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An EIN is a federal identification number issued by the IRS to identify a business entity (similar to a social security number being issued to identify an individual, except that an EIN is used to identify a business entity instead of a person).
An EIN is also known as a Tax ID number. Legally, you are required to identify your business with one of two numbers: either your social security number or an EIN.
Generally you need an EIN when your business:

• Is new
• Hires, or will hire, employees
• Is an LLC or Corporation
• Opens a bank account

Small business owners should get an EIN and use that number as the only way to separate your personal credit and personal liability from your business activity.
There is no personal asset protection or personal credit protection for people that do business as a sole proprietor.
Furthermore, banks require an EIN in order to open a business bank account.

Have you seen the raw and uncut video I posted on Youtube about how to season money using business credit?

This video answers one of the big questions of how do we pay back the lines of credit in a start-up business.

Watch it at: http://www.youtube.com/watch?v=4ULWbthI_RE

An unsecured business line of credit is simply a loan you get in the name of a business without having to hand over any collateral.

These business lines of credit are cash lines of credit. That means they are real money you can use for anything.

The money available from these business line of credit can be accessed as a multi year loan with a fixed rate, from regular check writing privileges at low interest rates or like any other credit card with cash advances and through purchases with an interest free grace period.

That means you can literally use a banks money, interest free, during the grace period to make profits and get more business before the first payment is ever due.

And did you know that one of the easiest ways to improve your personal financial statement and increase your scores is by using business credit.

Business lines of credit will prevent you from doing harm to your personal credit score because when you use them it does not show up on your personal report.

The E-Myth concept has turned what people think their business goals are on its head.

Take a quick assessment of what matters most in your business.

Do you:

*Stay within your means
*Keep your objective always in mind
*Choose the line of least expectation
*Exploit the line of least resistance
*Take a line of operation which offers an alternative objective

Becoming an Entrepreneurial Leader means using these tactical methods like a military strategies.

Run your business “Like a General” in order to win the day to day battle to profitability and to win the war of achieving the dream lifestyle all entrepreneurs want.

From the desk of Thomas Kish.

I just had a really interesting conversation on our phone lines with someone trying to place a order for our business credit.

I normally don’t answer the phones, but I over-heard one of our phone people sounding frustrated with someone trying to place an order.

It reminded me of that TV show where the boss goes undercover and snoops on his people. But I was in plain sight so I just asked my phone guy if he would put me on the phone with this client.

John was the person on the other end of the phone. John was calling to ask question about me and about the business credit service that we offer.

When I introduced myself on the phone, John kind of stopped. Then he said, “So there really is a Tom Kish”.

I asked him why in the world he would ever say something like that? And he said because there is no such person as Betty Crocker, so he figured there was no one at our company called Tom Kish.

I told him that Betty Crocker doesn’t do 100 webinars, tele-seminars and live speaking events each year, BUT I DO. So why would you wonder whether I am real. You can see me in person if you attend any of my events!

And by the way, there absolutely was a Betty Crocker many years ago working at Pilsbury who helped develop some of those recipes. My mother worked in accounting at Pilsbury in MPLS, MN for about 5 years, so I have heard all the stories about Betty Crocker when I was growing up!

But back to my conversation on the phone with John.

I asked him to cut to the chase and just tell me why he took the time to call up but was acting so skeptical and was not willing to place an order.

**John said two very important things**

He said he had been BURNED before and had only gotten vendor credit lines from a company that he had hired in the past.

*The first thing I explained to him was that we offer cash lines of credit that can be used for anything. We do not limited you to credit that can only be used at some store nobody ever heard of.

Our service is about getting you approved for cash that you can actually use.

*The second thing I responded to was his comment about how everything is a scam and he had been burned so many time before.

Now, I will admit that I got a little hot under the collar on the phone with him at this point because it is NOT reasonable to lump everyone together in these kind of blanket statements. Most companies are run by good people and most companies provide quality services.

I told him that just because people don’t lose weight when they buy a d*et plan does not mean that they are all a scam. Sometimes people need to take responsibility for their own lack of follow through.

**Not everyone in the world is out to get us!**

I told John that we offer a guarantee with all our products that allowed him to get a refund if we did not do what we offered.
And I told him that we have been in this financial service industry for a long time (over 7 years) because what we do works if people will carefully follow our instructions.

We have also been third party verified by all the merchant processing companies as a secured provider of these services, so there is NO DOUBT as to the effectiveness of what we do.

And guess what happened next?

John thanked me and told me he was ready to place his order!

So I handed the phone back to my phone guy and let him do his job and get John enrolled in the program he wanted.

I love all the great business people I meet as the owner of this education company and people like John help keep things interesting for me. And I hope that this open letter to every one of you newsletter subscribers helps move you forward in hiring us to get you the business credit you need.

Call us during business hours and we can help you too!

But don’t expect me to personally take your call. I like to take really long lunches at my favorite sports book here in Vegas. That is one of the perks of being the owner, right?

I do take as many questions as I possibly can during my live call-in shows! So don’t miss them when I offer them.

Thanks, Tom.

P.S. John, if you are reading this, I hope you are smiling at how accurately I paraphrased our whole conversation.

As the tax deadline comes and goes, it is a good time to reflect on and act on proper tax planning for today and the future.

Are your books in order and is your business structured properly? Are you taking all the legal deductions you are entitled to? If not, there is a good chance you are paying more taxes than necessary.

Many new small business owners struggle with whether or not to form a corporation or remain as sole proprietors for their businesses. Forming a corporation allows for some tax benefits that small business owners should know about that could save them a lot on their annual tax bill. Knowing the advantages of forming a corporation for tax purposes can save you tons of money in the long run. And a properly form business entity is an asset that holds it’s value and can be sold for a profit in the future when the business owner is ready to move on.

A major benefit of incorporating your business allows for greater tax deductions for the business, your employees, and potentially for family members of business owners. Even if you’re the only shareholder and employee of your business, benefits such as health insurance, life insurance, travel and entertainment expenses may be deductible. For example, corporations can deduct 100 percent of medical insurance premiums. Incorporating may also eliminate self-employment taxes and lower your payments for social security tax and Medicare tax. Your individual tax liability may also be reduced, as you will become an employee of the corporation.

The following illustration shows how one individual, who has $60,000 per year in revenue, can save almost $7,000 in taxes just by incorporating.

Joe the independent contractor:

*revenue $60,000
*total tax due $14,054

Joe the employee of his own corporation:

*revenue $60,000
*total tax due $7,280

The difference is in the power of being able to determine what you pay for yourself, what is subject to additional self employment taxes and what stays in the corporation for future expenses of the company.

These kind of benefits of incorporating rather than running their businesses as sole proprietorships is what draws so many people to build a simple corporate image. Not to mention other fringe benefits and lower state income taxes.