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    amylparr's Avatar
    amylparr Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 7, 2010, 10:12 AM
    Looking to close my s corp (a daycare).
    I am the only shareholder. I currently owe about 8,500 in credit card debt for the business. What happens to that? Better to get a loan w/ low interest rate to pay back? Have excellent personal credit, d not want to mess that up!
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Jun 8, 2010, 07:08 AM

    Hello a:

    You and your corporation are NOT the same. Your corporation can forgo payment on its bills WITHOUT effecting your personal credit.

    The above would be assuming that the credit card debt you mentioned IS a corporate card and not your own. Plus, it assumes that you didn't also sign a personal guarantee when applying for the corporate credit card.

    excon
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