October 2022 – Page 2 – Management Library

Name: Best Banks for Startups
Brand: management
Rating: 4.5 (4 reviews)

October 19, 2022February 17, 2023

Embroker Review: The Business Insurance You Need?

Many businesses don’t have the means to survive a product recall, lawsuit, or natural disaster. Luckily, online business insurance companies offer fast, comprehensive coverage to protect you if and when something bad happens. This Embroker review provides all the information you need to make an educated decision about whether the business insurance company is right for you.

Embroker at a Glance

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Embroker offers a plethora of coverage options for any type of business. You can protect against theft, damage to third parties, product issues, cyber attacks, and so much more. It’s easy to mix and match policies to shelter your company from anything the world can throw at it. The business insurance company even has employee and health benefits to keep your team happy.

Applying is straightforward and simple, even if figuring out the best policies to choose can be a challenge. You won’t have an idea of costs until the end of the process, but Embroker claims its rates are the best in the game. There’s no mobile app, so creating and managing your account is best done on a computer.

Several customizable plans to choose from
Offers employee and health benefits
Fast application process

Unclear pricing information
No mobile app
Can be overwhelming to build your policy

Embroker Insurance Review

There’s a lot that goes into making Embroker a solid choice for business insurance. Let’s start to break down what makes the company shine.

Who is Embroker Business Insurance Best For?

Embroker has a lot of protections it can put in place for various business models. Policies tend to revolve around smaller businesses, but options like director and officer coverage speak to ventures with a senior management team. It has specific areas of interest that benefit the following companies the most:

Startups
Tech Companies
Law Firms
Cannabis Companies
Aviation and Aerospace
Small Businesses

That said, any organization looking to maximize coverage while keeping costs down should give Embroker a closer look.

Pricing

With so many policies to choose from, it’s impossible for Embroker to offer transparent pricing packages for business owners. The company will work with you to build coverage that fits the needs of your business, helping to ensure you don’t overlook something that will protect you down the road.

Additionally, each policy weighs in a number of factors that affect the overall cost. Your type of business, number of employees, assets, financials, legal history, and more can all play a role in what you’ll end up paying.

Above all, Embroker claims to have some of the best prices in the industry. Through its thorough process, the business insurance company states it can offer prices 20% to 50% lower than the competition.

Embroker Features

General Liability

General liability insurance protects your business from injury or property damage to a third party. This coverage helps pay claims if a non-employee gets hurt or has property damage while working with you. When court costs alone could devastate a business, this coverage can be a lifesaver. It can also offer protection against slander or libel.

Product Liability

Product liability insurance deals with issues surrounding defective products. Any item with a design defect, manufacturing issue, or unclear instructions can fall under this umbrella. Coverage can extend as far as a product recall if necessary. Businesses dealing with the sale of products should always consider this insurance.

Commercial Auto

If your business owns or rents vehicles, commercial auto insurance safeguards them in the event of an accident, theft, vandalism, or even natural disaster. This coverage can also shield yourself or your employees if you’re found to be at fault in an accident. Many states mandate the purchase of commercial auto insurance.

Commercial Property

Commercial property insurance assists with physical structures, supplies, and inventory on your property. When experiencing loss, theft, or damage from natural elements, this insurance will pay toward repairs or new items. Embroker allows you to tailor this policy to reflect your assets and acceptable loss.

Directors and Officers Coverage

While not for small startups, directors and officers (D&O) insurance supports your top management if any of them ever get sued on matters of corporate trust. In addition to protecting the personal assets of the individual, it helps pay for any legal defense and resulting damages.

Cyber Liability

Internet threats are real, and few businesses aren’t connected to the digital world in some way. Cyber liability insurance helps deal with the aftermath of a cyber attack and loss due to security breaches. If met with legal action from third parties as a result of an attack, cyber liability can help there as well.

Errors and Omissions

Also known as professional liability insurance, errors and omissions coverage helps shield you from claims against inaccurate information, mistakes, or negligent behavior. This insurance becomes important when your business offers expertise or deals in professional services. It’s wise to pick up a policy for your organization when dealing with potential malpractice or inaccurate advice.

Business Interruption

Business interruption insurance steps in when your company can’t operate due to some form of disaster. While such events are usually natural disasters, Embroker can cover shutdown time from theft or falling objects. It helps offset the loss of income from closing your doors for a set period of time until you can reopen again. This policy often comes bundled with other insurance, but it’s possible to add more comprehensive coverage to your plan.

Commercial Crime

Other forms of insurance safeguard from a criminal activity outside the workplace. Commercial crime, on the other hand, deals specifically with employee embezzlement or theft. It can help cover you from loss due to missing inventory or other supplies. Embroker even offers third-party coverage, protecting your business if another entity claims your business committed a criminal act against them. Businesses bringing in part-time help or dealing frequently with cash or inventory can benefit from such a policy.

Worker’s Compensation

In the event one of your employees sustains an injury at work, worker’s compensation insurance can save the day. Having such an event at your place of work is always a possibility, but workers comp can shield you from costs that come with injury. Covered expenses include lost wages, medical expenses, therapy, or death benefits.

Health and Employee Benefits

Alongside insurance coverage, Embroker has health and employee benefits to make your business a more desirable place to work. You can integrate Embroker’s system with your own HR software and build a suite of benefit options for your team.

You can also add educational materials and access to benefits consultants to help facilitate the process. It’s possible to set up guidelines and fee ceilings to keep business and employee costs to a minimum. After finalizing a policy, Embroker compares your benefits to comparable companies, looking for areas to improve or save money.

Alternatives to Embroker

Embroker has a long list of great features, but the business insurance provider won’t be for everyone. Below you’ll find a few alternatives to consider instead.

CoverWallet

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CoverWallet shares many policies with Embroker but groups them into plans dedicated to specific industries for easy shopping. Types of companies include retail stores, contractors, accountants, and many more.

No matter your business, you’ll find options for general liability, worker’s comp, cyber protection, commercial auto, and asset coverage. Digging a little deeper reveals medical malpractice insurance, errors, and omissions, and even liquor liability should the need arise.

When searching for the best coverage for your organization, CyberWallet keeps the process simple. You can click on your company’s industry for a basic package and add or remove features that speak most to your business model. More often than not, you’ll have to call an agent to actually receive a quote, slowing down the overall process.

Once you land on the right plan for you, it’s possible to view and modify selections from your online dashboard. This stellar feature helps avoid a sometimes slow-to-respond customer service team. As you set up your policies, keep an eye out for broker fees or other hidden costs that can add to your monthly expenses.

Quick and easy application process
Coverage packages for multiple business types
Can handle your policies through an entirely online system

In most cases, you have to call to complete the quote process
Many hidden fees
Customer service can be on the slow side

Hiscox

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Hiscox specializes in small business insurance, employing services to over 400,000 companies at present. The company has over 100 years in the field, and that kind of experience is hard to pass up.

It’s hard to tell when a small business becomes something more, but Hiscox’s policies work best in companies of ten persons or fewer. In some instances, it’s not possible to extend coverage to more individuals or protect senior management in a fiduciary issue.

You can quickly obtain quotes for your particular enterprise and receive instant coverage, but the claims process isn’t so user-friendly. Many users complain of slow notifications and drawn-out procedures that eat into both time and money. Alaskans are out of luck, Hiscox doesn’t have a presence there.

While flipping through Hiscox’s policies, the online business insurance provider has specialized coverage for more than 180 industries. You can tweak these plans as you see fit to work best with what your business offers.

Over 100 years in business
Fast quotes and instant coverage
Specialized coverage for several industries

Slow to respond to claims
Best suited for business of ten employees or less
No coverage in Alaska

The Hartford

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The Hartford first opened its doors in 1810, providing insurance policies to the small and large businesses of the time. Not much has changed over the last 200 years, as The Hartford still offers coverage to small and large organizations alike. While you can now fill out most of your coverage online, you will still need to call The Hartford to finalize your monthly rates.

In total, The Hartford serves over 1 million business customers around the country. That is, with the exception of New Jersey, Hawaii, and Alaska, where the company dares not tread.

You’ll only need a few minutes to request a quote for your specific company, and The Hartford will show you all the ways it can protect your business. It even shows average costs for various plans on its site, something most other insurance providers won’t do.

With many policy options to choose from, you can customize a plan based on the industry where your business works. The site has several pre-built packages for company types from photography to restaurant ownership. Keep an eye on costs after the first year, as some users mention prices increasing unexpectedly.

Over 1 million small business customers
Designed for small and large organizations
Covers a wide range of business sectors

Most policies require talking to an agent to finalize a rate
Some users complain of significant price increases over time
Does not offer policies in Alaska, New Jersey, or Hawaii

Frequently Asked Questions (FAQs) – Embroker Review

Still have questions about business insurance? Below are answers to some inquiries you may be curious about.

Where is Embroker Based?

Embroker has its headquarters on the west coast in San Francisco. You’ll also find offices in Boston and Chicago with customers in every state.

When Should a Startup Get D&O Insurance?

Director and officer insurance may not apply to all small businesses, but any company looking to build a senior management board should have this coverage. Those vying for higher-up positions may refuse to work in your organization if you don’t have the means to protect them.

Is Embroker an MGA?

Embroker is a managing general agent, able to offer more specialized attention and care to a business. The company can bring multiple policies together under one roof, ideally for a lower price.

Is It Worth Having Cyber Insurance?

With digital attacks on the rise, cyber insurance can offset the costs of getting your business back online. It’s still worth having security measures in place to block threats before damage occurs.

Bottom Line on Embroker Business Insurance

Business insurance can spell the difference between a company recovering and crumbling when disaster strikes. Embroker offers a laundry list of solutions to protect you and your organization from potential pitfalls along the way. Having the right policies in place can cover some of all of the costs due to damage from a number of sources, allowing you to get back to doing what you do best.

October 18, 2022November 23, 2022

10 Best Bad Credit Loans with Instant Approval

The text "Bad credit loans" written on a sticker lying on a work desk

Getting approved for a loan when you have bad credit can be difficult. Similar to other financial services, borrowers must submit an application with their income information and agree to a credit check before getting a loan. Since lenders prefer to work with borrowers who have a reputable track record, you may be caught in a challenging situation.

