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In 2006, I form s corporation. I open a credit card using my SS# and EIN #. I resign from the corporation in 2008. I do have copy of my resignation letter and also company letter I was no longer with company since 2008 and I am not liable for this credit card. I recently requested my credit report this month and there balance of $12,000 show as business card. I dispute this item and they took off item on my credit report. I call the credit card and explain to them my situation and credit card company want to verify my personal information and current address blah, blah, I did not give to them of course.
My questions if the s corporation default on this balance. Am I held liable for this debt? What I need to do?
You probably signed a personal guaranty for the business credit card account, meaning you personally guaranteed the repayment of the S corporation's debt. (which is why you had to provide your social security number). Either that, or you just signed up for a credit card in the name of the business without making sure the corporation was the only one who could be liable. In either case you would have to repay the $12,000.00. You should probably talk to a lawyer at this point.
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