What You Should Know About Business Credit Cards and Personal Liability

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For new businesses that have not yet established their business credit history, personal liability is a major concern. When an entrepreneur applies for a small business credit card, credit card companies would be checking on the owner’s personal credit history. Consequently, when an entrepreneur signs up his business credit cards agreement, he should be clearly aware about his personal liability.
What Is Personal Liability?
The personal liability provision protects business credit card companies from the risk of payment default in case the business fails or if the company shuts down. Under the personal liability clause, the business owner is held personally accountable to pay off all unpaid charges on the business credit card account, regardless of who made the charges. Thus, even if your employees were the ones who charged those [...]Read More