Fortunately, we created a list of the best bad credit loans with instant approval. These lenders can provide you with immediate cash relief even with a poor credit score. However, bad credit lenders typically charge higher interest rates and fees. So, make sure the lender you choose offers adequate rates and terms based on your own financial situation.

So, let’s dive into the list of the top 10 loans for bad credit.

Top 10 Best Bad Credit Loans

MoneyMutual – Best Overall
CashUSA – Best for Fast Cash
BadCreditLoans – Best for Exceptionally Low Credit Scores
PersonalLoans – Best for Fast Installment Loans
Funds Joy Loans – Best for Quick Loans
Credible – Best for High Loan Amounts
LendingTree – Best for Reputable Loan Marketplace
AmOne – Best for Fast Loan Applications
Avant – Best for Debt Consolidation
Citrus-Loans – Best for Emergency Loans

MoneyMutual – Best Overall

4.58

★★★★★

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MoneyMutual serves as an online marketplace for personal loans. This lending service has an excellent track record of assisting people with low credit scores and helping them get the money they need. Trusted by over 2,000,000 customers, you can take out a cash advance or personal loan with MoneyMutual.

Application Process: 4.5/5

MoneyMutual makes it quick and easy to apply for a loan. The minimal application form takes a few minutes to complete, and you must provide your Social Security number, driver’s license ID, and bank account routing number.

Loan Amount Limits: 4.5/5

MoneyMutual’s loan amount limits range from $100 to $5,000. Since MoneyMutual is a loan marketplace, it offers a wide variety of lending options. Therefore, each lender has its own minimum loan amount and terms.

Rates and Fees: 4/5

As a lending marketplace, MoneyMutual does not charge extra fees to apply for or receive a loan. Nonetheless, the lenders in the network may charge late payments, origination, or other fees. For this reason, it’s important to read the loan’s terms before applying.

Turnaround Time: 5/5

MoneyMutual is the best bad credit loan because it offers instant approval. This is because MoneyMutual can match you with a potential lender in less than two minutes. Furthermore, the loan can be sent to your bank account within 24 hours, depending on which offer you agree to.

Repayment Terms: 4.5/5

Your specific repayment terms depend on which lender MoneyMutual matches you with. However, you can expect repayment terms anywhere from 3 to 60 months. This gives you a lot of time to repay your loan without too much financial burden.

Customer Support: 5/5

You can contact MoneyMutual via email at customerservice@moneymutual.com. If you need to speak with an agent immediately, give them a call at (844) 276-2063.

More than 10 years of experience
Loans up to $5,000
Quick application process

Unavailable in IL, CT, and NY

CashUSA – Best for Fast Cash

4.67

★★★★★

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If you’re in a pinch and need money quickly, you may be desperate enough to take on a funding source with high interest rates and fees. However, you don’t need to turn to these riskier funding sources and rack up more debt.

This is because CashUSA offers the fastest online application for personal loans for bad credit. With CashUSA’s wide network of lenders, you can be approved for a loan immediately. As one of the most reputable online lending platforms, CashUSA is an excellent choice for individuals with poor credit scores.

Application Process: 5/5

CashUSA offers a speedy application process that’s simple to fill out. Once you fill out the online form and explain how much money you want to borrow, CashUSA performs a soft credit check before matching you with a lender. However, since it’s a soft credit check, individuals with low credit scores don’t need to worry about getting denied.

Loan Amount Limits: 4.5/5

CashUSA has a minimum loan amount of $500. Furthermore, the maximum amount you can borrow from a CashUSA lender is $10,000. The amount you can borrow depends on your credit report. Also, the lowest credit score you can have to secure a loan is 579.

Rates and Fees: 4.5/5

Since you likely have a bad credit score, your interest rate on your loan may go up to 35.99%. On the other hand, the lowest interest rate CashUSA offers is 5.99%. It depends on your credit score and how much money you want to borrow.

Turnaround Time: 5/5

As the best bad credit loan for fast cash, CashUSA has an outstanding turnaround time. The application process takes less than five minutes, and the approval will come in soon after that. Furthermore, if approved for the loan, you can expect CashUSA to send the amount to your bank account within one business day.

Repayment Terms: 4.5/5

CashUSA’s network of lenders has repayment terms from 90 days to 72 months.

Customer Support: 4.5/5

If you need help, you can email CashUSA at support@cashusa.com. Furthermore, you can call them directly at (866) 973-6587.

Can borrow up to $10,000
Origination fee-free
Receive money the next day

Not a direct lender
Relatively high APR

BadCreditLoans – Best for Exceptionally Low Credit Scores

4.5

★★★★★

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BadCreditLoans features one of the most extensive lending networks in the United States. Founded in 1998, BadCreditLoans provides loans up to $10,000 without any application fees.

In addition to personal loans, BadCreditLoans also offers installment loans such as auto loans, emergency loans, home loans, small business loans, mortgage loans, and debt consolidation loans.

Application Process: 4.5/5

Similar to the previous two options, BadCreditLoans features a quick application form that takes around five minutes to complete. You must provide your driver’s license and bank account deposit information.

Loan Amount Limits: 4.5/5

The lenders at BadCreditLoans offer loan amounts of $500 to $10,000. Best of all, you can apply for a loan with BadCreditLoans even if your credit score is 500 or lower. Therefore, BadCreditLoans is one of the best lenders for individuals with drastically low credit scores.

Rates and Fees: 4.5/5

BadCreditLoan’s lenders have similar interest rates to CashUSA, ranging from 5.99% to 35.99%. It’s impressive how BadCreditLoan offers competitive interest rates even with the low minimum credit requirement. However, you are subject to a higher APR if your credit score is less than 570.

Turnaround Time: 5/5

Once you fill out the online form, you must wait for one to two minutes for BadCreditLoans to match you with a list of potential lenders. You can then choose the loan with terms that work best for your specific situation. After you accept the loan, the money is sent to your bank account within a single business day.

Repayment Terms: 4/5

Loans from BadCreditLoans lenders carry repayment terms of 90 days to 72 months.

Customer Support: 4.5/5

You can submit a message through the contact form on the website. However, you can also contact BadCreditLoans through email at support@badcreditloans.com. For emergencies, you can call the hotline at 1-(800) 245-5626.

Easy to find lenders
Free service
Can borrow up to $10,000

Borrowers with extremely poor credit receive lower loan amounts
No BBB Accreditation

PersonalLoans – Best for Fast Installment Loans

4.58

★★★★★

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Providing loans for nearly two decades, PersonalLoans is one of the most reputable online lending solutions available. This lending platform doesn’t require a minimum credit score to get approved for a loan, making it an excellent option for fast installment loans.

Application Process: 5/5

PersonalLoans carries a simple application process that takes around five minutes to complete. Make sure to have your bank account information ready, so the lender knows where to deposit your loan.

Loan Amount Limits: 4/5

Uniquely, the minimum loan amount you can receive from PersonalLoans is $1,000. This is a higher minimum loan amount limit than the previous options on today’s list. Furthermore, since BadCreditLoans doesn’t require a minimum credit score, you will receive higher rates if your credit score is under 570.

Rates and Fees: 4.5/5

There are no application or finder fees at PersonalLoans. Furthermore, the offered APR varies from 5.99% to 35.99%, depending on your credit score.

Turnaround Time: 5/5

PersonalLoans matches you with potential lenders one to two minutes after you submit the online form. After you agree to the loan and sign your e-signature, the loan amount is electronically deposited into your bank account within the next business day.

Repayment Terms: 4.5/5

Repayment terms range from 3 to 72 months at PersonalLoans.

Customer Support: 4.5/5

You can reach PersonalLoans via email at support@personalloans.com. Furthermore, you can speak with a customer service agent by calling 1-(800) 772-2274. These reps are available Monday through Friday from 6 a.m. to 7 p.m. Pacific time.

Rapid application process
No upfront or origination fees
Secured and unsecured loans up to $35,000

No BBB accreditation
Unavailable in a few states

Funds Joy Loans – Best for Quick Loans

3.75

★★★★★

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Funds Joy Loans is growing as one of the top direct lenders in the market for fast cash. This lending platform offers instant loans to individuals with poor credit scores. Best of all, Funds Joy Loans provides same-day loans with a quick application process.

Application Process: 4.5/5

Funds Joy Loans has an easy application process that takes just a few minutes to complete. You must also provide your driver’s license or state ID and checking account deposit information.

Loan Amount Limits: 3.5/5

You can quickly qualify for a loan of at least $200 at Funds Joy Loans. In addition, the maximum amount you can receive from Funds Joy Loans is $2,500.

Rates and Fees: 3/5

The interest rates Funds Joy Loans lenders offer range from 4.99% to 450%. In addition, there are several lenders that also offer cash advance loans with interest rates ranging from 200% to 1386%.

Turnaround Time: 4.5/5

Although the application process takes less than five minutes, it may take up to 10 minutes for Funds Joy Loans to match you with potential lenders.

Repayment Terms: 4/5

Funds Joy Loans offers flexible repayment terms for up to 72 months, giving you time to get your finances back on track.

Customer Support: 3/5

The only way to get in touch with Funds Joy Loans is by sending them a message through the website’s contact page.

Can borrow unsecured personal loans up to $2,500
Easy application process
No additional fees

Potentially high APR
Relatively low minimum loan amounts

Credible – Best for High Loan Amounts

4.48

★★★★★

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Credible is an excellent option if you want to rebuild your credit score. With a soft credit check, Credible offers loans to individuals with poor credit scores. In addition, this reputable lending platform carries top-notch lenders, such as Sallie Mae and Rocket Mortgage. Therefore, you can find a trustworthy lender with agreeable terms quickly.

Application Process: 4.5/5

Credible’s online application takes less than five minutes to finish. You should prepare your Social Security number and driver’s license to help verify your identity.

Furthermore, you must create a Credible account to keep track of your loan application status and debt balances.

Loan Amount Limits: 5/5

Credible offers personal loans ranging from $600 to $100,000. However, you must have a credit score of at least 600 for guaranteed approval on your loan request. Although you can still apply for a loan with a credit score lower than 600, Credible may ask you to add a co-signer to improve your chances of approval.

Rates and Fees: 4.5/5

Credible is an online lending platform with many lenders. These lenders offer interest rates from 3.99% to 35.99%. Therefore, credible features some of the lowest interest rates you can receive with a bad credit score.

