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What's the real deal with bad business debt, an S-corp, and my personal credit? |
I can't seem to get a straight answer on this question. I have had an established corporation (S) in the state of Florida for several years. Recently, I've come into some trouble with disputes with the Yellow Pages and have racked up about 10K in debt. It will likely grow to about 15K. Now, this account is under my business name with me as the contact. They have threatened harming my good personal credit as this is a small business and I am the only contact listed for the corporation with the state. However, I thought the whole point of having a corp and paying all those fees every year was to help limit my liability to debts with my business. So can they mark my personal credit over this? If so, can I successfully dispute it with the credit bureau? TIA for any informed opinion! micro: i can't sell the company. it's just a small computer service company. it really won't be worth anything with debt attached! why do i have full liability? I'm an officer, not a sole proprietor? I think it depends on a number of things, including how you took out your initial business loan (which I assume you are still paying off). Here's some articles on the subject: When you say you've established a corporation it means you are one of the signatories or owner of this company, therefore you are now part of this company and any problem regarding this company will also affect your personal status. The best thing to do is to declare a bankruptcy or sell this company to other entity. This will now segregate you from the status of your company to your personal status. |
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