Liability Employer Buy With Credit Card
Description
How to fill out Release Of Liability Of Employer - Ski Trip?
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FAQ
Keep track of your spending. Make sure you keep copies of your statements. Not only is keeping track of your spending a good budgeting strategy, but you may need those statements if you apply for a mortgage. And don't worry -- your employer won't know what you purchase with your card.
Sometimes, in the hustle of trying to take care of things, the lines between your business life and your personal life can become blurred. So, what happens if you take care of some personal shopping on your business credit card? Putting your personal purchases on your business credit card technically isn't illegal.
Business credit cards typically require a personal guarantee, which means both the business and the cardholder are liable for unpaid debt. Some card issuers routinely report business credit card activity on your personal credit report; others do not, or only when your account becomes delinquent.
As a shareholder of a corporation or a member of an LLC, you aren't personally liable if your business can't pay its debts. In other words, you have LLC limited liability or corporate limited liability protection.
As long as you're the only owner of your business, there's nothing legally wrong with using a business bank account or credit card for your own purposes. If you do, though, it can make your life difficult down the road when trying to run your accounting or file your tax return.