In order to do receivables factoring, you first should be a legal entity like a corporation, limited liability corp or partnership. Commercial finance companies prefer to do business with other businesses rather than individuals (sole proprietorships). You can quickly set up your company by going to your state website. You also have to go to the IRS website and get set up there. Both these websites will have plenty of information about How To Set Up A New Business. Take the time to learn what you need to know. A little pre-planning will save you endless amounts of time and money.
It’s okay to start the application process of getting set up with your invoice factoring while you are also creating the company. The State and Federal government websites can help you expedite their paperwork, so you’ll be ready to go when you need the cash flow.