← Return to Law Firm Launchpad
Getting A Business Credit Card For Your Law Firm
(Current as of August 2020)
Starting a law firm will require you to incur a number of expenses upfront. You should consider applying for a business credit card as soon as your legal entity is formed. Using a business credit card for all of your expenses will help you track your firm’s finances, build your firm’s credit history, and maximize your rewards.
Tracking Your Expenses
Using a business credit card for all of your law firm’s expenditures is an easy way to keep an itemized record of all of your business expenses in one place. Maintaining an accurate account of your business expenses is critical, and your monthly credit card statements can serve as a valuable financial record for you and your accountant come tax time.
Building Your Firm’s Credit History
Your law firm can build credit history over time in much the same way that personal credit is established. If at some point in the future you find yourself in need of a business loan or credit line increase to cover operational expenses, a history of good business credit can help.
Maximizing Your Rewards
Many business credit cards offer loyalty rewards programs with generous bonus points awarded if certain spending thresholds are met in the first few months after the account is opened. Using a business credit card for all of your startup costs is a good way to maximize your rewards points (which you can redeem for cash back, free travel, and more).
OTHER ARTICLES ON THE LAW FIRM LAUNCHPAD:
Choosing A Business Entity Structure
Getting An Employer Identification Number (EIN)
Opening Law Firm Bank Accounts
Buying Legal Malpractice Insurance
Assessing Your Furniture And Office Supply Needs
Setting Up Internet, Phone, and Fax
Assessing Your Computer And Technology Hardware Needs
Assessing Your Software Solutions Needs
Fortifying Your Electronic Data Security
Setting Up Mailing And Shipping Accounts