Did I mess up with my partnership credit card?

[Anonymous]

Not sure what are my options at the moment.

I applied for CHASE INK BUSINESS PREFERREDS CARD, but since my partners(cousin), credit score is bad, I filled out the application as 100% owner per his request. Upon getting approved for 31k, he got paranoid and wanted me to call Chase and explain that I forgot to put him down as 50% owner. They finally added him as an authorized user but said they don't have any cards for joint partnership.

1. Is this going to mess up our taxes?

2. Most importantly, if let's say there is 10k debt, and we decided to close our business. Am I the only person liable for it? If so, should I just cancel this account in few months? Is it going to have a massive negative impact on my credit score?

Thank you,

[Anonymous]

You are responsible for the debt, not the AU.

[Anonymous]

Just to echo what medicated said above, you will be the only person liable to pay off any debt on your card. Even if an AU runs up a check of 5K or 50K (some unfortunately do ), you will be held accountable.

[CreditInspired]

IMHO, I would remove the AU if you’re concerned about being solely liable about debt associated with this card.

Since you just got the card and as long as you don’t run up a crazy UT, you will be fine scorewise if you decided to close it.

Also, may be a good idea to talk to an accountant.

[Creditaddict]

1. ZERO to do with Taxes. Taxes don't care where or how you spend the money, it's rather it can be written off and if you can prove it.