KEEPING BUSINESS & PERSONAL DEBTS SEPARATE

You may be tempted to dip into your personal pocket to help out your business. Maybe you want to use your credit cards to finance your business during a rough stretch, or you are being asked personally to guarantee a business loan.

This course of action is not recommended. However, if you do use personal capital for handling business debts, make sure you keep the debt manageable.

One great way to keep your business and personal money lives separate is to incorporate your business. Although expensive (roughly $2,500 for attorney and state filing fees), incorporation has tremendous financial advantages.

The main one is that once you incorporate, you are personally off the hook in regards to liability. A disgruntled customer can sure your corporation, but not you. A creditor can legally go after the business, but not you personally. Incorporating protects your personal assets, your home, and your spouse's income from your creditors.

We feature a variety of different business loans for people of all credit types that will satisfy your capital needs.

Related Reading:
Business Loan Preparation
Is Borrowing Against Your Business a Good Idea?
Reducing Work-Related Costs
How Business Loans Work

 

 

 


 

 

 

 

 

 

 


 


 


 

 

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