0039 - Debt Related Queston: Bankruptcy Question # 0039

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QUESTION #0039:

My spouse is considering opening a new business. We have a joint line of credit. Can we use this line of credit for the business operations?



ANSWER:

You can use your personal line of credit for business purposes, but it is highly recommended that you DO NOT. You should keep the business credit line and expenses separate from your personal credit and expenses. Not only is it a better accounting process, it also will clearly define business expenses/debts from personal debts in the event the business should run into financial problems.