Why Should I Separate My Personal Credit from My Business Credit?
Most people who want to start up their own businesses today usually make use of personal resources to finance their ventures. They either utilize their savings, loan money from significant others or even use up their retirement funds.
Due to mixing their personal accounts with that of their business transactions, these people often risk utilizing their major assets for collateral, give personally guaranteed business mortgages, and so on. They often end up pushing their personal credits to the limit. And whenever this happens, they are left to compromise their personal financial security.
It is sad to say, however, that a significant percentage of small firms operate through personal credit cards. What these people should actually know and should be doing in running their ventures is how to separate their personal credit and their business credit and how life saving this can be, not only for the company, but for their personal assets as well.
The use of credit cards in small businesses is currently on the rise. What this does is that it protects both of the entrepreneurs personal as...
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