LLC Debt

[Anonymous]

I own an LLC that hasn't done very well. We owe on 2 different credit cards, and 1 has just been sent to collections. The collection agency said we "personally guaranteed" this money, so disolving the LLC will not cancel the debt.

I don't want to cancel the debt, but I thought an LLC protected ME, and my credit score, from my failing business. The collection agency is threatening my credit score, but neither credit card from our LLC shows' up on my credit report.

Are they just blowing smoke, or can they really do damage to my credit? Also, I noticed the collection agency did check my credit, which I didn't authorize.

Any thoughts?

Thanks,
Michele

[Anonymous]

You need to look at a copy of the application and card holder agreement.

[Anonymous]

You may need to speak to an attorney

[PayYouNever]

You definitely need to talk to an attorney, the whole purpose of the LLC is to shield you from this kind of thing. Unless you didn't fill the cardholder paperwork out correctly.