I am new here. I am trying to figure out my options. I have a Costco Amex Open Business credit card for my LLC company. My wife and I are the LLC members and no other employees. My company is failing and we are going to file for dissolution. The only debt we have is this $5K Amex card. What are my options? Am I personally liable for the debt? We cannot possibly pay off the entire amount. Do I need to notify Amex? If I am personally liable, to what extent? Should I negotiate payoff terms?
Any advice would be helpful.
It depends how you applied for the card. If you gave a personal guarantee then you are personally liable. Unless you had been in business for several years when you applied it is highly unlikely they would have extended credit to a new LLC so you probably gave a personal guarantee by signing the documents. If so then they will certainly expect you to repay it regardless of what happens with the business.
You might want to talk with a lawyer. Oddly enough your best bet might be not to dissolve the business and just let it wither.