Furthermore, even though it’s free to use Credible’s lending platform, make sure to read the fine print of your loan terms to see if the lender charges any additional fees.

Turnaround Time: 4/5

You will receive a list of potential lenders within a few minutes after you submit your online application at Credible. However, you may need to wait longer if you have an extremely poor credit score. Adding a co-signer improves your odds of finding a lender, and your application is valid for two weeks after you add the co-signer.

Repayment Terms: 4/5

Credible offers kindly repayment terms from 12 to 84 months. This gives you enough time to get out of debt and start anew without the strain of high monthly payments.

Customer Support: 4.9/5

You can contact Credible via email at support@credible.com. Furthermore, you can call a customer service rep at (866) 540-6005.

Can have cosigners
Multiple loan options
Potentially low APR
Can borrow personal loans up to $100,000

Must have a 600 credit score or more for guaranteed approval

LendingTree – Best for Reputable Loan Marketplace

4.58

★★★★★

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As one of the best bad credit loans with instant approval, LendingTree has a long and reputable history of helping people just like you. Created in 1996, LendingTree has been servicing individuals with poor credit for over 25 years. This lending platform offers a wide range of financial products, including business loans, personal loans, and debt consolidation.

LendingTree also provides a mobile app you can use to check your credit score report. Therefore, LendingTree is an excellent option for those searching for a way to build their credit scores.

Application Process: 5/5

LendingTree has a simple application process that takes less than five minutes to submit. In addition, you have the option to add a co-signer if you have a low credit score and want to improve your chances of getting matched with the best lenders on the platform.

Loan Amount Limits: 4.5/5

The minimum unsecured personal loan amount is $1,000 at LendingTree. Alternatively, the maximum amount you can receive is $50,000. We only recommend applying for $50,000 if you have a relatively high credit score or have a co-signer on the loan.

A suitable credit score for guaranteed approval at LendingTree is 670. However, LendingTree is still willing to assist you if you have a lower credit score and will match you with appropriate lenders.

Rates and Fees: 4/5

Since LendingTree offers an extensive range of financial services, it charges origination fees of 3% to 6%. However, the APR varies from 7.04% to 35.89%, depending on the lender and your credit score.

Turnaround Time: 5/5

Just like most of the best bad credit loans on today’s list, LendingTree matches you with a list of potential lenders in one to two minutes. Make sure to closely inspect the terms on each loan and compare the options before making a decision.

Repayment Terms: 4/5

The repayment terms for a LendingTree loan vary depending on which lender your choose. However, the repayment terms can range from 24 to 144 months, so we recommend comparing offers before making a decision.

Customer Support: 5/5

You can send LendingTree a message on the website’s contact page. However, you can also reach them by telephone at 1-(800) 813-4620. The website’s contact page lists LendingTree’s operating hours.

Multiple loan options
Can borrow up to $1,000
Option to add co-borrowers
Mobile app availability

3% minimum origination fee

AmOne – Best for Fast Loan Applications

4.42

★★★★★

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AmOne is an industry leader when it comes to personal loans for bad credit. Founded in 1999, AmOne offers personal loans and other installment loans such as bad credit business loans. AmOne has assisted over 13 million individuals in finding the right loans for their needs. As such, this is one of the most reputable and trusted online lending platforms for bad credit scores.

Application Process: 4.5/5

It takes less than five minutes to finish and submit your AmOne loan application. You will be asked to provide your Social Security number and address, so ensure this information is readily available.

Loan Amount Limits: 4.5/5

AmOne’s loan amounts range from $1,000 to $50,000. However, AmOne gives higher loan amounts to people with higher credit scores. Nonetheless, it’s worth submitting an application because it won’t affect your credit. This is because AmOne conducts a soft credit inquiry.

Rates and Fees: 4/5

AmOne features an extensive network of lenders with competitive interest rates fluctuating from 4.99% to 35.99%. Also, there are no upfront costs or origination fees at AmOne.

Turnaround Time: 5/5

This lending platform offers incredibly fast turnaround times. Once you submit your application, AmOne provides a list of loan offers in less than three minutes. Then, after you agree to a specific loan, you can expect the money to hit your bank account within one business day.

Repayment Terms: 4/5

AmOne offers loan repayment terms between 24 to 84 months.

Customer Support: 4.5/5

You have the option of sending a message to an AmOne support agent directly on the website’s Contact page. In addition, you can call a loan representative at 1-(800) 781-5187. These experts are available to speak on Mondays to Fridays between 9 a.m. and 9 p.m. Eastern time. They are also available on Saturdays from 9 a.m. to 5:30 p.m. Eastern time.

Can borrow up to $50,000
BBB accreditation
Extensive network of personal loan lenders

Customer complaints about needless phone calls

Avant – Best for Debt Consolidation

4.37

★★★★★

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Avant is an outstanding choice for individuals with less-than-amazing credit. This is because you can qualify for a personal loan with a credit score as low as 580. In addition, you can use your Avant loan for many purposes, such as consolidating existing debt into a single payment or paying for unexpected expenses.

In addition to personal loans, Avant offers an Avant MasterCard you can use for credit cash advances. This card carries a limit of $300 to $3,000. Avant also has a mobile app that helps you organize your existing debt.

Application Process: 4.5/5

You can finish your Avant loan online application in less than six minutes. However, make sure to have your Social Security number ready, as well as other personal information such as your email address, full name, home address, and phone number. Overall, the application is straightforward and quick.

Loan Amount Limits: 4.5/5

The lenders in the Avant network offer loans ranging from $2,000 to $35,000. However, the loan amount Avant approves you for depends on your credit score. Since Avant doesn’t conduct a hard credit inquiry, submitting an application won’t affect your credit score.

Rates and Fees: 4.2/5

Avant charges an administration fee of up to 4.75% on your loan amounts. Furthermore, you can expect an APR on your loan ranging from 9.95% to 35.99%. Although the minimum APR is higher than other bad credit loans, Avant makes up for it by providing you with flexible repayment terms.

Turnaround Time: 4/5

On the lengthier side of waiting times, Avant provides a list of loan offers in up to 10 minutes. In addition, Avant sends an email of the potential lenders it has based on your credit score. Therefore, entering your correct personal information is crucial for your application to go through.

Repayment Terms: 4/5

Avant provides flexible repayment terms from 24 to 60 months.

Customer Support: 5/5

Avant offers the best customer support out of all the options on our list of the best bad credit loans with instant approval. This is because Avant carries a live chat option inside its mobile app.

However, you can also send an email to support@avant.com or call a customer support agent at (800) 712-5407. The live chat staff and phone reps are available from Mondays to Fridays from 7 a.m. to 10 p.m. and on weekends from 7 a.m. to 8 p.m. Central time.

Lines of credit
Can borrow up to $35,000
Relatively low APR

May charge origination fees
Income documentation may be required

Citrus-Loans – Best for Emergency Loans

4.05

★★★★★

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Citrus Loans is our recommended lender when you’re in a stressful financial situation and need an emergency loan. This lending platform matches borrowers with low credit scores with potential lenders in just a few minutes. Furthermore, Citrus Loans is an excellent option for cash advance loans.

Application Process: 4.5/5

The Citrus Loans online application takes less than five minutes to complete. Inside the online form, Citrus Loans asks you for your Social Security number, driver’s license number, and your bank account number. Also, you must be 18 years or older to qualify for a loan.

Loan Amount Limits: 3.5/5

We only recommend Citrus Loans for short-term loans and emergency situations. This is because you can borrow a minimum amount of $100 and a maximum of $2,500. Furthermore, you can apply for a Citrus Loans loan with a sub-600 credit score.

Rates and Fees: 3.4/5

Since Citrus Loans carries payday loans, you can expect above-average interest rates. As such, the APR offered by Citrus Loans lenders ranges from 261% to 1304%. In addition, Citrus Loans does not charge an origination or service fee.

Turnaround Time: 4.9/5

Citrus Loans displays a list of potential lenders one to two minutes after you submit your online form. If Citrus Loans can’t find a suitable lender, it will send you to another online loan resource that may be able to assist you.

Repayment Terms: 4/5

Citrus Loans offers repayment terms from 14 days to 24 months.

Customer Support: 4/5

You can contact the Citrus Loans customer service team by calling them at (888) 372-6219. This is the only way to get in touch with the customer support staff.

Can borrow up to $2,5000
No additional fees
A member of the Online Lenders Alliance

Relatively high APR

Loans For Bad Credit Methodology

Now that you understand the top 10 best bad credit loans with instant approval, it’s important to discuss how we compiled this list. We based our decisions on the most crucial factors in a bad credit loan, such as the application process, loan amounts, and fees.

So, let’s take a closer look at each of the core factors to consider when choosing loans for bad credit.

Application Process:

Fortunately, the application process for each of the options above is quick and painless. We understand you may already be in a stressful situation due to your financial situation, and we wanted to make it as easy as possible for you to find a bad credit loan. Therefore, you will be able to find a suitable online lender in less than 20 minutes with any of the options above.

Loan Amount Limits:

Another important factor to consider is how much money each lender offers. However, since you have a poor credit score, you shouldn’t expect to get approved for the maximum loan amounts. Instead, you can start with lower loan amounts and build your credit with payday loans or short-term loans.

Rates and Fees:

Luckily, many online lending platforms are here to help rebuild your credit score. Therefore, your loan may receive a lower-than-expected interest rate. However, individuals with extremely low credit scores may be unable to avoid high interest rates and fees.

Nonetheless, most lending platforms don’t charge additional fees and act as a free service that matches you with potential lenders. This is exactly what bad credit loans like Credible and CashUSA do.

Turnaround Time:

We only chose bad credit lending platforms with speedy turnaround and approval times. Therefore, you can expect to see a list of loan offers in less than 10 minutes. However, it may take a bit longer depending on your credit score and how much money you ask for.

Repayment Terms:

Since you’re likely under financial stress already, we chose lending platforms with flexible repayment terms. This means you’ll have more than enough time to repay your loan amount and rebuild your credit score.

Customer Support:

Since you’re dealing with an online lender, it’s important for the platform to offer above-average customer support. This is because there are no physical branches you can walk into and get help. The best bad credit loans offer a phone number you can call whenever an issue or inquiry arises. Furthermore, they should offer speedy email support.

