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What else can I help you with?
Do you have to pay your company credit card debt if it is out of business?
It depends on the credit card application and the structure of the company. Most credit cards issued to a small business are guaranteed by the owner. In that case, you must pay. If the card was issued soley to the company, the credit card company could sue your corporation to recover any assets available. If the company was a sole proprietorship or a partnership, you are liable.
Can an executor be held personally liable for the estate tax?
can the executor be liable for estate tax
Is it legal for and employer to deduct from your pay for unreimbursed business expenses incurred using a company credit card?
Yes - if you used the company credit card, you are liable to repay the amount you spent ! The employer can recover that directly from your wages.
Who can issue credit cards using a business tax id number?
A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own. Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information. Good luck, Ilya Bodner Small Business Owner Initial Underwriting Group
It is your responsibility to dispute questionable charges. If you don and rsquot you (the account holder) will be held personally liable for the amount of the questionable charge.?
As the account holder, it is crucial to promptly dispute any questionable charges to avoid being held personally liable for them. Failing to address these charges can result in financial loss and potential damage to your credit. Always review your statements regularly and contact your financial institution if you notice discrepancies. Timely action is essential to protect your interests.
A disadvantage of organizing a business as a sole proprietorship?
If your business fails with debts you are personally liable. You only have yourself to blame.
Is one characteristic of a corporation is that its owners are personally liable for any losses incurred by the business?
no
Can owner of a company be held personally liable?
The owner can be held personally liable for business debts, but it depends on the business structure and what type of contract the owner holds. If the owner is operating a sole proprietorship (he/she is the only owner), the owner and the business are technically considered the same entity, meaning the owner has full personal liability for any business debt. In a partnership, the business belongs to each partner, meaning that business debt also belongs to each partner personally. Each partner is liable for 100% of business debts. The only time an owner is not held personally liable for debts is in a corporation or LLC. In both of these cases, the business and owner are considered separate entities and, in theory, the owner could have no personal liability for business debt. Liability could occur if the owner has signed a personal guarantee, has offered his/her property as collateral, has signed a contract in his/her own name, he/she uses personal loans or credit cards to fund the business, or there is some sort of fraud or sloppy record-keeping.
Do you have to pay your company credit card debt if it is out of business?
It depends on the credit card application and the structure of the company. Most credit cards issued to a small business are guaranteed by the owner. In that case, you must pay. If the card was issued soley to the company, the credit card company could sue your corporation to recover any assets available. If the company was a sole proprietorship or a partnership, you are liable.
I recently received a civil case judgment which the defendant was found personally liable not his business?
If the defendant was found personally liable, you may not receive much from this judgment. A judgment just says the money is owed, it doesn't provide the remedy for paying it.
Are you liable for your husbands credit card?
Yes, you are liable for your husbands credit card.
What is your liability of paying back a business credit card if it had a personal guaranty attached to it and the company has gone out of business?
You are completely liable. That's the point of the personal guarantee. When you agreed to that you destroyed the concept of a corporate shield and are completely liable for the debt.
Can an executor be held personally liable for the estate tax?
can the executor be liable for estate tax
Why would a small business claim bankruptcy?
A small business owner would claim bankruptcy for a few reasons. The biggest reason would be to eliminate most or all debts for which a business owner is personally liable for.
If a business is filing bankruptcy can the principals be affected?
Yes. First, if it isn't an Incorporated business, they most likely are completely totally involved (as the business is normally simply them personally really). And of course, if it is a Corp, the officers may be personally liable for some things...sales and payroll taxes most notably.
Is the wife responsible for deceased husband's business credit card debt in the state of Florida?
In Florida, whether a wife is responsible for her deceased husband's business credit card debt generally depends on how the debt was incurred and the nature of the account. If the credit card was solely in the husband's name and used exclusively for business purposes, the estate may be responsible for the debt, not the wife personally. However, if the wife was a co-signer or if the debt was incurred for joint expenses, she could be held liable. It's advisable to consult a legal professional for specific circumstances.
Is an additional credit card holder liable for the whole debt on the credit card account?
ia an additional credit card holder liable for the whole debt of the credit card account
