Small Businesses Facing Financial Challenges But Optomistic

Running a small business is anything but easy. Both your personal and business financial lives are all mixed up in a not too pretty picture and when you’ve got problems with one, it typically causes problems with both. In the past year I’ve seen complaints about more business factoring businesses and factoring companies suing debt … Read more

I Owe $150K in Credit Cards Because of My Small Business

“I have approximately $150,000.00 in credit card debt. It got that high financing a small business, however the credit cards are personal and business credit cards. I have $50,000.00 l.o.c. with my house as collateral included int the 150k, The rest is unsecured. I am not sure what to do, I don’t want to loose … Read more

I Lost My Job in the Detroit Auto Industry And Then Opened a Restaurant That’s Failing. – Paul

“Dear Steve, Long story… Lost my job with one of the Big three in August of 2008, a few months later I found a business opportunity… this is where it gets ugly. When I lost my job I had about $120k in savings and the job prospects here in Michigan didnt look that good. I … Read more

Will I Be Responsible for My LLC Debt When it Folds? – Lisa

“Dear Steve, I own an LLC in Phila, PA (I live in NJ). Can i be held personally responsible for any debt incurred by the LLC? Such as, we had a credt/cebit card machine that according to them (RBS World Lynx) was terminated early and they are billing for almost $800. The business is doing … Read more