benhollberg wrote:If I do apply for the business platinum I would probably close my PRG account and then get an AU from the business with my name on it (for personal charges). I know it costs a little extra but its worth it to keep everything separate I believe. I have just under $200k in expenses each year (expecting it to go up each year also), right now this is all charged to the personal card and I think helps my credit, as it shows I can handle and pay off easily. I thought business cards don't use your SSN, but instead the federal tax ID? So if I switch will my personal credit take a hit because it won't be showing all those charges being charged and paid off?
AMEX will require a personal guarantee from you. That means that even though it's a business card and might be issued to a corporation, you, personally, and on the hook for the charges. They don't report the card on your personal credit, unless you're late, but may, or may not, report to business credit bureaus. That's good and bad. The bad is that you don't get the benefit of the good account history; the good is that you can not worry that business cash flow issues mean you have to carry a balance and effect your personal utilization numbers (or worry about reporting a balance, if you're one of those people.), and if they're reporting to Experian for Business et al, it will make it easier for the business to get credit on its own.
Co mingling is mixing personal and business expenses and money. Separate accounts can make easier to prove that your business expenses are real business expenses, and not just personal expenses you're pretending are deductible. Mixing money raises red flags for the tax man, and one of the things that lawyers look for when trying to prove that a corporation isn't really a corporation, but just the person who owns it.