Personal Loans For Bad Credit: FAQs

Can I apply for a loan if I have bad credit?

You can easily apply for a loan if you have a bad credit score. Check out the platforms mentioned on the list above and find the right option for your situation. Each of these solutions lets you apply for a loan even if your credit score is under 600.

We recommend using a reputable online lending platform rather than a bank or big financial institution because they will probably deny your application. In addition, the lenders included on the list above have a history of providing loans to those with poor credit scores.

How can I check my credit score?

You can check your credit score by inquiring with a credit bureau. The most reputable credit bureaus in the United States include TransUnion, Equifax, and Experian. You can also conduct a quicker credit check on Credit Karma since the previous three options may take several days to dispatch your credit report.

What’s the interest rate I can receive with bad credit?

Although you will have an above-average interest rate because of your low credit score, you can still get approved for multiple loan offers. In addition, you’ll need to oblige with high interest rates until you can build your credit score back above 670. The lending options above may charge anywhere from 4% to 100% or more APR depending on your loan terms and credit history.

Why should I pick a bad credit installment loan?

Even though it’s a bad credit installment loan, you can use it to rebuild your credit score. This is because the more loans you receive with bad credit, the better your chances of improving your score. However, this requires you to make your monthly payments on time and in the total amount. If not, you won’t be able to build your credit score.

What’s the easiest loan I can get with bad credit?

The most effortless loans you can receive with lousy credit are personal loans and payday loans. Offered by MoneyMutual, these loans are approved quickly, and the money can be sent to your bank account within one business day. Most of the best credit loans on our list are designed to provide personal loans and payday loans for people in emergency cash situations.

What can bad credit loans be used for?

As long as you make your monthly payments on time, online lenders don’t mind how you use your personal loans for bad credit. However, most individuals who take out these loans use them for emergencies. For example, you can use your bad credit loan to pay unexpected bills, go on vacation, or consolidate your existing debt.

Can I get approved for a loan with a 500 credit score?

Although it’s possible, getting approved for a loan with a 500 credit score is difficult. Furthermore, even if you do get approved for a loan, you are subject to high interest rates and fees. For this reason, some online lenders let you add a co-signer to increase your chances of getting paired with suitable lenders.

Top 5 Best Bad Credit Loans: Overview

1. MoneyMutual

More than 10 years of experience
Loans up to $5,000
Quick application process

2. CashUSA

Can borrow up to $10,000
Origination fee-free
Receive money the next day

3. BadCreditLoans

Easy to find lenders
Free service
Can borrow up to $10,000

4. PersonalLoans

Rapid application process
No upfront or origination fees
Secured and unsecured loans up to $35,000

5. Funds Joy Loans

Can borrow unsecured personal loans up to $2,500
Easy application process
No additional fees

Final Thoughts on Best Bad Credit Loans

This concludes our list of the best bad credit loans with instant approval. Hopefully, you’ve chosen which online lending platform is the best for you by now.

Our top pick is MoneyMutual because it’s a trustworthy lending platform with low interest rates for individuals with poor credit history. MoneyMutual is also one of the best reputable payday lenders. Therefore, you can have peace of mind knowing MoneyMutual is entirely safe to use.

If you don’t need a personal loan and are looking for other options, you can look closely at platforms such as LendingTree, Credible, and BadCreditLoans.

Although you may have a poor credit score right now, that doesn’t mean you can’t take action to rebuild it. The online lending solutions we listed in today’s guide will help you get back on your feet in no time.

However, make sure to read the loan terms carefully so you can confidently make the monthly payments.

October 17, 2022February 15, 2023

5 Best Banks for Startups in 2023

Person using a tablet displaying a bunch of illustrations and the text "startup banks"

Dealing with the headaches of a startup company is no one’s idea of fun. Fortunately, certain banks make the process a little more bearable through helpful features and low fees. This article reveals the best five banks for startups ready to work with you.

Best Banks for Startups

Bluevine – Best Overall Startup Bank
Lili Banking – Best Startup Bank for Tax Optimization
NorthOne – Best Startup Bank for Integrations
NBKC Bank – Best Startup Bank for Customer Service
Novo – Best Startup Bank for Low Fees

Our Methodology for the Best Banks for Startups

When sifting through the best banks for startups, it was evident fees and interest rates play an important role. We also looked at lending options to cover big expenses or future expansion and the effect transactions would have on a business model. Lastly, we took note of any rewards or benefits banks offer to help set a fledgling business on the right path.

Check out a more detailed explanation of our methodology here.

Bluevine

Cash deposits: $4.95
ATM fees: $2.50 out of network
Outgoing wires: $15

Up to 1.5% APY

Up to $250,000 line of credit

Unlimited

Can deposit cash and checks at Green dot locations

Lili Banking

Pro service: $4.99 per month
ATM fees: $2.50 out of network

Pro service: 1% APY

No lending options available

Unlimited

Up to $200 overdraft coverage, tax optimizer

NorthOne

Service fee: $10 per month
Domestic wires: $15

0% APY

No lending options available

Unlimited

Virtual envelopes to categorize funds, free cash and check deposits, multiple integrations

NBKC Bank

Outgoing domestic wires: $5
Outgoing international wires: $45

0% APY

Loans ranging from $25,000 to $75,000; lines of credit

Unlimited

ATM reimbursement, some physical locations, BIll Pay

Novo

$27 overdraft fee

0% APY

No lending options available

Unlimited

Perks with popular financial apps, unlimited ATM reimbursement, Reserve accounts

Bluevine: Best Overall Startup Bank

Interest rate: Up to 1.5% APY

★★★★★

4.7

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Bluevine Review

For a business checking account, Bluevine offers up to 1.5% interest on your hard-earned cash with minimal fees to drain the pot. This proves fruitful, as Bluevine doesn’t offer any savings accounts with interest rates of their own. There’s no minimum deposit required to start your service, but you will need to plan for costs for depositing cash. Bluevine has over 37,000 in-network ATMs for you to use but won’t reimburse you for using an out-of-network one.

Why we chose it: Bluevine’s high interest rates coupled with few fees and no minimum deposit make it the best bank for startups. Check out our Bluevine review for a more in-depth look at the service. Incase you missed it, we have also Bank of America Review and Chase Bank Review.

High interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

Most of what you do in Bluevine, including money transfers and paying bills, is totally free. This also makes Bluevine our top pick for the best free business checking accounts on the market. If your business deals with cash, you will have to pay $4.95 each time you use a Green Dot location to deposit funds into your account. Similarly, out-of-network ATMs will set you back $2.50 a pop and outgoing wires another $15 each.

Interest Rates

It’s possible to earn 1.5% APY on your business checking account on balances up to and including $100,000. You simply need to spend at least $500 per month on your included debit card or receive at least $2,500 into your account from customers each month. If you miss the goal, you won’t earn any interest for the month.

Lending

Bluevine offers a line of credit up to $250,000 to use as you see fit if approved. Payback amounts see a 4.8% interest rate for any amount you spend. To qualify, you’ll need at least a 625 FICO score, six months in business, $10,000 in monthly revenue, and a business operating or incorporated in the United States.

Transactions

There’s no need to worry about maxing out monthly deposits or payments with Bluevine. The company even throws in two free checkbooks every year and waives NSF fees.

Rewards and Benefits

The online business checking account alone is enough to give Bluevine the top spot without rewards or benefits. You can make use of any Green Dot location around the country to deposit cash or checks to your account, and Bluevine sends two free checkbooks your way each year so you can stay on top of payments.

Lili Banking: Best Bank for Startups With Tax Optimization

Interest Rates: Up to 1% APY

★★★★★

4.5

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Lili Banking Review

Lili Banking’s stellar tax optimizer helps ensure you’re not over or underpaying when the season approaches. To help stay organized, you can drop money into self-created savings buckets designated for various purposes. The free service doesn’t generate any interest though, and Lili’s best features are only accessible through the platform’s paid Pro tier. While you won’t see any fees, Lili also doesn’t give the option to wire money.

Why we chose it: Lili Banking helps business owners stay financially savvy with tax optimization tools and buckets for tracking funds. Our Lili Banking review dives even deeper into what the service offers. We also have US Bank Review and Axos Review

Tax optimizer
No minimum balance or monthly fees
Can place money in savings buckets for future use

Several features are locked behind Lili’s paid membership
No APY in the free account
No wire transfers

Fees

Lili Banking has two tiers of service, a free Standard option and a Pro plan costing $4.99 per month. Both keep fees low, but you will have to watch for out-of-network ATMs that can cost upwards of $5 per use.

Interest Rates

Anyone working with Lili Banking’s Standard tier won’t see any interest on funds in either checking or separate savings buckets. To unlock this feature, you’ll have to spend $4.99 each month to become a Lili Pro member.

Once at the Pro level, the money in your checking account will earn 1% interest. Savings buckets can also earn 1% interest if you can deposit at least $1 daily while saving for taxes or another big expense.

Lending

There’s no way to borrow money with Lili through a loan or line of credit. Should your organization need some extra cash, you’ll have to look elsewhere for funds.

Transactions

Lili Banking doesn’t place limits on the amount you can buy or sell from month to month. You’re also free to place money into a savings bucket any time you wish.

Rewards and Benefits

The tax optimizer tracks your income and spending, giving you the option to declare write-offs right from the app. You can even split purchases between business and personal to ensure you don’t miss a single item on your tax form. The software builds expense reports and pre-fills your annual 1040 Schedule C form to save time.

If you ever overdraft your account, Lili Banking protects you for up to $200 at a time. Such a buffer offers a little more peace of mind when funds get tight.

Novo: Best Bank for Startups With Low Fees

Interest Rates: 0% APY

★★★★★

4.3

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Novo Review

You’ll need $50 to put into your account when you sign up, but Novo doesn’t mess around with standard fees or minimum balance requirements. You don’t even need to worry about ATM charges from other banks, as Novo will pay you back for those. The only place you’ll see a charge is if you overdraft your account. There are no savings accounts nor a means to deposit cash, but the bank has a fantastic mobile app on top of already great features.

Why we chose it: Novo is one of the few banking locations available today that you can use completely fee-free. After looking for the Novo Review you can also check our other reviews of other banks like Capital One Review and SoFI Review.

