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Richard, Attorney
Category: Business Law
Satisfied Customers: 53715
Experience:  32 years of experience practicing law and a businessman.
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My business is not making any money and I want to close it.

Resolved Question:

My business is not making any money and I want to close it. It is an "S" Corporation. I have credit cards & a business checking account in the business name. If I close my business am I still liable for the credit cards? They currently do no show up on my personal credit report.
Submitted: 4 years ago.
Category: Business Law
Expert:  Richard replied 4 years ago.

Good afternoon. If the credit cards are in the name of your business and the business was the entity that applied for them, then you have no personal liability for them. So, the credit card companies have no recourse against you personally if the business closes.



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Customer: replied 4 years ago.
If the business name and my name is XXXXX XXXXX the credit card.
Expert:  Richard replied 4 years ago.

Your name can be on the's more important how you filled out the application. If you had to provide your personal information, then you would be liable.

Customer: replied 4 years ago.
One more question? Personal information such as my social security number? My business address is the same as my home.
Expert:  Richard replied 4 years ago.
The address is fine....but if they took your social security number, rather than the EIN of your corporation, that would be a problem.
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