business






 

Question by  RAJINIVARMA (140)

If an S-corp is dissolved, what happens to the personal credit card debt that was accrued for business expenses?

 
+7

Answer by  patti (29325)

The debt accrued on a personal credit card is the responsibility of the account holder. If the corporation is no longer able to reimburse the expenses, the party names on the card is responsible for payment.

 
+6

Answer by  tamarawilhite (17883)

If the credit card for which the debt was accrued is in your personal name, instead of that for the company, the debt is legally yours to be repaid - and collectors come after you, personally.

 
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