Zero monthly fees or minimum balance required
Stellar mobile app
Refunds all ATM fees

Cannot deposit cash
Fee for overdrawn accounts
No savings accounts

Fees

As long as you’re keeping tabs on your account, you’ll never experience a fee while using Novo. If you try to pull from an account with insufficient funds, Novo will hit you with a meaty $27 charge. Even if you draw funds from another bank’s ATM, Novo will pay you back for any expense you incur.

Interest Rates

Fees are off the table with Novo, but unfortunately interest rates are as well. Interest rates on a Novo checking account are a resounding 0%.

Lending

Novo doesn’t have the means to lend money or provide lines of credit to business owners. You’ll have to establish a connection with another institution if you’re looking for a small business loan.

Transactions

You can send and receive money from just about anywhere with Novo without having to worry about fees or limitations on your account. It’s even possible to deposit checks and send money into your Reserves.

Rewards and Benefits

Novo’s Reserves allow you to set aside money for routine needs such as payroll or monthly rent. You can move funds to and from Reserves with a click and have up to ten open at a time. The bank makes use of Perks; special incentives with other financial institutions that you can’t find elsewhere.

If that wasn’t enough, Novo will pay you back for any ATM fee you incur when using machines from other banks around the country.

NorthOne: Best Bank for Startups With Integrations

Interest Rates: 0% APY

★★★★★

4.2

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NorthOne Review

Whether you’re on Shopify, Etsy, or flying solo, NorthOne integrates with financial software and payment apps to facilitate the flow of money through your business. The bank doesn’t place a limit on transfers or transactions but does have a monthly fee that’s off-putting for some. There’s unfortunately no way to wire funds internationally or earn interest on your account. If you need help along the way, NorthOne has instant support from actual human beings.

Why we chose it: In an ever-changing digital world, NorthOne works hard to streamline financial data between the applications you use.

Integrates with popular business apps
Unlimited free transfers each month
Instant support from actual humans

Monthly fee
No international wire transfers
No interest rate

Fees

NorthOne does charge a $10 monthly fee that may place some business owners on pause. However, the online bank doesn’t charge for transactions, deposits, integrations, or ATM fees. All domestic wires, both incoming and outgoing, do cost $15 per event.

Interest Rates

Despite NorthOne’s many perks, there’s no way to accrue interest on your account. The bank fancies itself as a hub for your money transfers but doesn’t help your funds grow.

Lending

There’s also no option to borrow money from NorthOne to supplement a purchase or expense. For lending solutions, you’ll have to look to other enterprises.

Transactions

NorthOne makes the transaction process a breeze, linking up with many of your favorite companies and apps to send and receive money with little to no effort on your part. If some of your customers pay in cash, you can even deposit funds into your account for no extra charge.

Rewards and Benefits

Within your NorthOne deposit account are virtual envelopes designed to hold money for specific purposes. Each envelope can hold funds indefinitely and help set aside amounts you’ll need for rent, payroll, and other costs of doing business.

The bank has relationships with most major financial applications from Amazon Pay and PayPal to Quickbooks and Wave. It also connects with payroll solutions and ecommerce marketplaces to save time and prevent errors.

NBKC Bank: Best Bank for Startups for Customer Service

Interest Rates: 0% APY

★★★★★

4.0

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NBKC Bank Review

Dealing with money can be a headache, but NBKC Bank helps shoulder the burden with live support staff during the work week. You can also reach out via email during weekend hours, although responses are slower. There’s little in the way of fees, and you can grab a loan or access a line of credit should you need the financial boost. The account itself doesn’t earn interest, and there are high international wire transfer fees to contend with.

Why we chose it: Issues happen, but NBKC Bank works to limit blocked transactions and downtime with a top-tier human customer service team.

Few fees to contend with
Loans and lines of credit available
In-person assistance available

High international wire fees
Zero APR for business checking account
Weekday support only

Fees

NBKC Bank is free to sign up for and most interactions won’t cost anything either. Even returned checks and overdrafts don’t come with a charge. Domestic outgoing wire transfers cost $5, but it’s international outgoing wires that really hurt at $45.

Interest Rates

You won’t find many fees with NBKC Bank, but there’s no way to generate funds, either. A 0% interest rate makes sure of that.

Lending

Lending options are plentiful with NBKC Bank, so startups can rejoice when looking for a little green to supplement that next big purchase. It’s possible to borrow between $25,000 and $75,000, with repayment rates as low as 5.95%. Your company must have at least two years in business in the Kansas City area, a credit score of 700 or higher, and a recent history of profitability.

The bank also has several lines of credit you can set aside and use as you see fit. There’s a fast approval process with competitive rates and a team equipped to help you find the best one.

Transactions

You’ll never have to worry about reaching a transaction ceiling while using NBKC Bank’s services. Everything you do outside of outgoing wires won’t cost a thing, either.

Rewards and Benefits

NBKC Bank lets you use Bill Pay right from the app and doesn’t charge for depositing checks either online or in-person. If you’re in the Kansas City area, you can find a handful of physical locations to take care of your banking needs. When using other ATMs, NBKC Bank will reimburse you for up to $12 in charges per month.

Ranking Methodology for the Best Banks for Startups

We studied several criteria when analyzing the best banks for startups. Below are the factors we considered most important when making our decisions. These are quite similar to the ranking methodology we used to rank our best business bank accounts for LLCs.

Fees: Every penny makes a difference when getting a startup off the ground. Any fees from banks can eat away at hard-earned profits and funds that could otherwise go toward growing the business. The best business banks for startups avoid such fees, allowing you to maximize your potential.

Interest Rates: Some banks are willing to put funds into your account in the form of quarterly or annual interest rates. While rarely more than a few percent, it never hurts to add a little to the bottom line.

Lending: Few startups make it solely on their own efforts. When the time comes to take things to the next level, loans or lines of credit provide money to kick off that big expansion or project. It is possible to obtain loans outside of banking institutions, but having a rapport makes the process that much easier.

Transactions: Even if your customer base isn’t extensive right now, you don’t want to reach a point where you can’t make or receive a payment because of monthly limits. The best banks for startups avoid such restrictions, allowing you to do business as often as need be. Furthermore, having the freedom to transfer money within your own bank account helps keep things organized.

Rewards and Benefits: Tapping into a bank’s bonus features could save you money on things like ATM withdrawals or overdraft coverage. Other benefits include integrations with popular apps or sub-accounts to categorize funds into.

Best Banks for Startups Frequently Asked Questions (FAQs)

Picking the right bank for your startup isn’t easy. The answers to the questions below should help point you in the right direction.

Which Bank Is Best for Startups?

We’ve identified Bluevine as the best business bank for startups due to its flexibility, lack of fees, and impressive interest rate. It’s possible to deposit checks and cash, and there are plenty of loan options to consider when you need additional funds.

How Do Most Startups Get Funding?

Funds for kicking off your startup can come from a number of sources, including family, investors, and private equity firms. You can also borrow money from a bank in the form of a loan and pay it back in regular installments.

Do I Need a Business Bank Account for a Startup?

The IRS requires most business types to use a business bank account separate from personal funds, mainly for tax purposes. Even if this isn’t a requirement for your business, it can be incredibly helpful in distinguishing where your money came from. Here’s our article on why you need a business account for a startup sole proprietorship .

How Long Does It Take To Open a Business Bank Account?

In most cases, it takes no more than a few minutes to complete the application process. With your information in hand, a bank will take some time to verify your credentials. Although some institutions will take longer than others, you should have an active account within one to four weeks.

Read more about how to open a business bank account.

Bottom Line on the Best Banks for Startups

Creating a startup can be a messy process, but a business bank account can greatly reduce the stress on the financial side of things. When checking out your options for the best banks for startups, consider institutions with few fees, free transactions, and those offering a little interest to help you along. The road ahead may not be easy, but being in firm control of your finances is as sure a way as any to find success.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

October 16, 2022March 27, 2023

The 6 Best Meme Coins for Every Type of Investor

Gold and black dogecoin (meme coin) on a dark background

The first iterations of cryptocurrency appeared online in 2009, but the trend erupted in popularity several years later, as Bitcoin became a viable financial asset. The ascent of cryptocurrency intersected with the virality of memes when Dogecoin appeared on the market in 2013, introducing the world to one of the best meme coins.

Though they began as a joke, meme coins are now some of the most valuable, and fast-growing cryptocurrencies available. Find out which meme coins are best, and the best crypto exchanges where you can buy them.

6 Best Meme Coins

Dogecoin: Best Overall
Shiba Inu: Best Long-Term Investment
Safemoon: Best for Exclusivity
GamingDoge: Best for Community
Akita Inu: Best for Sustainability
Samoyedcoin: Best for Efficiency

Top 6 Meme Coins Comparison

Dogecoin

Dogecoin is the most widely available meme coin.

Dogecoin typically boasts the highest and most stable valuation of any meme coin.

Dogecoin is the meme coin most likely to yield lucrative returns.

Shiba Inu

Shiba Inu is available on ShibaSwap, Coinbase, Binance, Kraken, and eToro.

Shiba Inu is second only to Dogecoin in terms of value and stability.

Shiba Inu is the best meme coin for staking your investment.

Safemoon

Safemoon is available on PancakeSwap and Binance.

Safemoon has been volatile thus far in both its valuation and its stability.

Safemoon doesn’t have a clear purpose or appeal beyond its exclusivity.

GamingDoge

GamingDoge is available in PancakeSwap and Binance.

GamingDoge’s value and stability are not particularly volatile, but it’s too new to predict its potential.

GamingDoge is great for crypto investors who are dedicated gamers, too.

Akita Inu

Akita Inu will be available on its own decentralized exchange. It can also be bought via Binance, or indirectly on Coinbase.

Akita Inu is too new to make predictions about its value or stability.

Akita Inu’s pledge to carbon neutrality is great, but it does not necessarily translate to success for investors.

Samoyedcoin

Samoyedcoin is available on its own decentralized exchange, but it has limited availability elsewhere.

Samoyedcoin has maintained a comparatively low value, despite major fluctuations.

Samoyedcoin’s use of the Solana blockchain makes it unique, and may set it up for future success.

