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 Posted: Mon Jun 25, 2007 8:43 am Subject: business credit / personal credit |
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is there a difference between the two, if so, how and why?
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charlottepil4
Joined: 25 Jun 2007
Posts: 1
Debtcc Points: 28
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| Posted: Mon Jun 25, 2007 9:19 am Subject: |
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Yes, there is a big difference between the two. Personal debts are in your name whereas business debts are the name of your company. But if the business is set up as a sole proprietorship, then there is no difference between the two. It is all considered one entity.
In case the business is set up as a corporation, there are different share holders who are responsible in running the business. If the business has debt problems, it doesn’t translate to shareholders debt problems. That’s why it is very important to have a proper business set up so that you can make more money to get out of your own personal debts.
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aciotsf
Debt Samaritan
Joined: 09 Mar 2006
Posts: 514
Debtcc Points: 6373
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