScore system versus the FICO system remain to be seen, but consumers should be watchful of how the credit landscape changes for them based on this new arrival. FAQs Regarding New Credit Formulas Business owners must consider how these changes could effect their business scores, because of the major impact it could have on their ability to take out loans, finance projects, or pay employees. Consider your options and discuss them with a financial adviser to figure out what is the best plan for you. Credit Score Formula Changes, Impact on Small Business Owners Small businesses are extremely important to our culture and our economy. In fact, small businesses make up a very significant portion of our economy. The financial success of America's small businesses lies heavily on their ability to attain credit in order to maintain their business. Credit Tips For Small Business Owners It is shocking that nearly all small-businesses fail in their first months or years of business. One of the primary flaws of the way people run their businesses is being lax when it comes to book keeping and cash flows. It is important for business owners to follow some simple but imperative steps in order to go maintain the success of your business. The Anatomy of Your Business Credit Score The success or failure of a small business could very well rest on the business owners credit scores, especially with the failure of mot businesses in the first six months of the business. Importance of Credit and Capital for Small Business Small businesses are extremely important to our culture and our economy. In fact, small businesses make up a very significant portion of our economy. The financial success of America's small businesses lies heavily on their ability to attain credit in order to maintain their business. Three Key Factors Lenders Look at Before Giving You Business Credit Many businesses fail because they are unable to access the capital that they need to survive, particularly in the first five years of establishment when banks view them as riskier because of their age. How Personal Revolving Debt Affects Business Credit Many business owners are shocked to find that their personal finances have such a large impact on their business's ability to access credit. What VantageScore Could Mean for Newer or Less-Experienced Borrowers Credit scores have long been determined by a nearly universal formula known as the FICO model. This model, owned by Fair Isaac, is used by over 80% of the major banks in the US, and is the familiar 300-850 credit ranking that consumers are familiar with. Is Viral Marketing the New Residual Income Strategy You Need? What's the upcoming way to get residual income? It's called Viral Marketing and it works just like a virus or a common cold. Is There A Magical Formula For Creating Income? Viral marketing is a new term about to explode on the world wide scene of income opportunities. Catching A Virus Has Never Been So Profitable A new term is breaking into the home business networking world. It is Viral Marketing for Residual Income or Viral Residual Income for short. Forming a Corporation or LLC? Learn these 7 Criteria the Company You Choose Must Meet! Many people turn to companies, attorneys or CPAs to help them form a corporation or an LLC. Before you do, you should make sure you know what to look for in a company that is helping you. Here are 7 criteria to look for when choosing a company to set you up with your entity. What is the Best State to Incorporate Your Business? So, what is the best state to incorporate in? Every seminar seems to scream Delaware or Nevada, and now Wyoming is becoming popular. Do you want the simple answer that will keep you safe? Nevada Vs Wyoming, In Which State Should I Incorporate? Wyoming adds a few benefits to home state incorporation, including privacy, nominees, hiding (but that is not asset protection), lower fees... But ask yourself, does it make sense to save $100 in fees when you're protecting $1 million of assets? The bottom line is protection. If you choose to hide, saving that $100 may just put you out of business. What the VISA IPO Does Not Know about Business Credit Understanding how to properly develop business lines of credit is critical to any start up business owner's success! Unfortunately, most who start off as a sole proprietorship and finance their business with their personal credit cards potentially ruining their business lines of credit down the road when they realize it is time to incorporate their business! Two Great Myths Regarding Taxes After interviewing one of the foremost authorities on taxes, I decided to put an article together that exposes two great myths. This article is based off a transcript from an Interview I did with Sandy Botkin. Enjoy. One Million Dollars or $22,000? Tax Planning May Be the Difference Tax Planning isn't that important is it? It's just for the wealthy, right? WRONG! Will You Save Taxes By Incorporating In Nevada? Nevada has no state corporate or personal income tax and is one of the best states in the country to start a business! Nevada is a PRO-BUSINESS state. The question is: If you don't have a business in Nevada, will you save state corporate income taxes by forming your corporation in Nevada? Three Scary Tax Secrets You Were Never Told About Well the day that every United States citizen seems to fear most is almost here. No, it isn't Halloween or the first day of school, it is Tax Day. April 15th could also be called the day everyone actually thinks about achieving a certain goal. The Top 3 Reasons to Focus on a Direct Selling Company Everyone has the right to live life on their own terms. Not too many people believe that being a "slave" to a '9 to 5' job is living the life of their dreams. Direct selling may be your way out of that rut. The IRS to Audit the Easter Bunny Take the steps to avoid your business being audited like the Easter Bunny, or other sole proprietorships. Incorporate your business from day one and keep the IRS off your back and protect your personal credit! Privacy In Nevada Will NOT Help Protect Your Assets! When it comes to protecting your hard earned assets you want every advantage possible. When incorporating in Nevada it is often promised that there is a level of privacy for the owners of a corporation or LLC that will shield them in the event of a lawsuit. Incorporated Your Business? Why Business Credit May be Key to Your Success! So, you have finally taken that plunge! You formed your corporation or LLC and are ready to set up shop. The next step can be daunting; how will you purchase assets, pay your utilities, pay salaries and establish cash flow? Where will the funds come from to get this all done? Avoid Personal Guarantees in Your Business Name Banks like to play games with applicants, personal guarantees and your business. They'll tell you personal guarantees by you, ALL your business partners, and even spouses are required to process the loan. It's just part of their standard operating practice they say. It doesn't have to be this way How to Separate Your Personal and Business Credit Separating personal and business credit is a crucial step for your business and personal life. Yet, many business owners mix their personal and business credit together unaware of disaster waiting for them down the line. Secrets of Trade Credit vs Business Financing The number one reasons that business fail is due to lack of cash flow. As such, many business look into financing but which is the best for you? Business Owners: A "Valentine" From The IRS Is NOT A Good Thing! The IRS would love for you to continue as a sole proprietorship in your business, because that makes you an easy target! Incorporating In Nevada And Relying Upon Privacy To Protect You When it comes to protecting your hard earned assets you want every advantage possible. There are many levels of privacy touted when forming an entity in Nevada. What works? What doesn't? What is the balance between asset protection and privacy? What is most important?