- Platinum Member
- Posts: 60
- Joined: Wed Aug 29, 2012 11:19 am
- Location: Pittsburgh, PA
Do you need to file taxes?
That depends on your state. In some states, you have to file (and pay a yearly fee) even if the business has $0 in revenue. I believe in California that fee is $800 / year for a LLC, not sure about Inc. As for Pennsylvania where I am, I have to file forms every year ( RCT-101, Schedule L) every year, even if I have $0 in sales.
Is this a true business line of credit?
Probably not. You are still tied to it personally and responsible for it. Don't think you can signup and walk away with no liability. Unless you are a large business with a proven history (filed taxes, income, etc.), you are not going to get a "true" corporate card that comes without you being personally liable.
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