Dogecoin – Best Overall Meme Coin

4.82

★★★★★

Visit

Why Dogecoin Is Best Overall Meme Coin

Dogecoin is the original meme coin, and as the first of its kind, it’s also become the best. This is largely due to its strong foundation of backing tech. It utilizes the Scrypt algorithm to generate hash cryptography, and it draws on coding from Bitcoin to make it more secure.

Despite the currency’s origin as a joke, these features point to serious potential on the crypto market — and right now, it’s poised to exceed its potential.

Accessibility

When Dogecoin emerged, it was intended as a parody of Bitcoin, but its real potential became clear as its meme-ified facade drew buyers in. Indeed, Dogecoin has been called “the people’s crypto,” and it’s the most accessible of all the meme coins. It’s available to buy, sell, and trade on all major crypto platforms, such as Coinbase, Binance, Kraken, and eToro.

Stability

Its greatest weakness — and strength, some would say — is the unlimited Dogecoin mining capacity that users can exploit. This contributes to its accessibility, but it’s not beneficial to its overall stability. Indeed, it makes the currency vulnerable to massive inflation from so-called pump-and-dump schemes.

This happens when buyers invest in a large quantity of a currency in order to artificially increase its price, and then immediately sell in order to make a profit. Despite this, it’s remained relatively stable, thanks to many buyers who have held their investments long-term.

Value

Dogecoin’s value has fluctuated widely since its introduction, but it boasts one of the highest values of all the meme coins, indicating that it’s a good investment for potential growth.

Community

The Dogecoin community is known to be one of the most welcoming and newbie-friendly. Unlike many other cryptocurrency communities, it doesn’t take itself too seriously, and it encourages investors of all experience levels to get involved.

Anybody who’s new to trading crypto can find support and guidance from the Dogecoin community. Its only downside is that it’s smaller than many other crypto communities, meaning there may be fewer resources available.

Security

Dogecoin piggybacked off of many features of Bitcoin, including its robust security network and its maintenance of a dedicated blockchain. Its digital ledger is regularly updated, too, so that all transactions are unique and secure. Some users say that it’s second only to Bitcoin in terms of security.

Recognizable “brand name” meme coin
Community is constantly growing
Can be traded via decentralized exchanges
Coded similarly to Bitcoin, so it’s familiar
No limits imposed on mining practices

No mining limits, so no scarcity
Technical support is lacking
Not ideal for completing transactions

Shiba Inu – Best Meme Coin for Long-Term Investment

4.74

★★★★★

Visit

Why Shiba Inu Is the Best Long-Term Investment

Shiba Inu coin emerged in 2020 as the so-called Dogekiller because of its apparent aspiration to displace Dogecoin as the top meme coin. It hasn’t done that yet — or even come close — but that doesn’t mean it isn’t still a valuable investment.

In fact, it’s one of the best investments for those interested in long-term gains. Soon after its inception, strategists took note of several unique features that may make it the best meme coin for long-term staking and holding.

Accessibility

Like its predecessor and inspiration Dogecoin, Shiba Inu coin is a highly-accessible cryptocurrency. In addition to its availability on the internal ShibaSwap decentralized exchange, users can access the coin through Coinbase, Binance, Kraken, and eToro.

Each of these platforms has its own minimum purchase amount, though, so users should research their options before buying.

Stability

Yet another important feature of the Shiba Inu coin is its stability. Given the newness of the currency and its consistently low price — one coin has yet to hit $.01 in value — it’s demonstrated a remarkable resilience to inflation. This is largely due to the limits that are placed on the coin. Unlike its competitor, Dogecoin, the Shiba Inu coin’s supply is finite which makes it a deflationary cryptocurrency.

Users can mine a supply of just one quadrillion tokens, and there are currently only 550 trillion of those in circulation. This means that there is still plenty of work to be done in mining the rest of the supply; the Shiba Inu coin is likely to remain relatively stable in the meantime.

This stability — and the rewards users can earn for staking — make it the best long-term investment. Staking happens when users buy coins and lock them away to earn interest or garner a reward. Shiba Inu rewards stakers with 3% to 5% APR returns, making it a great option for those seeking a viable investment out of their meme coin.

Value

Unfortunately, Shiba Inu coin can’t compete with Dogecoin where it matters most — value. Despite all of its benefits, this meme coin has yet to break even $.01 per token in value. This means that users have to buy massive quantities to see meaningful returns, but it also means that it’s an accessible option for beginner investors.

Community

Shiba Inu has boasted a small, yet strong community since it was first introduced. Its proponents are vocal, and its internal platform is an easy-to-navigate home base. This community is arguably even stronger than that of Dogecoin, but it is smaller, making it less resourceful than the communities surrounding other cryptocurrencies and meme coins.

Security

Shiba Inu coin is a modulation of the ERC-20 token, meaning that it’s based on the popular Ethereum ecosystem. This lends the coin an ample security framework, and its blockchain is just as secure as the token itself. Its use of smart contracts further allows the coin to be used safely in conjunction with decentralized applications.

Fixed supply protects from inflation
Three different tokens in the ecosystem
Users can gain rewards for staking
Highly liquid, so it’s easily transacted

Consistently low price and low value
Low price may make it more volatile
Considered a lesser knockoff of Dogecoin

Safemoon – Best Meme Coin for Exclusivity

4.68

★★★★★

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Why Safemoon Is Best for Exclusivity

Cryptocurrency enthusiasts often fall into one of two camps — those who want to educate people, and those who want to gatekeep their success. Users who are in the latter category may be drawn to the exclusivity of Safemoon.

With its mysterious background and indistinguishable purpose, buying Safemoon tokens may feel like joining a secret club. It’s no secret, though, and there’s a lot more you should know about where Safemoon is headed.

Accessibility

Despite the air of exclusivity that Safemoon gives off, it’s not entirely inaccessible. In fact, because it’s processed on the Binance Smart Chain, it may even be easier to buy than some other tokens.

Users who want to buy Safemoon can do so via the project’s own decentralized exchange, PancakeSwap, as well as on Binance, but it’s currently not available on Coinbase, Kraken, or eToro.

Stability

One of the biggest risks associated with Safemoon is its questionable stability, which is one of the cons of all cryptocurrencies. It’s yet to be seen how well the currency will retain its value. Its history so far, though, indicates that it may be susceptible to pump-and-dump fluctuations.

This, of course, is both a benefit and a liability. Those users who get in on a massive rush can stand to make enormous profits, but those who don’t will be stuck with considerable losses. Safemoon may be too vulnerable to inflation to maintain its stability.

Value

Much like its stability, the long-term value of Safemoon can’t be determined yet, but there is some indication that it may be lower than other meme coins’. Many users have questioned the utility of the coin — and whether it has any clear purpose — which has led its value to flounder, when it’s not in the midst of a major spike.

Community

A Safemoon community certainly exists, but it’s not known as the most welcoming or resourceful within the crypto world. In fact, it reinforces the coin’s reputation as an exclusive token. Safemoon investors are incentivized to hold their tokens for long periods, and this can contribute to a lack of newcomers joining the community.

Security

Safemoon runs on the Binance platform, and utilizes a centralized blockchain to generate its tokens. This means that users will need to trust Binance — but luckily, there’s no reason not to. In fact, this feature may make it more secure than other offerings.

Potential for massive profits
Plans for positive social impact
Educational resources available
Creators regularly burn tokens

No truly unique function
Class-action lawsuit pending
Allegations of internal fraud

GamingDoge – Best Meme Coin for Community

4.22

★★★★★

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Why GamingDoge Is Best for Community

There’s not much known about the soon-to-be-fully-launched GamingDoge coin. It’s an altcoin based on Dogecoin, of course, but it’s not yet popular enough to warrant much more information. That said, everything that is known highlights one standout feature — a focus on community.

The creators of the coin say, in fact, that they “want to make [the] Doge community and Gamers proud,” and it looks like they will. If the meme coin’s social media following is any indication, its community is already thriving.

Accessibility

GamingDoge coin can currently only be bought in two places — the PancakeSwap platform, and directly from Binance. This makes its accessibility somewhat lacking, compared to coins that can be bought on Coinbase, Kraken, or eToro — but it’s still easy enough to find, if you want to get your hands on some tokens.

Stability

GamingDoge was launched at the very end of 2021, and it’s still not fully up and running with the community and features that its creators have planned. For this reason, it’s hard to rate its stability — there just isn’t enough information. Investors should keep an eye out for signs of inflation.

Value

GamingDoge’s value is pretty low, but that’s what you’d expect from a brand-new meme coin that hasn’t fully launched yet. Investors shouldn’t be alarmed by the low conversion rate. There’s plenty of potential for its value to grow once it becomes a more established currency on the crypto market.

Community

Community is where GamingDoge truly shines. Its creators made this the central focus of the coin by providing investors with a self-contained ecosystem that supports gaming as much as it supports tokens.

The ultimate goal of the community is the development of proprietary, crypto-based video games that will allow users to win NFTs and tokens in exchange for playing. This is a promising frontier for any token to enter, and if there’s any chance of success, it will likely be guided by GamingDoge.

Security

GamingDoge is based on the Binance blockchain, and, like Safemoon, employs a centralized system for mining. Its security isn’t as robust as more established cryptocurrencies, but there are no known security issues at this point, either.

Focus on improving its community
Ecosystem built on decentralized exchange
Plans to integrate with NFT marketplace

Not yet fully launched
Little information available
Not widely available yet

Akita Inu – Best Meme Coin for Sustainability

4.02

★★★★★

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Why Akita Inu Is Best for Sustainability

Akita Inu is one of several altcoins that followed Dogecoin, and each has seemingly lost a portion of its novelty as the meme-coin format becomes increasingly mainstream. Akita Inu has found a way to revitalize this appeal by emerging as the first meme coin committed to carbon neutrality.

Indeed, the elimination of carbon emissions is the hallmark of its Algorand blockchain basis. This makes it the obvious choice for the most sustainable meme coin.

Accessibility

Akita Inu can be indirectly bought on Coinbase, directly on Binance, or via its own platform — but otherwise, it’s difficult to find. You won’t find tokens on top sources, such as Kraken or eToro.

Stability

Because it’s so new and still not widely accessible, it’s difficult to assess the stability of Akita Inu. It’s comparatively stable to other new meme coins, though, with its short history indicating both spikes and lulls.

