Small Business Credit Card Liability
does the payment of a small business debt with personal assets to open the liability?
I run a small start-up companies, and we are currently fighting. I have paid the majority of operating expenses to date on a personal credit card or from my personal bank accounts. A friend told me recently that his college professor pointed out that should NEVER be used a personal account to cover business debts, because it opens it is the person's liability. The theory is such a thing as you now have your personal assets are mixed with the assets and now, if anyone ever went to the store legally or financially for whatever reason your personal property loss would be in danger. Does anybody know if this is true, and if so, what would a human, to correct the situation were made after all the pymts already with a personal card.
It depends on many factors. Why not simply on the safe side. Lay They have the money in the company as owner's equity, then the company has to pay the debt. Write the company a bill for the money already paid on the credit card and they pay you back. You can always put it back into the company as owner equity. The risk is that if the business goes under, and is in a lot of Debt, creditors could say, "Hey, it's his company, which can not a separate entity, we collect it. There is not much risk you are actually pay the debts of the company will think about how the creditors. In the future do not. Let the company pay the bills for the company, otherwise, if The company is setting, and has high debt, they could all you sued to pay for the debt. Be sure that will be paid by these creditors, you must not use it again. You will have already been compromised. It might already be too late.
JPMorgan Chase Reports Second-quarter 2010 net income of $ 4,800,000,000 or $ 1.09 per share, from $ 25.6 billion on Revenue1 NEW YORK —- JPMorgan Chase & Co. today reported second quarter 2010 net income of $ 4,800,000,000, compared with $ 2,700,000,000 in the second quarter of 2009. Earnings per share were $ 1.09, compared with $ 0.28 in second quarter of 2009.