Am I personally liable for LLC credit card debt?
Question Details: I opened a credit card account in the name of a multi-member LLC. This was done over the phone and I signed no agreements or other indication that I would be personally liable. I was an authorized user of the card. All purchases were business retlated. When the company ceased operations, the balance appeared on my personal credit report. The card company will not remove it, citing terms of the Card Holder Agreement (that I never saw or signed). Can the credit card company hold me liable?
Business Law Answers
I am a lawyer in CT and practice in this area. I would need to see the credit card application and agreement that was signed. If the credit card agreement is truly signed on behalf of an LLC, not you individually and there is no language or place that you signed indicating that you personally guaranteed the debt for the LLC, then there is no way for the card company to hold you personally liable as an LLC has separate legal capacty. I would see a lawyer to help you examine the credit card application/contract.
Related Business Questions
- How a Corporate Credit Card Impacts a Personal Credit Score
- What is a secured credit card?
- Can I keep some of my credit cards if I have filed for bankruptcy?
- Comparison of Personal Credit Cards, Small Business Cards, and Corporate Business Credit Cards
- Am I liable for the debts of a deceased parent or spouse?
Didn't find your answer? Ask.
Top Ranking Attorneys
- Hong Shen207 Answers|Points 10350Gold Contributor
- Joseph Gasparrini46 Answers|Points 2200Bronze Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga78 Answers|Points 3850Silver Contributor
- Shawn Jackson17 Answers|Points 850Bronze Contributor
- Glenn M. Lyon, Esq.27 Answers|Points 1330Bronze Contributor
- Hong Shen207 Answers|Points 10350Gold Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga78 Answers|Points 3850Silver Contributor
- Sharon Siegel62 Answers|Points 3090Bronze Contributor
- Michael D. Siegel56 Answers|Points 2750Bronze Contributor
- Paula McGill50 Answers|Points 2500Bronze Contributor
Are you a lawyer?Want to be featured here? Sign up for a free profile and get started today! Click Here
More Questions Like This...
 |