How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Attorney
Category: Business Law
Satisfied Customers: 55442
Experience:  32 years of experience practicing law and a businessman.
Type Your Business Law Question Here...
Richard is online now
A new question is answered every 9 seconds

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: 5 years ago.
Category: Business Law
Expert:  Richard replied 5 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.



I hope this has given you information that has been helpful to you. I wish you the best of luck!


If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping others or taking a break.


If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.


If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.


Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 5 years ago.
If the business name and my name is XXXXX XXXXX the credit card.
Expert:  Richard replied 5 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 5 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 5 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.
Richard and 6 other Business Law Specialists are ready to help you