I am 11% owner in a small boutique clothing store. My business partner does not have the score to get his own own credit. We used my credit to get a card about 2 years ago.
Since that time my business partner has been cash flowing the business off it. I'm not going into micro detail, but most of everything we purchase for the store goes on the card and it paid off as sales come in.
- What are opinions on using this as a method of providing credit to our business?
- Anyone have experience on using my credit to cash flow the business entails me to more profits or percentage of ownership or is it just a necessary fact of being a SB owner.
- What agreement should we have in place with respect to the use of my card?
- What are other things I should be thinking about?
Thank you in advance.