LTD Business

July 21st, 2010 by Questions

I opened an LTD company which is tarting to go under, as of next month I wont be able to pay my bills.

To buy the company I took out a personal loan, and I have a business credit card. Now the reason I got an LTD company was because that is supposed to protect me personally. But am I still on the hook for the personal loan because it is personal? Does it matter that it is for a business? Also am i on the hook for my business credit card?

Posted from: British Columbia


One Response to “LTD Business”

, A licensed trustee said:

When whomever advised you to open the LTD company they should have also explained to you that this only protects you if you don’t guarantee or sign for any of the company’s debts.

Unfortunately, by borrowing personally the debt is yours, not the LTD company’s. Further, if you guaranteed the credit card you may be on the hook for that too.

Use the links to find a trustee in your area to speak to -if for no other reason to help you figure out which debts you are personally liable for.

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