Starting up a small business?

Question

I am thinking of starting a small business with another person. Does anyone know if, by doing this, their credit or bad debt could possibly affect my credit rating or the businesses? Also, could I or the business be held responsible for their previous debt?

This would be a US based business

Answer 1

Before giving business loans banks do credit checks amongst other things to make sure you have good credit. It shouldnt effect it directly, only indeirectly.

Answer 2

Compared to offline businesses, the investment required to start an online business is minimal. A popular way of earning money on the internet is by providing information and services. This can be monetised by advertising or charging a subscription. You can also make money online by selling products on auction websites like eBay or through your own website. More information available at http://tinyurl.com/syw6m

Answer 3

well, it depends on the structure of the business. If you form a corporation and you both are 50% shareholders...your liability is generally limited to the amount you contribute to the corporation.

If you are a partnership, the exposure is higher.

The bigger question here is do you really want to or need to have a co-ownership with this person?

Having a business partner is harder than having a marriage in a lot of ways so you need to give careful consideration to this.

Answer 4

i live in dubai and its a big business city with 5% custom import duty, their are products of the whole world available here, try to get a enquiry from local people if they wish to buy anything from here, i can supply u high value items like mobile, computer chips etc with good price

Answer 5

Hello,
please contact me , amy be we can work with eachother in business.