How do I keep my business credit separate from my personal credit?
When I set up my business bank account and obtained a business credit card, they asked for my personal and business information, even though the business is an LLC. Will the business accounts show up on my personal credit history? Is there a way to keep business and personal credit histories separate?
As a business owner, the two will always be intermixed. The more you get loans, bank accounts, credit cards, etc. in your business name and tax id number, it will build its credit. Though lenders will always want personal and business information until your business becomes publicly traded--then that's a different story. But I do encourage you to keep your finances separate between the two for audit purposes and so you can create accurate financial reports.
Sound tax and accounting procedures are essential to growing a financially secure company. But multiple hiccups threaten the accuracy of these processes, elevating the risk of compliance penalties and reputational harm.