))
Personal Credit VS Business Credit
Manage episode 312937963 series 3253222
Content provided by Courtney Benjamin & Ron D, Courtney Benjamin, and Ron D. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Courtney Benjamin & Ron D, Courtney Benjamin, and Ron D or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
In many cases, you won’t be able to complete business transactions if your business doesn’t have credit. Lenders will use a business’s credit history when figuring out whether or not to loan the business money. You’ll also need credit in order to get business insurance. In many instances, you won’t be able to buy goods and services for your business without access to credit.
Why can’t you use your personal credit for all of that? In some cases you can, but you really shouldn’t. The IRS has strict rules about mixing personal and business expenses. Using personal checks or a personal credit card makes your bookkeeping much tougher. Most people also believe your business looks a lot more professional when you pay for business expenses with dedicated business funds.
Join Our Facebook Community @musicnprofits
--- Support this podcast: https://podcasters.spotify.com/pod/show/music-n-profits/support29 episodes
Share
