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    BUBBAT's Avatar
    BUBBAT Posts: 1, Reputation: 1
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    #1

    Jan 11, 2007, 11:34 PM
    Bad Business Credit
    I Currently Own A Business With Mounting Debt. The Debt Is On Business Credit Cards. I Have Very Good Personal Credit. If I Do Not Pay A Creditor In My Business Will It Effect My Personal Credit. When I Run My Personal Credit, The Business Credit Does Not Show Up. Can The Creditors Come After Me Personally Or Just The Business.
    cycoville's Avatar
    cycoville Posts: 1, Reputation: 1
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    #2

    Jan 12, 2007, 02:10 AM
    I was in a similar situation and unless you have corporate protection for your business Yes you can be liable for your business's debt.
    I was advised to form a corp. An LLC is good but depending on your type of business you may need an S corp.
    Both offer the same protectoin without the double taxation of a C corp.
    I have an S corp since I'm a contractor.
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