Value

Akita Inu’s pledge to animal welfare and environmentalism understandably won the hearts of many investors. As a result, its value started off higher than what many other introductory meme coins could achieve. This value has not necessarily grown exponentially, though — and it’s still ultimately very low, compared to the rest of the crypto market.

Community

The Akita Inu community is united by its love of dogs and its passion for the environment. Unsurprisingly, a community with these shared values is remarkably strong.

It may be the most passionate meme coin community, but it’s not big enough to rival the likes of GamingDoge and other community-based coins. That may change in the near future, though, as Akita Inu continues to gain traction.

Security

Akita Inu’s security is comparable to any other meme coin, and is perhaps even marginally better. It’s based on the Algorand blockchain, which claims to have better cryptographic tech and security features than some of the other most popular platforms.

Built on Algorand blockchain
Community is completely decentralized
Some proceeds go to animal-welfare charities
Carbon neutrality
Low fees

Charity work is the main appeal
Not necessarily a lucrative option for investors
Too new to have much data about

Samoyedcoin – Best Meme Coin for Efficiency

3.92

★★★★★

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Samoyedcoin – Best Meme Coin for Efficiency Review

Why Samoyedcoin Is Best for Efficiency

Samoyedcoin became the proprietary meme coin of blockchain Solana when it launched in mid-2021, and quickly became one of the network’s most successful launches to date. It mimicked the format and structure of similar meme coins, but, like Akita Inu, offered a series of altruistic pledges to draw in buyers.

Among these was a commitment to eco-friendly initiatives, as well as a partnership with animal-welfare charities. The most important feature of Samoyedcoin, though, is its claim to be the fastest-transacting dog coin on the crypto market. Samoyed is incredibly efficient, thanks to its utilization of the Solana network.

Accessibility

Samoyedcoin is available on both centralized exchange platforms and smaller, decentralized exchange platforms. This versatility gives buyers the advantage of choice, but it’s still not a widely-available coin. You won’t find it on Coinbase, Binance, Kraken, or eToro, but you have a better chance on crypto exchanges with the most coins.

Stability

One of the greatest vulnerabilities of Samoyedcoin thus far is its relative instability in terms of valuation. Upon its release, it achieved a higher-than-average initial value, but this has since fluctuated widely, making it difficult to predict the future of the coin.

Value

Despite an unpredictable valuation, Samoyedcoin offers a viable investment for anybody seeking an incredibly affordable entry into meme coins. Its volatile value may be scary for some investors, but it offers an opportunity to hit a home run if the conditions are right.

Prices are low enough to justify a low-stakes investment, and the potential is good enough to make it worthwhile.

Community

Samoyedcoin has a strong community, like many other meme coins based on idealistic goals. Its users are committed to animal welfare and environmentalism, just as the coin’s creators are.

If these causes don’t speak to you, though, that’s okay — there’s still room in the Samoyedcoin community. Users take pride in welcoming new members, sharing crypto tips, and providing guidance for investments.

Security

Like any other blockchain, Solana is vulnerable to certain compromises, but it’s been compromised more than some of its competitors. This could be a problem for Samoyedcoin in the future, but right now, there haven’t been any notable breaches to speak of.

Built on Solana blockchain
Designed to be highly scalable
Available on centralized and decentralized exchange platforms
Claims to offer the fastest transaction speeds

Appeal is mostly based on its novelty
Insufficient data available, due to newness
Valuation has been highly volatile

How We Chose the Best Meme Coins

Choosing the best meme coins was difficult, but we carefully considered a wide range of factors before making our selections. Some of the various criteria that were brought into account include the following:

The general history of each coin
How widely available it is
The strength of its blockchain
Overall quality of its community
Potential for future growth
Ability to withstand fluctuations
Association with special causes

These features were all considered carefully in relation to each entry on this list. Those meme coins that satisfied multiple criteria were selected as the best meme coins on the crypto market.

Best Meme Coins Buying Guide

Since the introduction of Dogecoin, the crypto world has been inundated with a wave of copycats seeking to recreate its success. Some of these are successful, and others have proven to be a fluke. The six meme coins contained on this list fall into the former category, though.

With unique features, robust security, and strong potential returns, you can feel good about exploring crypto investments with any of these meme coins. If you still have questions, though, check out the following FAQs for some answers.

Can You Make Money off of Meme Coins?

Yes, absolutely! Many people have seen substantial returns from investing in meme coins. Of course, the opposite is also true, so you should be careful about investing any sum of money that you would be uncomfortable losing. Investing in meme coins is a lot like gambling.

How Do Meme Coins Work?

Meme coins work essentially the same as any other kind of cryptocurrency. The primary difference is that they typically aren’t designed for use in commercial transactions and exist solely to be bought, sold, and traded within the crypto community. Because of this, they tend to be more volatile, but profits may also be higher.

Meme coins can be obtained through centralized exchange platforms, which are typically managed by the blockchain provider, or decentralized exchange platforms, which are usually based on peer-to-peer transactions.

What Is the Best Meme Coin for Investors?

The best meme coin for investors depends on what kind of investor you are. You may get bigger returns from a meme coin that’s more unpredictable, but generally, the best bet is the most stable, and that’s the original Dogecoin.

Do Meme Coins Have an Unlimited Supply?

When they were first introduced, meme coins were notable for their unlimited supply of tokens. This is no longer standard, though, with meme coins such as Shiba Inu intentionally capping their supply. Shiba Inu also incentivizes users to burn their supply, so that the value is driven up further.

Where Do I Buy, Sell, or Trade Meme Coins?

There are many platforms you can choose from to buy, sell, or trade your meme coins. One of the first was Coinbase, which offers an array of resources to new and experienced buyers alike. Other platforms, such as Binance, Kraken, and eToro, offer attractive benefits and an array of meme coins to choose from, too.

How Do I Choose the Best Meme Coin for Me?

Choosing the best meme coin is a matter of priority. If you’re enticed by the idea of investing in tokens that allow a portion of proceeds to fund animal welfare, then Akita Inu or Samoyedcoin is the coin for you. Conversely, if you want to invest in the safest option on the market, Dogecoin is likely the best.

What the Best Meme Coins May Be the Future

Meme coins started off as a joke intended to subtly mock cryptocurrencies like Bitcoin. The joke is over, though, now that these currencies have become a substantial part of the crypto market themselves. If you’re looking for the best meme coins, any selection on this list will offer a promising entry into the world of crypto.

October 15, 2022November 23, 2022

Member-Managed LLC vs Manager-Managed LLC: Key Differences

A member-managed LLC team meeting in a meeting room

After registering your business as an LLC, you have one more crucial decision to make. It’s whether you want to set up your management structure as a member-managed LLC vs manager-managed LLC.

A member-managed LLC means the owners have combined control over business decisions. On the other hand, a manager-managed LLC assigns one or more elected professional managers to make company decisions.

1. Member-Managed LLC

A member-managed LLC gives management authority to the owners of the LLC. The owners are called “members” or “agents”, and each member can offer input in company decisions. However, depending on the details in the operating agreement, the owners may have an equal or varying say.

For example, a partner who owns 50% of the LLC may have twice as much say as a partner who owns 25% of the LLC. In addition, member-management is the standard structural designation in most states. This means that if you don’t specify in your LLC’s articles of organization or operating agreement, each member may be considered a manager.

All members can contribute to management decisions
Less complex structure, especially for small businesses
Excellent solution for retailers and brick-and-mortar businesses

Can take away owners’ time from strategic decisions
Harder to raise money from investors

2. Manager-Managed LLC

A manager-managed LLC requires your company to elect a manager or managers to control day-to-day business decisions. However, members still retain authority over some activities, such as dissolving the company. Nevertheless, the manager is the primary legal agent of the LLC and can make quick decisions on half of your company without waiting for approval.

This type of management designation is ideal when an LLC has investors. In this case, most investors are passive investors, also known as “silent partners”. Passive investors own a portion of the business but typically don’t have the time or expertise to help with day-to-day decisions. This is why you should elect the most knowledgeable members to be managers.

Easy for investors to passively invest in the company
Makes it more convenient for large LLCs to operate quickly
Lets elected managers make quick decisions
Consolidates decision-making authority

All members don’t have a say in management decisions
Must carefully document manager authority it operating agreement
Elected manager may not understand business as well as owners
Elected manager must earn a salary, making it more difficult for small businesses

Member Managed vs Manager Managed LLC

There are a few key differences between a member-managed LLC and a manager-managed LLC. The following comparison chart will help you decide which management structure to choose.

Day-to-Day Decision Making

All Members

Designated Members

Allows Passive Investment

Yes

Ideal For What Size Business

Small Businesses

Larger Businesses

Default Option for Most LLCs

Yes

Decision-Making Speed

Slower

Quicker

Member Control

High

Low

Attracting Qualified Management

Harder

Easier

Simplicity

Very Streamlined

Less Streamlined

Who Are Member-Managed LLCs Best For?

Member-managed LLCs are suitable for companies with a small number of investors who want to streamline day-to-day decisions. This type of LLC management is popular because of its simplicity and flexibility. As such, it shouldn’t come as a surprise to you that member-management is the most common option for owners when creating an LLC.

In addition, this management structure typically suggests that investors must be able to provide assistance in a hands-on managerial role. Although this isn’t always the case, this is great for businesses that want to leave decision-making in the hands of members with an active role in personal investment and engagement.

In essence, member-managed LLCs are the perfect choice for your business if you and the other owners want to play an active role in the company’s affairs. For example, let’s say you co-own an online store with another individual. If you want to create the website while your partner conducts the marketing activities, you should choose a member-managed LLC.

Who Are Manager-Managed LLCs Best For?

Manager-managed LLCs are ideal for larger companies with passive investors. Similar to corporations, manager-managed LLCs allow your company to have passive investors. As such, you can extend membership to individuals who don’t want to take part in day-to-day business activities. You can think of the manager in a manager-managed LLC as a corporate director.

This is also the correct business management structure for businesses with members without management or industry experience. Since designated managers don’t need to be existing members of the LLC, manager-managed LLCs have an easier time recruiting competent management.

We can go through an example to help you visualize how a manager-managed LLC works.

