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Good question! One of our UK business dissolved the other day and we got a letter from the bank that account will close and all funds/moneys\assets will go to "The Crown" (I think)! The lawyer said accounts are dissolved too unless creditors object if you owe them something (like we did) in which case you will be asked to pay it off before winding up! In our case once the business dissolved the account was closed; no further letters nor calls! Then arrived a final CC statement that said thank you for the closing payment (which we didn't make) and that was that! The account still shows up, however, when they log in to the online banking facility but it does not show that final payment as did the paper letter (as far as I know)!

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Q: What happen to credit card debts when business dissolved?
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Would your spouse be responsible for your business credit card debt if you were to die if she is not an account holder?

Your estate is responsible for your debts. If the business is owned by the deceased, the business is responsible. A spouse is not responsible, but the amount they inherit will be affected by the debts.


If you own a business and you want to file Chapter 7 would business related debts that you put on personal credit cards be covered?

Yes, if you have acceptable documentation.


A business owner with debt on credit cards and personal loan what can I do without effecting my business?

This is easy. Just pay of your debts bit by bit each month or in big parts every so often.It may also be smart to consider building a strong business credit profile. Building business credit may allow you to completely separate personal and business debts. Through some research online there are 4 main companies - B2BCredit, Initial Underwriting, BCS, XBanker and many more smaller ones.


What can you do to help clean up debts on your credit report?

Besides paying your debts off or filing bankruptcy if you are unable to pay off these debts there is nothing you can really do to clear them from your credit report. Most debts stay on your credit report for seven years.


How can I get a guaranteed business loan?

A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business. However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are. When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own. Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo.

Related questions

Would your spouse be responsible for your business credit card debt if you were to die if she is not an account holder?

Your estate is responsible for your debts. If the business is owned by the deceased, the business is responsible. A spouse is not responsible, but the amount they inherit will be affected by the debts.


If you own a business and you want to file Chapter 7 would business related debts that you put on personal credit cards be covered?

Yes, if you have acceptable documentation.


A business owner with debt on credit cards and personal loan what can I do without effecting my business?

This is easy. Just pay of your debts bit by bit each month or in big parts every so often.It may also be smart to consider building a strong business credit profile. Building business credit may allow you to completely separate personal and business debts. Through some research online there are 4 main companies - B2BCredit, Initial Underwriting, BCS, XBanker and many more smaller ones.


What can you do to help clean up debts on your credit report?

Besides paying your debts off or filing bankruptcy if you are unable to pay off these debts there is nothing you can really do to clear them from your credit report. Most debts stay on your credit report for seven years.


How important is credit score in qualifying for a business loan?

Credit score is just one of the factors that the lenders examine once they work with business owners. In case your credit score isn’t good or damaged, your lender can work to locate strengths to your business or finances to make the business loanpossible.


How can I get a guaranteed business loan?

A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business. However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are. When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own. Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo.


Do you have to pay credit card debts if your name has changed?

Just because your name has changed doesn't mean that you don't have to pay credit card debts. They are still your debts to pay.


How does the consolidation of credit card debts work?

Credit card consolidation works by putting all the debts from your credit card into one debt. This makes it easier to keep track of your debts and can often give a lower interest rate than having different debts for different cards.


Increase provision for bad debts what is double entry?

Debit Bad Debts Credit Provisions for Bad Debts


Who can issue credit cards using a business tax id number?

A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own. Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information. Good luck, Ilya Bodner Small Business Owner Initial Underwriting Group


What could happen when an estate has no money left to pay credit card balance?

The estate has to pay off the debts possible. If the estate cannot do so, they distribute the amount as best they can. If the court approves the distribution, the debts are ended.


Are there any business credit cards that will let you establish credit without using your personal information?

For business credit cards you must have a business credit profile. Without a business profile and a business credit score you cannot get a "business" credit card. What you CAN get is a personally guaranteed credit card for business use. What people often fail to realize that by personally signing for a credit card it is STILL a personal credit card. The only difference is that the bank says "this is a business credit card" and it is to be used for business purchases. Consider building up your business credit profile before applying for a real business credit card (a credit card which allows the business to be its own collateral, not you). A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business. However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are. When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own. Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. If your business is a sole prop., you are not going to get a credit card with only your tax id number. Our business has a credit card with our business name on it, however, it shows up on our personal credit report. If your business is a partnership, your local bank may help you get a credit card using your tax id number. Our local bank here in TN worked with us. Internet offers are no help in this situation. We also found a service that guarantees to help you get business credit cards using a tax id, but they wanted $1,500 for the service. Business Credit is separate from Personal credit - that is important to remember as a small business owner. Many business owners, just like in this question, have bad credit but that is not to be confused with business credit. Just like Equifax reports credibility of an individual the business has a credit reporting agency that reports on its stability as well. The key is to get your business registered with the credit reporting agency so that lenders can feel comfortable issues out loans, credit lines, or extended terms to the business. Bad credit or lack of credit is no longer an obstacle that prevents the small business owner from finding financing or funding their small business. Small business loans are available to those who have incorporated their business, have a corporate tax id and are willing to keep up their business profit and the business credit score.