Let’s say you and your business partner receive money from three investors. At this point, you, your partner, and the three investors are members of the LLC since each of you has an ownership stake.

In a manager-managed LLC, all the members can vote to make you and your partner the LLC managers. This way, you and your business partner can make quick business decisions without getting the go-ahead from the three outside investors.

A manager-managed LLC is also the right choice if you have a larger business with multiple owners. It may be difficult to assemble everyone to vote on management decisions if you have more than five or six owners. A better strategy is to delegate management responsibility to one or two professional managers.

It’s also important to remember that professional managers are considered employees and must receive a salary for their work. If an individual is both a member and a professional manager, then they can receive a salary for the chunk of time they put into management duties.

LLC Operating Agreement: Finalize Your Business Structure

Your LLC’s operating agreement is a contract between the members explaining how the company will be run and how your company makes important decisions. Examples include how crucial procedures work, how compensation will be distributed, and how the business would like to be taxed.

Operating agreements also indicate which management structure your LLC chooses and discuss the responsibilities amongst members and the allocation of administrative rights. If you don’t detail your management structure, your LLC is at risk when legal issues or other disputes arise.

However, you don’t need to file operating agreements with the state, such as with articles of organization. Nonetheless, having an operating agreement is strongly recommended. Furthermore, you should update the operating agreement as your company grows.

How Do I Create an Operating Agreement?

It is very difficult to create an operating agreement from scratch without legal experience. Instead, we recommend following a template or step-by-step instructions found online on legal help websites.

However, the best way to create an operating agreement is with the help of a business registration service, such as ZenBusiness. These LLC services are catered toward LLCs and offer many services, including the creation of operating agreements based on a series of questions.

If you need further help forming your LLC, you can use ZenBusiness. As one of the best LLC services, ZenBusiness specifically focuses on LLC formation.

IT can also help you get the right business license based on your business structure, location, and industry type. Furthermore, since LLCs require you to nominate a registered agent, ZenBusiness offers registered agent services as well.

FAQs for Member-Managed vs Manager-Managed LLC

Before you head out, let’s go over a few common questions we receive about LLC management structure:

Are there limits to the number of managers in a manager-managed LLC?

No, you can usually nominate as many managers as you want.

Are single-member LLCs member-managed or manager-managed?

As with all LLCs, a single-member LLC is also legally considered member-managed by default. However, the owner still has the option to choose a manager-managed business structure. Therefore, you can appoint a nonmember as the professional manager and add additional passive investors in the future.

Are there differences in liability between member managed LLCs and manager-managed LLCs?

Members of both types of LLCs have the same circumstances in terms of personal exposure to company-related liabilities. However, both management structures ensure all members have protection similar to a corporation’s “corporate veil”.

Nevertheless, appointed members have more responsibility for business operations and are prone to higher risk of personal liability if found negligent.

Can I change my LLC’s management structure in the future?

Yes, you can change from member-managed to manage-managed and vice versa by amending your LLC’s articles of organization. The members must approve the changes and explain all the relevant procedures in the operating agreement.

Bottom Line on Member Managed vs Manager Managed LLC

Choosing the correct LLC management structure is easy once you understand both options, member managed, and manager managed. Choosing a member managed LLC is your best bet if you have a small business with a few owners. Conversely, larger businesses with passive investors should opt for a manager-managed LLC.

October 14, 2022November 23, 2022

What is an EIN Number? – Ultimate Guide

EIN tax number written on a desk background

An employer identification number, or EIN, is like a Social Security number (SSN) for your company. It’s a unique nine-digit number the IRS uses to identify businesses for tax reporting purposes. Continue reading our What is an EIN Number guide to learn if your business needs one and how to apply online, by fax, telephone, or mail.

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What is an EIN Number

The term EIN is a unique identifier the Internal Revenue Service (IRS) assigns to a business entity for tax purposes. An EIN number consists of nine digits and is formatted as XX-XXXXXXX. Businesses can apply for an EIN directly through the IRS, which typically issues them immediately.

In addition to using an EIN to report taxes, you can also use an EIN to open bank accounts and apply for credit. You can apply for an EIN for your business at no cost with an application on the IRS website.

What Is an EIN Number for a Business?

Every business that meets a few specific criteria must have an EIN before it can start operating. As mentioned above, employer identification numbers are provided to identify businesses in the United States in the same way the SSNs are used to pinpoint individual residents.

Also known as a Federal Tax Identification Number (TIN), EINs include information about the state where you register your business. Moreover, the IRS uses EINs to identify taxpayers that must file various business tax returns.

You must have an employee identification number if you operate as a corporation or partnership, withhold taxes from income other than wages, file certain tax reports, or have employees.

The following business entities can apply for and receive EINs:

Corporations
S corporations
Limited liability companies (LLCs)
Partnerships
Sole proprietorships
Non-profit organizations (NPOs)
Government Agencies
Trusts
Estates

Furthermore, the IRS doesn’t distinguish between different-sized companies. This means even companies with one employee are eligible for an employer identification number as multinational corporations.

It’s also important to note that EINs are not considered to be confidential and sensitive information like an SSN. Instead, an EIN is freely dispersed by businesses online and through print publications.

Do I Need an EIN Number?

The IRS requires companies to acquire an EIN if certain criteria are met for tax reporting purposes. Every company must file for and obtain an EIN if the company:

Operates as a corporation or partnership
Has any number of employees
Files excise, alcohol, tobacco, firearms, or employment tax returns
Has Keogh plan
Is involved with a number of types of organizations, including but not limited to estates, non-profits, or trusts.

On top of this, businesses that modify their ownership structure generally must apply for a new EIN. For instance, sole proprietors that want to incorporate their company must apply for a new EIN number.

For help with business formation, visit our guide on the best business registration services. You can use services like IncFile, LegalZoom, and ZenBusiness to appoint registered agents and find out what type of business licenses your company needs.

Get your EIN with ZenBusiness

How to Get an EIN Number?

Filing for and receiving an EIN number is completely free. You can apply by phone, mail, or online. In addition, the application process is very straightforward and easy.

To apply, you must fill out Form SS-4: Application for Employer Identification Number, which you can find on the IRS website.

You will need to provide the following information to obtain your EIN number:

Name of the company’s principal officer, trustor, partner, owner, or any other title
The person’s taxpayer identification number

Some additional information you must include in your application form are:

The type of entity
The reasons for applying (e.g., change of organization, new business, IRS withholding requirement compliances)
The start date or acquisition date
The principal industry of your business

As you can see, the application form doesn’t ask for an overwhelming amount of information. We recommend applying online because your EIN is issued immediately after verifying the information. However, the business must be located in the US or US territories to apply for an EIN online.

If you choose to apply by fax, the IRS typically sends a fax with your EIN within four business days.

On the other hand, international applicants can apply by telephone by calling 267-941-1099 (not a toll-free number) from 6 a.m. to 11 p.m. Eastern time, Monday through Friday. The person who calls must be authorized to receive the EIN and answer questions related to Form SS-4, Application for Employer Identification Number.

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Benefits of an EIN Number

The primary benefit of obtaining an EIN is being able to begin business operations. This means that you can’t run your business without one.

Luckily, you only need to apply one time per business. EINs are unique for every business to which they are assigned. Furthermore, EINs never expire, and the same number is never given to another business entity.

Without an EIN, your business cannot:

Hire and pay employees
Open bank accounts
Obtain credit
Invest surplus cash
Maintain corporate shields
File business taxes and registered state taxes

Obtaining an EIN also lets you separate your personal finances from your business ones. This allows you to protect your personal information from identity theft.

In addition, self-employed individuals such as subcontractors are usually required to get an EIN, which the primary contractor uses to report to the IRS all business income paid to the subcontractor.

How to Close an EIN Number

Once you receive your EIN, that number is associated with you and your company forever. The EIN is permanently associated with your entity, and the IRS cannot technically ever cancel an EIN.

This is because your EIN is a crucial part of required financial reporting. Even if your business entity never files a return, the EIN is still associated with it.

However, if you want to close your EIN number because you discover it’s not needed, the IRS can close your associated business account. This is typically the case for startup companies that never launch.

You must mail a physical letter to the IRS with your legal name, business address, EIN number, and reason for closing the account. Although your EIN number remains, the IRS business account will be closed.

EIN Number vs TIN Number

A Tax Identification Number (TIN) is a wide-ranging term used to describe any kind of identification number. It’s a broad descriptor for an assortment of different numbers used on a tax form. As such, an EIN is a specific form of TIN.

Different types of TIN numbers include:

EIN
SSN
ITIN (Individual Taxpayer Identification Number)
PTIN (Preparer Taxpayer Identification Number)
ATIN (Adoption Taxpayer Identification Number)

Depending on the type of specific taxpayer, the EIN may or may not be the TIN used by the Internal Revenue Service. For example, sole proprietors often use their Social Security number as their TIN. Conversely, corporations and partnerships typically use their EIN as their TIN.

What is an EIN Number Frequently Asked Questions (FAQs)

Before you visit the IRS website and apply for your EIN, there are a few things you should know about what an EIN is. Let’s discuss a few common questions we receive about employer identification numbers.

How Long Does It Take to Get an EIN Number?

If you apply online, you can receive your EIN immediately. However, if you apply through a paper mail application, it can take around four to five weeks to receive your EIN. Furthermore, applying by fax has a normal turnaround time of four days to two weeks.

What Happens if I Lose or Misplace My EIN?

If you forget or misplace your EIN, you can call the IRS’ Business & Specialty Tax Line at 1-800-829-4933. You must prepare your identifying information before you speak to an agent. However, you may also be able to find your EIN in the notice the IRS sent to you when they issued your EIN. Furthermore, you can contact your bank or look at your previous tax returns.

Does My Business Need an EIN Number?

Every business entity with employees operates as a corporation or partnership, files certain tax returns (Excise, Alcohol, Tobacco, Firearms, and Employment), and withholds income taxes on income other than wages that need an EIN number.

Bottom Line on What is an EIN Number

Businesses need an EIN number to open a bank account, pay federal taxes online, file annual tax returns, and issue payroll and tax documents to suppliers. Therefore, an EIN number has less to do with employees and more to do with tax reporting purposes. So if your business pays taxes, you need an EIN to begin operating.

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